Why are Countries' Asset Portfolios Exposed to Nominal Exchange Rates?:
Most countries hold large gross asset positions, lending in domestic currency and borrowing in foreign. Thus, their balance sheets are exposed to nominal exchange rates. We argue that when asset markets are incomplete, nominal exchange rate exposure allows countries to partially insure against shock...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
[2017]
|
| Schriftenreihe: | IMF working paper ;
WP/17/291. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Most countries hold large gross asset positions, lending in domestic currency and borrowing in foreign. Thus, their balance sheets are exposed to nominal exchange rates. We argue that when asset markets are incomplete, nominal exchange rate exposure allows countries to partially insure against shocks that move real exchange rates. We demonstrate that asset market incompleteness can simultaneously generate realistic gross asset positions and resolve the Backus-Smith puzzle: that relative consumptions and real exchange rates correlate negatively. We also show that local perturbation methods that use stabilizing endogenous discount factors are inaccurate when average and steady state interest rates differ. To address this, we develop a novel global solution method to accurately solve the model. |
| Beschreibung: | 1 online resource (49 pages). |
| ISBN: | 1484336526 1484335465 9781484335468 9781484336526 |
Internformat
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| 520 | 3 | |a Most countries hold large gross asset positions, lending in domestic currency and borrowing in foreign. Thus, their balance sheets are exposed to nominal exchange rates. We argue that when asset markets are incomplete, nominal exchange rate exposure allows countries to partially insure against shocks that move real exchange rates. We demonstrate that asset market incompleteness can simultaneously generate realistic gross asset positions and resolve the Backus-Smith puzzle: that relative consumptions and real exchange rates correlate negatively. We also show that local perturbation methods that use stabilizing endogenous discount factors are inaccurate when average and steady state interest rates differ. To address this, we develop a novel global solution method to accurately solve the model. | |
| 650 | 0 | |a Capital movements. |0 http://id.loc.gov/authorities/subjects/sh85019946 | |
| 650 | 0 | |a Investments, Foreign. |0 http://id.loc.gov/authorities/subjects/sh85067736 | |
| 650 | 0 | |a Loans, Foreign. |0 http://id.loc.gov/authorities/subjects/sh85077872 | |
| 650 | 6 | |a Mouvements de capitaux. | |
| 650 | 6 | |a Investissements étrangers. | |
| 650 | 6 | |a Prêts étrangers. | |
| 650 | 7 | |a Loans, Foreign |2 fast | |
| 650 | 7 | |a Investments, Foreign |2 fast | |
| 650 | 7 | |a Capital movements |2 fast | |
| 650 | 7 | |a All Countries. |2 imf | |
| 650 | 7 | |a Home Bias. |2 imf | |
| 650 | 7 | |a International Business Cycles. |2 imf | |
| 650 | 7 | |a Gross Asset Positions. |2 imf | |
| 650 | 7 | |a Country Portfolios. |2 imf | |
| 650 | 7 | |a General. |2 imf | |
| 650 | 7 | |a Open Economy Macroeconomics. |2 imf | |
| 700 | 1 | |a Barrett, Philip, |e author. |0 http://id.loc.gov/authorities/names/nb2013005120 | |
| 758 | |i has work: |a Why are Countries' Asset Portfolios Exposed to Nominal Exchange Rates? (Text) |1 https://id.oclc.org/worldcat/entity/E39PCGcHmTbpddRHCQCHCqFD4q |4 https://id.oclc.org/worldcat/ontology/hasWork | ||
| 776 | 0 | 8 | |i Print version: |a Adams, Jonathan J. |t Why are Countries' Asset Portfolios Exposed to Nominal Exchange Rates? |d Washington, D.C. : International Monetary Fund, ©2017 |z 9781484335468 |
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| adam_text | |
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| author | Adams, Jonathan J. Barrett, Philip |
| author_GND | http://id.loc.gov/authorities/names/nb2013005120 |
| author_facet | Adams, Jonathan J. Barrett, Philip |
| author_role | aut aut |
| author_sort | Adams, Jonathan J. |
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| contents | Cover; Why are Countries' Asset Portfolios Exposed to Nominal Exchange Rates?; 1 Introduction; 2 Model; 3 Results from a Calibrated Economy; 4 Parameter Sensitivity; 5 Concluding Remarks. |
| ctrlnum | (OCoLC)1020032028 |
| dewey-full | 332/.0424 |
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| dewey-ones | 332 - Financial economics |
| dewey-raw | 332/.0424 |
| dewey-search | 332/.0424 |
| dewey-sort | 3332 3424 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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| id | ZDB-4-EBU-on1020032028 |
| illustrated | Not Illustrated |
| indexdate | 2024-11-26T14:49:29Z |
| institution | BVB |
| isbn | 1484336526 1484335465 9781484335468 9781484336526 |
| language | English |
| oclc_num | 1020032028 |
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| physical | 1 online resource (49 pages). |
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| publishDate | 2017 |
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| spelling | Adams, Jonathan J., author. Why are Countries' Asset Portfolios Exposed to Nominal Exchange Rates? [Washington, D.C.] : International Monetary Fund, [2017] ©2017 1 online resource (49 pages). text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF Working Paper ; WP/17/291 Print version record. Cover; Why are Countries' Asset Portfolios Exposed to Nominal Exchange Rates?; 1 Introduction; 2 Model; 3 Results from a Calibrated Economy; 4 Parameter Sensitivity; 5 Concluding Remarks. Most countries hold large gross asset positions, lending in domestic currency and borrowing in foreign. Thus, their balance sheets are exposed to nominal exchange rates. We argue that when asset markets are incomplete, nominal exchange rate exposure allows countries to partially insure against shocks that move real exchange rates. We demonstrate that asset market incompleteness can simultaneously generate realistic gross asset positions and resolve the Backus-Smith puzzle: that relative consumptions and real exchange rates correlate negatively. We also show that local perturbation methods that use stabilizing endogenous discount factors are inaccurate when average and steady state interest rates differ. To address this, we develop a novel global solution method to accurately solve the model. Capital movements. http://id.loc.gov/authorities/subjects/sh85019946 Investments, Foreign. http://id.loc.gov/authorities/subjects/sh85067736 Loans, Foreign. http://id.loc.gov/authorities/subjects/sh85077872 Mouvements de capitaux. Investissements étrangers. Prêts étrangers. Loans, Foreign fast Investments, Foreign fast Capital movements fast All Countries. imf Home Bias. imf International Business Cycles. imf Gross Asset Positions. imf Country Portfolios. imf General. imf Open Economy Macroeconomics. imf Barrett, Philip, author. http://id.loc.gov/authorities/names/nb2013005120 has work: Why are Countries' Asset Portfolios Exposed to Nominal Exchange Rates? (Text) https://id.oclc.org/worldcat/entity/E39PCGcHmTbpddRHCQCHCqFD4q https://id.oclc.org/worldcat/ontology/hasWork Print version: Adams, Jonathan J. Why are Countries' Asset Portfolios Exposed to Nominal Exchange Rates? Washington, D.C. : International Monetary Fund, ©2017 9781484335468 IMF working paper ; WP/17/291. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1687316 Volltext |
| spellingShingle | Adams, Jonathan J. Barrett, Philip Why are Countries' Asset Portfolios Exposed to Nominal Exchange Rates? IMF working paper ; Cover; Why are Countries' Asset Portfolios Exposed to Nominal Exchange Rates?; 1 Introduction; 2 Model; 3 Results from a Calibrated Economy; 4 Parameter Sensitivity; 5 Concluding Remarks. Capital movements. http://id.loc.gov/authorities/subjects/sh85019946 Investments, Foreign. http://id.loc.gov/authorities/subjects/sh85067736 Loans, Foreign. http://id.loc.gov/authorities/subjects/sh85077872 Mouvements de capitaux. Investissements étrangers. Prêts étrangers. Loans, Foreign fast Investments, Foreign fast Capital movements fast All Countries. imf Home Bias. imf International Business Cycles. imf Gross Asset Positions. imf Country Portfolios. imf General. imf Open Economy Macroeconomics. imf |
| subject_GND | http://id.loc.gov/authorities/subjects/sh85019946 http://id.loc.gov/authorities/subjects/sh85067736 http://id.loc.gov/authorities/subjects/sh85077872 |
| title | Why are Countries' Asset Portfolios Exposed to Nominal Exchange Rates? |
| title_auth | Why are Countries' Asset Portfolios Exposed to Nominal Exchange Rates? |
| title_exact_search | Why are Countries' Asset Portfolios Exposed to Nominal Exchange Rates? |
| title_full | Why are Countries' Asset Portfolios Exposed to Nominal Exchange Rates? |
| title_fullStr | Why are Countries' Asset Portfolios Exposed to Nominal Exchange Rates? |
| title_full_unstemmed | Why are Countries' Asset Portfolios Exposed to Nominal Exchange Rates? |
| title_short | Why are Countries' Asset Portfolios Exposed to Nominal Exchange Rates? |
| title_sort | why are countries asset portfolios exposed to nominal exchange rates |
| topic | Capital movements. http://id.loc.gov/authorities/subjects/sh85019946 Investments, Foreign. http://id.loc.gov/authorities/subjects/sh85067736 Loans, Foreign. http://id.loc.gov/authorities/subjects/sh85077872 Mouvements de capitaux. Investissements étrangers. Prêts étrangers. Loans, Foreign fast Investments, Foreign fast Capital movements fast All Countries. imf Home Bias. imf International Business Cycles. imf Gross Asset Positions. imf Country Portfolios. imf General. imf Open Economy Macroeconomics. imf |
| topic_facet | Capital movements. Investments, Foreign. Loans, Foreign. Mouvements de capitaux. Investissements étrangers. Prêts étrangers. Loans, Foreign Investments, Foreign Capital movements All Countries. Home Bias. International Business Cycles. Gross Asset Positions. Country Portfolios. General. Open Economy Macroeconomics. |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1687316 |
| work_keys_str_mv | AT adamsjonathanj whyarecountriesassetportfoliosexposedtonominalexchangerates AT barrettphilip whyarecountriesassetportfoliosexposedtonominalexchangerates |