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Saturday, April 18, 2020 | History

2 edition of Intertemporal balance of payments found in the catalog.

Intertemporal balance of payments

Pentti J. K. Kouri

Intertemporal balance of payments

equilibrium and exchange rate determination

by Pentti J. K. Kouri

  • 52 Want to read
  • 3 Currently reading

Published by Banca d"Italia, Research Dept. in [Rome] .
Written in English

    Subjects:
  • Foreign exchange -- Mathematical models.,
  • Balance of payments -- Mathematical models.

  • Edition Notes

    Bibliography: p. 37.

    Statementby Pentti J.K. Kouri.
    SeriesDiscussion papers on international economics and finance ;, 5
    Classifications
    LC ClassificationsHG3823 .K68 1983
    The Physical Object
    Pagination38 p. :
    Number of Pages38
    ID Numbers
    Open LibraryOL2935790M
    LC Control Number84172944

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Intertemporal balance of payments by Pentti J. K. Kouri Download PDF EPUB FB2

All these questions are rigorously addressed in International Competitiveness and the Balance of Payments. In examining the determinants of current account balances the conventional competitiveness approach – in which deficits are assumed to indicate low competitiveness – is contrasted with an intertemporal view of the balance of payments.

: International Competitiveness and the Balance of Payments: Do Current Account Deficits and Surpluses Matter.

(): Barbara Dluhosch, Andreas Freytag, Malte Kruger: BooksCited by: 6. Forward-looking behaviour, namely current behaviour (for example current saving and investment decisions) determined by calculations based on expectations of future variables (for example future income, productivity growth, real interest rates, etc.) is one of the hallmarks of modern macroeconomics, and forms the basis of the new open-economy Cited by: 5.

Abstract. Forward-looking behaviour, namely current behaviour (for example current saving and investment decisions) determined by calculations based on expectations of future variables (for example future income, productivity growth, real interest rates, etc.) is one of the hallmarks of modern macroeconomics, and forms the basis of the new open-economy Author: Giancarlo Gandolfo.

Abstract. As well as theoretical evidence advocating the intertemporal view, the authors present four case studies in support of this approach: Germany before and after unification, Spain before joining the EMS, the United States since the early s.

Nominal exchange rates would be as stable as the macroeconomic “fundamentals” and speculation would be based upon rational expectations. The real exchange rate would be stationary, and the nominal exchange rate would move proportionately with relative prices, which are determined by relative money stocks/: Giancarlo Gandolfo.

The balance on current transfers, which records transactions relating to the exchange of goods, services, cash or other items of value between residents and non-residents that are intended for immediate consumption without any corresponding payments or.

The BOPS Yearbook, usually published in December, contains balance of payments statistics for most of the world, compiled in accordance with the IMF’s Balance of Payments Manual. Part 1 includes aggregate as well as detailed information in the form of analytical and standard component presentations for countries.

Intertemporal approach to the balance of payments In this model we consider an optimal choice of consumer that is related to the present and future consumption.

Assuming that our present and future income is given by Y 1 and Y 2 respectively, a consumer faces a budget constraint in the form of: where 1 + r is a market discount factorFile Size: 76KB. The intertemporal approach views the current-account balance as the outcome of forward-looking dynamic saving and investment decisions.

This paper, a chapter in the forthcoming third volume of the Handbook of International Economics, surveys the theory and empirical work on the intertemporal approach as it has developed since the early s.

A balance of payments deficit or surplus is represented by changes in the country’s foreign exchange reserves. Thus. Δ R = DM D-DD (5) or Δ R = B (6) where B represents balance of payments which is equal to the difference between change in the demand for money (DM d) and change in domestic credit (DD).

Intertemporal analyses of the current account became common in the early s as a re- sult of papers by Buiter (), Obstfeld (), Sachs (), Svensson and Razin (), and many others, although the approach had explicit precursors in work on trade and growth by Bardhan (), Bruno (), and Hamada ().

2 Compilation of euro area balance of payments and international investment position statistics. Legal framework. The production of European statistics is organised around two separate pillars, the European System of Central Banks (ESCB) and the European Statistical System (ESS), with separate legal frameworks and governance structures.

from book Balance-of-Payments Theory 5 The Elasticity Approach to the Balance This paper extends the growing literature on factors affecting cross-sectional and intertemporal.

That is the finding of this informative and enlightening book. Presenting unique theoretical and econometric analysis of the current account of the balance of payments of Nigeria and Ghana, this book examines the features common to the economic position of developing countries (such as recurring deficits and continual increases in external debt).Cited by: 4.

Intertemporal analyses of the current account became common in the early s as a result of papers by Buiter (), Obstfeld (), Sachs (), Svensson and Razin (), and many others, although the approach had explicit precursors in work on trade and growth by Bardhan (), Bruno (), and Hamada ().Cited by: The topics covered include: financial globalization and the evolution of the international financial system; international macroeconomic accounting and measurement; early balance of payments approaches; the intertemporal model of international borrowing and lending; the significance of external deficits; the determinants of interest rate differentials and exchange rates; the.

The Balance of Payments Textbook, like the Balance of Payments Compilation Guide, is a companion document to the fifth edition of the Balance of Payments Manual. The Textbook provides illustrative examples and applications of concepts, definitions, classifications, and conventions contained in the Manual and affords compilers with opportunities 4/5(1).

Under the assumption that the balance of payments must satisfy the expected intertemporal balance, this paper seeks to establish a pre-condition for a crisis of the Exchange Rate Mechanism (ERM).

Intertemporal balance of payments: equilibrium and exchange rate determination. [Pentti J K Kouri] # Intertemporal balance of payments: equilibrium and exchange rate determination\/span>\n \u00A0\u00A0\u00A0\n schema:name\/a> \" Discussion papers on international economics and finance. The book covers the older and intertemporal approaches, and topics that are usually left out of graduate treatments (the chapter on balance-of-payments accounting is a gem).

Gandolfo's two-tier approach of first developing topics with graphs and basic algebra and then providing rigorous mathematics for each topic makes the book ideal for.

The Balance of Payments Textbook, like the Balance of Payments Compilation Guide, is a companion document to the fifth edition of the Balance of Payments Manual. The Textbook provides illustrative examples and applications of concepts, definitions, classifications, and conventions contained in the Manual and affords compilers with opportunities.

Balance of Payments (BOP): The balance of payments is a statement of all transactions made between entities in one country and the rest of the world over a defined period of time, such as a Author: Will Kenton.

The balance of payments registers all the international transactions of a country, and it is part of the National Accounts system, which registers economic activity based on a standardized accounting system between nations. This chapter describes the balance of payments and the main aggregates of the National Accounts.

Consumption is barely increased, as most of the endowment shock goes to savings. As a result, both the current account and the trade balance increase and external debt falls. Households behave this way, because they know that income will quickly return to its initial level and they want to maintain a smooth level of consumption.

Downloadable. In this paper, an intertemporal model is used to analyze the current account and test whether it accounts for the evolution of the Argentinean current account over the period extending from to The intertemporal model presented here takes into account several sources of external shocks for small economies such as a change of the real interest.

Downloadable. New Zealand's Current Account of the Balance of Payments has been persistently in deficit since the early s and increased markedly during the late s.

Is this a cause for significant concern. This paper tackles this question by evaluating New Zealand's external solvency, the degree of optimality of the intertemporal consumption smoothing. An original and systematic synthesis of the major postwar developments in theory and policy of balance-of-payments adjustment, this book focuses on the present-day system of pegged-but-adjustable exchange rates and the problems that policy authorities must face if they are to attain full employment, price stability, balance-of-payments equilibrium, and a satisfactory rate of Cited by: Fiscal policy seeks to equilibrate the public sector's financing needs with the private sector's demand for investment and a sustainable balance of payments.

Correct measurement of the public sector's net use of resources is therefore an important prerequisite for managing the macroeconomy. This volume, edited by Mario I. Blejer and Adrienne Cheasty, is organized. From this perspective, the balance of payments is simply an accounting identity. In other words, expenditures on imports are counterbalanced by the sale of financial instruments, such as bonds., Subsequently, he explores the concept of the balance of payments from an intertemporal perspective, employing an analysis that is similar to that found.

COVID Resources. Reliable information about the coronavirus (COVID) is available from the World Health Organization (current situation, international travel).Numerous and frequently-updated resource results are available from this ’s WebJunction has pulled together information and resources to assist library staff as they consider how to handle.

Journal of International Economics 21 () North-Holland BUDGET DEFICITS AND THE CURRENT ACCOUNT An Intertemporal Disequilibrium Approach John T. CUDDINGTON* Country Policy Department, World Bank, Washington, DC, USA Jose M. VINALS* Economics Department, Stanford University, Stanford, CA, USA Seruicio de Estudios, Banco de Espana, Cited by: The intertemporal approach views the current-account balance as the outcome of forwardlooking dynamic saving and investment decisions.

This paper, a chapter in the forthcoming third volume of the Handbook of International Economics, surveys the theory and empirical work on the intertemporal approach as it has developed since the early s.

This work provides a perspective on balance of payments and exchange rate theories, including intertemporal open economy models that focus on the optimum current account.

To this end, it proves that any non-zero balance of payments must always be associated with a disequilibrium in either a commodity or an asset : Norman C. Miller. Jeffrey Frankel, in Handbook of Monetary Economics, Internal and external balance when devaluation is expansionary.

Assume for now: Y = A(i) + TB, where i ≡ domestic interest rate; and absorption, A, is a function of the interest rate, with d A d i Assume that the trade balance, linearized for simplicity, is given by TB = xE − mY where E ≡ the exchange rate. Intertemporal Price Speculation and the Optimal Current-Account Deficit.

[Maurice Obstfeld; National Bureau of Economic Research.;] -- The paper studies the effects of terms-of-trade fluctuations in an infinite-horizon optimizing model of a small open economy.

The Intertemporal Approach to the Current Account Maurice Obstfeld, Kenneth Rogoff. NBER Working Paper No. (Also Reprint No. r) Issued in October NBER Program(s):International Finance and Macroeconomics, International Trade and Investment The intertemporal approach views the current-account balance as the outcome of forward-looking.

The elasticity of intertemporal substitution (EIS) measures the willingness on the part of the consumer to substitute future consumption for present consumption.

It plays a key role in the theory of consumption and saving, in particular in the life-cycle version of that theory. Rates of saving in America have never been especially high, but they seem to have dipped even lower in recent years, as the data from the Bureau of Economic Analysis in Figure 1 show.

A decision about how much to save can be represented using an intertemporal budget old decisions about the quantity of financial savings show the same.

Get this from a library. Balance of payments and exchange rate theories. [Norman C Miller] -- "In this book important welfare and policy implications are carefully examined. Miller develops a new theory of the balance of payments associated with commodity market disequilibrium, a loanable.

A Structural VAR Approach to the Intertemporal Model of the Current Account by Takashi Kano International Department Bank of Canada Ottawa, Ontario, Canada K1A 0G9 [email protected] The views expressed in this paper are those of the author.

No responsibility for them should be attributed to the Bank of by: Is Malaysia’s Current Account Balance Sustainable? Evidence from Inter-Temporal Solvency Model is significantly different from the variance of benchmark current account, which implies that the agents are able to fully smooth consumption in the face of shocks.Futures Markets, Oil Prices and the Intertemporal Approach to the Current Account by Elif C.

Arbatli International Economic Analysis Department Bank of Canada Ottawa, Ontario, Canada K1A 0G9 [email protected] Bank of Canada working papers are theoretical or empirical works-in-progress on subjects in economics and by: 5.