Valuation effects and the dynamics of net external assets
Valuation effects and the dynamics of net external assets
复制标题
估值效应和外部净资产的动态
DOI：
10.1016/j.jinteco.2009.06.001
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发表时间：
2010
影响因子：
3.3
通讯作者：
Devereux M
中科院分区：
文献类型：
--
作者：
Devereux M
‘Valuation effects’ can imply that the traditional current account is an inaccurate measure of the change in the net foreign asset (NFA) position. This paper uses new developments in the analysis of portfolio choice in general equilibrium to investigate valuation effects in a two-country model. Broadly speaking, the valuation effects in the model correspond to those observed in the data. But there is a key distinction between ‘unanticipated’ and ‘anticipated’ valuation effects. Unanticipated effects can be large, dominating the movement in NFA, but anticipated effects arise only at higher orders of approximation and are small for reasonable parameterizations.
