The transfer problem revisited: Net foreign assets and real exchange rates

• 成果类型: Article
• 署名作者: Lane, PR; Milesi-Ferretti, GM
• 署名单位: Trinity College Dublin; Centre for Economic Policy Research - UK; International Monetary Fund
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/0034653043125185
• 发表日期: 2004-11
• 页码: 841-857
• 关键词: external wealth; mr. keynes; long-run; views; tests

摘要

The relationship between international payments and the real exchange rate-the transfer problem-is a classic question in international economics. We use cross-country data on real exchange rates and a newly constricted data set on countries' net external positions to shed new light on this question. We present a simple theoretical framework that leads to testable implications for the long-run comovements of real exchange rates, net foieign assets. relative GDP and terms of trade, and cross-country and time series evidence on the subject. We show that on average countries with net external liabilities have more depreciated real exchange rates, and that the main channel of transmission seems to be the relative price of nontraded goods, rather than the relative price of traded goods, across countries.