Hidden Bibliographic Details
| Other authors / contributors: | International Monetary Fund. Asia and Pacific Department, issuing body.
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| ISBN: | 1451894082
9781451894080
1281355771
9781281355775
9781451847000
1451847009
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| ISSN: | 2227-8885
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| Notes: | Includes bibliographical references (pages 28-30).
Restrictions unspecified
Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | This paper develops a simple model to study the impact of stock markets on the current account. A closed-form solution for the current account is derived from the optimal portfolio and consumption/saving choices of a representative agent. Formally, the model can be seen as a stock market-augmented version of the "fundamental equation of the current account" popularized by Jeffrey Sachs. It appears to shed light on recent developments in the U.S. current account deficit. The model also shows how the current account may help predict future stock market performance and/or endowment streams.
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| Other form: | Print version: Mercereau, Benoît. Role of stock markets in current account dynamics. [Washington, D.C.] : International Monetary Fund, ©2004
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| Standard no.: | 10.5089/9781451894080.001
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