Stock Prices, Real Exchange Rates, and Optimal Capital Accumulation

Nopic
This paper analyzes the dynamics of the real exchange rate and the price of equity for a small open economy using an optimizing model in which the process of capital accumulation entails adjustment costs. The analysis demonstrates that along an adjustment path toward long-run equilibrium, appreciation of the real exchange rate will accompany a... READ MORE...

Publication date: April 1988
ISBN 9781451979978
$10.00

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