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AALejournalIMF007768 |
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|c 5.00 USD
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|z 9781451979978
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a International Monetary Fund.
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|a Stock Prices, Real Exchange Rates, and Optimal Capital Accumulation.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1988.
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| 300 |
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|a 1 online resource (34 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a 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 decline in the market price of equity, whereas depreciation of the real exchange rate will accompany a rise in the price of equity. This relationship results from the requirement that non-traded inputs are used in the investment process. In the short-run, though, the effects on these variables depend critically on whether disturbances originate in the non-traded sector and on whether disturbances are perceived as temporary or permanent. The disturbances considered include changes in fiscal policies as well as changes in the world interest rate.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 1988/031
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1988/031/001.1988.issue-031-en.xml
|z IMF e-Library
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