The Role of Stock Markets in Current Account Dynamics : A Time-Series Approach /
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 v...
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| Format: | Journal |
| Language: | English |
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Washington, D.C. :
International Monetary Fund,
2004.
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| Series: | IMF Working Papers; Working Paper ;
No. 2004/050 |
| Online Access: | Full text available on IMF |