| 000 | 02240cam a22003017 4500 | ||
|---|---|---|---|
| 001 | w0648 | ||
| 003 | NBER | ||
| 005 | 20211020115426.0 | ||
| 006 | m o d | ||
| 007 | cr cnu|||||||| | ||
| 008 | 210910s1981 mau fo 000 0 eng d | ||
| 100 | 1 |
_aMakin, John H. _915899 |
|
| 245 | 1 | 0 |
_aInternational Capital Flows under Full Monetary Equilibrium: _bAn Empirical Analysis / _cJohn H. Makin. |
| 260 |
_aCambridge, Mass. _bNational Bureau of Economic Research _c1981. |
||
| 300 |
_a1 online resource: _billustrations (black and white); |
||
| 490 | 1 |
_aNBER working paper series _vno. w0648 |
|
| 500 | _aMarch 1981. | ||
| 520 | 3 | _aThis paper develops a theory of international capital flows based upon a monetary-equilibrium, rational-expectation theory of exchanged rate determination extended to include the official intervention and possible sterilization of its effects upon the monetary base that are part of the post-1973 system of limited flexibility of exchange rates. Capital flows are shown to depend only on the current expectation of a future relative excess money supplies once all arbitrage conditions are imposed along with rationality. Empirical testing reveals that U.S. international capital flows respond with persistent, damped oscillations to growth of relative excess money. This phenomenon is a quantity adjustment corollary of '"overshooting" of exchange rates in response to changes in relative excess money supply. Inclusion of a relative interest rate term along with measures of growth of relative excess money supply results in rejection of the hypothesis that such a variable provides any additional explanatory power regarding behavior of U.S. international capital flows. | |
| 530 | _aHardcopy version available to institutional subscribers | ||
| 538 | _aSystem requirements: Adobe [Acrobat] Reader required for PDF files. | ||
| 538 | _aMode of access: World Wide Web. | ||
| 588 | 0 | _aPrint version record | |
| 710 | 2 | _aNational Bureau of Economic Research. | |
| 830 | 0 |
_aWorking Paper Series (National Bureau of Economic Research) _vno. w0648. |
|
| 856 | 4 | 0 | _uhttps://www.nber.org/papers/w0648 |
| 856 |
_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w0648 |
||
| 942 |
_2ddc _cW-PAPER |
||
| 999 |
_c347950 _d306512 |
||