It takes the average reader and 47 minutes to read The Valuation Channel of External Adjustment by Mr.Fabio Ghironi
Assuming a reading speed of 250 words per minute. Learn more
International financial integration has greatly increased the scope for changes in a country's net foreign asset position through the valuation channel, namely capital gains and losses on external assets and liabilities. We examine this valuation channel in a dynamic equilibrium portfolio model with international trade in equity. By separating asset prices and quantities, we can characterize the first-order dynamics of valuation effects and the current account in macroeconomic dynamics. Specifically, we disentangle the roles of excess returns, capital gains, and portfolio adjustment for consumption risk sharing when financial markets are incomplete.
The Valuation Channel of External Adjustment by Mr.Fabio Ghironi is 46 pages long, and a total of 11,776 words.
This makes it 16% the length of the average book. It also has 14% more words than the average book.
The average oral reading speed is 183 words per minute. This means it takes 1 hour and 4 minutes to read The Valuation Channel of External Adjustment aloud.
The Valuation Channel of External Adjustment is suitable for students ages 8 and up.
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