International Currency Portfolios. (Record no. 118129)
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| 000 -LEADER | |
|---|---|
| fixed length control field | 04230nam a22004453i 4500 |
| 001 - CONTROL NUMBER | |
| control field | EBC1608157 |
| 003 - CONTROL NUMBER IDENTIFIER | |
| control field | MiAaPQ |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20181121172159.0 |
| 006 - FIXED-LENGTH DATA ELEMENTS--ADDITIONAL MATERIAL CHARACTERISTICS--GENERAL INFORMATION | |
| fixed length control field | m o d | |
| 007 - PHYSICAL DESCRIPTION FIXED FIELD--GENERAL INFORMATION | |
| fixed length control field | cr cnu|||||||| |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION | |
| fixed length control field | 181113s2009 xx o ||||0 eng d |
| 020 ## - INTERNATIONAL STANDARD BOOK NUMBER | |
| International Standard Book Number | 9781451916317 |
| -- | (electronic bk.) |
| 020 ## - INTERNATIONAL STANDARD BOOK NUMBER | |
| Cancelled/invalid ISBN | 9781451871968 |
| 035 ## - SYSTEM CONTROL NUMBER | |
| System control number | (MiAaPQ)EBC1608157 |
| 035 ## - SYSTEM CONTROL NUMBER | |
| System control number | (Au-PeEL)EBL1608157 |
| 035 ## - SYSTEM CONTROL NUMBER | |
| System control number | (CaPaEBR)ebr10368711 |
| 035 ## - SYSTEM CONTROL NUMBER | |
| System control number | (OCoLC)650278667 |
| 040 ## - CATALOGING SOURCE | |
| Original cataloging agency | MiAaPQ |
| Language of cataloging | eng |
| Description conventions | rda |
| -- | pn |
| Transcribing agency | MiAaPQ |
| Modifying agency | MiAaPQ |
| 050 #4 - LIBRARY OF CONGRESS CALL NUMBER | |
| Classification number | HJ192.5 -- .K86 2009eb |
| 082 0# - DEWEY DECIMAL CLASSIFICATION NUMBER | |
| Classification number | 338.49234 |
| 100 1# - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Kumhof, Michael. |
| 245 10 - TITLE STATEMENT | |
| Title | International Currency Portfolios. |
| 264 #1 - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) | |
| Place of publication, distribution, etc | Washington : |
| Name of publisher, distributor, etc | International Monetary Fund, |
| Date of publication, distribution, etc | 2009. |
| 264 #4 - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) | |
| Date of publication, distribution, etc | ©2009. |
| 300 ## - PHYSICAL DESCRIPTION | |
| Extent | 1 online resource (37 pages) |
| 336 ## - CONTENT TYPE | |
| Content type term | text |
| Content type code | txt |
| Source | rdacontent |
| 337 ## - MEDIA TYPE | |
| Media type term | computer |
| Media type code | c |
| Source | rdamedia |
| 338 ## - CARRIER TYPE | |
| Carrier type term | online resource |
| Carrier type code | cr |
| Source | rdacarrier |
| 490 1# - SERIES STATEMENT | |
| Series statement | IMF Working Papers |
| 505 0# - FORMATTED CONTENTS NOTE | |
| Formatted contents note | Intro -- Contents -- I. Introduction -- II. The Model -- A. Uncertainty -- 1. Exogenous Processes -- 2. Endogenous Processes -- B. Households -- C. Government -- D. Equilibrium and Current Account -- E. Interpretation of the Portfolio Share Equations -- F. Equilibrium Diffusions -- G. Computation of Equilibrium -- H. Government Bond Market Interventions -- III. The Baseline Economy -- A. Calibration -- B. Baseline Portfolio Equilibrium -- IV. Comparing Alternative Economies -- A. Standard Deviation of Monetary Shocks -- B. Standard Deviation of Fiscal Shocks -- C. Government Debt to GDP Ratios -- V. Open Market Operations in Government Debt -- VI. Conclusions -- References -- Figures -- 1. Household and Government Balance Sheets -- 2. Effects of Money Supply Volatility, phi=phistar=1 -- 3. Effects of Money Supply Volatility, phi=phistar=0 -- 4. Effects of Government Spending Volatility, phi=phistar=1 -- 5. Effects of Government Debt, phi=phistar=1 -- 6. Home Open Market Operations, phi=phistar=1 -- 7. Home Open Market Operations, phi=phistar=0 -- 8. Home Open Market Operations, Large Gross FX Positions. |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc | This paper develops a theory of international currency portfolios that holds in general equilibrium, and that is therefore not subject to the criticisms directed at the portfolio balance literature of the 1980s. It shows that, under plausible assumptions about fiscal policy, the relationship between the rates of return of different currency bonds is not correctly described by an arbitrage relationship but instead also depends on outstanding bond stocks. Other findings are: (1) There is a monotonically increasing relationship between domestic interest rates and the portfolio share of domestic currency denominated assets. This relationship is steep at low levels of government debt, and almost flat at high levels of government debt. (2) Optimal private sector foreign currency positions are negative, and their size is decreasing in exchange rate volatility. Under volatile exchange rates large negative aggregate net foreign asset positions can only be rationalized by assuming large public sector borrowing from foreign governments. (3) For a baseline economy with zero net foreign assets, open market sales of domestic government debt lead to valuation gains (losses) when the country as a whole has a short (long) position in foreign currency. (4) A fiscal theory of exchange rate determination is compatible with general equilibrium in a two-country world. (5) Equilibria are determinate when both fiscal and monetary policy are passive. |
| 588 ## - SOURCE OF DESCRIPTION NOTE | |
| Source of description note | Description based on publisher supplied metadata and other sources. |
| 590 ## - LOCAL NOTE (RLIN) | |
| Local note | Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2018. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries. |
| 650 #0 - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Fiscal policy. |
| 650 #0 - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Open market operations. |
| 655 #4 - INDEX TERM--GENRE/FORM | |
| Genre/form data or focus term | Electronic books. |
| 776 08 - ADDITIONAL PHYSICAL FORM ENTRY | |
| Display text | Print version: |
| Main entry heading | Kumhof, Michael |
| Title | International Currency Portfolios |
| Place, publisher, and date of publication | Washington : International Monetary Fund,c2009 |
| International Standard Book Number | 9781451871968 |
| 797 2# - LOCAL ADDED ENTRY--CORPORATE NAME (RLIN) | |
| Corporate name or jurisdiction name as entry element | ProQuest (Firm) |
| 830 #0 - SERIES ADDED ENTRY--UNIFORM TITLE | |
| Uniform title | IMF Working Papers |
| 856 40 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://ebookcentral.proquest.com/lib/buse-ebooks/detail.action?docID=1608157">https://ebookcentral.proquest.com/lib/buse-ebooks/detail.action?docID=1608157</a> |
| Public note | Click to View |
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