Reale Wechselkurse, Leistungsbilanz und Wachstum
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Reale Wechselkurse, Leistungsbilanz und Wachstum
Credit and Capital Markets – Kredit und Kapital, Vol. 22 (1989), Iss. 3 : pp. 329–343
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Anton Konrad, München
References
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Abstract
Real Exchange Rates, Balance on Current Account, and Growth
Recent stock-flow models have yielded the so-called acceleration hypothesis according to which a surplus (deficit) on current account leads to an appreciation (depreciation) until balance is achieved. In a growing economy, however, the increase in wealth may be associated with an additional demand for net foreign assets or with the readiness for increased foreign indebtedness. This growth effect militates against the equilibrium mechanism of flexible exchange rates and may even exacerbate the imbalance. In the long run, however, considerations of risk may put an end to further capital flows and enforce a balanced current account.