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Externe Finanzierungssalden, Wechselkurs und internationaler Kapitalmarktzinssatz
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 113 (1993), Iss. 3 : pp. 401–423
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Dieckheuer, Gustav
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Abstract
The paper analyses the effects of changes of external financial balances on the international interest rate and on the exchange rate. It becomes clear that these effects sensitively depend on the original market conditions and that an additional capital demand and additional interest payments may cause a rise or a fall in the interest rate. Concerning actual relations one conclusion is drawn: additional capital demand by the USA will cause an appreciation of the Dollar and a substantial rise of the international interest rate; additional capital demand by the EEC or Japan will cause a depreciation of the Dollar and only a slight rise or even a fall of the interest rate