Valuation Effects with Transitory and Trend Productivity Shocks

Valuation Effects with Transitory and Trend Productivity Shocks

In the past two decades, cross-border portfolio holdings of a large variety of assets have risen sharply. This has created an important role for changes in asset prices of a country's external assets and liabilities (i.e. "valuation effec...

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Bibliographic Details
Main Author:	Nguyen, Ha
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	ADJUSTMENT COST ADJUSTMENT COST PARAMETER ADJUSTMENT COSTS ANNUAL GROWTH ASSET HOLDING ASSET POSITION ASSET PRICE ASSET PRICES BALANCE OF PAYMENTS BOND BONDS BUDGET CONSTRAINT BUDGET CONSTRAINTS BUSINESS CYCLE BUSINESS CYCLES CAPITAL FLOWS CAPITAL GAIN CAPITAL GAINS CAPITAL SHARE CAPITAL STOCK COMMUNICATION TECHNOLOGY CONSUMERS CONSUMPTION GOOD CONSUMPTION GROWTH CONSUMPTION SMOOTHING CREDIT MARKET CROSS-BORDER SECURITIES CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT SURPLUS DEPRECIATION DEPRECIATION RATE DEVELOPMENT ECONOMICS DIVIDEND DIVIDEND PAYMENT DIVIDEND PAYMENTS DIVIDEND YIELD DIVIDENDS DOMESTIC ECONOMY DOMESTIC EQUITY ECONOMIC ANALYSIS ECONOMIC GROWTH ECONOMIC RESEARCH ECONOMIC THEORY ELASTICITY EMERGING MARKET EMERGING MARKET BUSINESS EMERGING MARKETS EQUILIBRIUM EQUITY HOLDINGS EQUITY PORTFOLIOS EQUITY PRICES EXCESS RETURN EXCHANGE RATE EXCHANGE RATE FLUCTUATIONS EXCHANGE RATE MOVEMENTS EXCHANGE RATES EXCHANGE-RATE EXTERNAL ASSETS FEDERAL RESERVE FEDERAL RESERVE SYSTEM FINANCIAL ASSETS FINANCIAL INTEGRATION FINANCIAL MARKETS FOREIGN ASSET FOREIGN ASSET POSITION FOREIGN ASSETS FOREIGN EQUITIES FOREIGN EQUITY FOREIGN EXCHANGE FOREIGN EXCHANGE RATES FOREIGN FIRMS FOREIGN INVESTMENT FOREIGN INVESTORS FUTURE RESEARCH GDP GENERAL EQUILIBRIUM GENERAL EQUILIBRIUM MODEL GENERAL EQUILIBRIUM MODELS GLOBAL CURRENT ACCOUNT IMBALANCES GLOBAL IMBALANCES GLOBALIZATION GROWTH RATE GROWTH ¯ RATE HOME COUNTRY HOST COUNTRY IMBALANCES INCOMPLETE MARKETS INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL FLOWS INTERNATIONAL DIVERSIFICATION INTERNATIONAL ECONOMICS INTERNATIONAL FINANCE INTERNATIONAL MONEY INTERNATIONAL PORTFOLIO INTERNATIONAL PORTFOLIOS INTERNATIONAL TRANSACTIONS INVESTING LABOR COSTS LABOR DEMAND LABOR SUPPLY LOCAL ECONOMY LOCAL MARKET LOW INTEREST RATES MACROECONOMICS MARGINAL UTILITY MARKET ACCESS MARKET STRUCTURES MONETARY ECONOMICS OPEN ECONOMY OUTPUT OUTPUT RATIO PERISHABLE GOOD PERMANENT INCOME PERSISTENT CURRENT ACCOUNT DEFICITS POLITICAL ECONOMY PORTFOLIO PORTFOLIO CHOICE PORTFOLIO CHOICES PORTFOLIO HOLDING PORTFOLIO HOLDINGS PORTFOLIOS PRICE INDEX PRICE RATIO PRODUCTIVITY PRODUCTIVITY GROWTH PURCHASING POWER PURCHASING POWER PARITY REAL ASSET RETURN RETURNS RISK AVERSION SECURITIES SHARE OF WORLD OUTPUT SHAREHOLDERS SHOCK TO INCOME STANDARD DEVIATION STANDARD DEVIATIONS STEADY STATE STOCK PRICE STOCK PRICES STOCKS TOTAL FACTOR PRODUCTIVITY TRADE BALANCE TRADING TURNOVER VALUATION VALUATION CHANGES VOLATILITY WAGES WEALTH
Online Access:	http://documents.worldbank.org/curated/en/2010/01/11640417/valuation-effects-transitory-trend-productivity-shocks http://hdl.handle.net/10986/19945

Internet

http://documents.worldbank.org/curated/en/2010/01/11640417/valuation-effects-transitory-trend-productivity-shocks
http://hdl.handle.net/10986/19945

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