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150128 ||| eng |
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|a 9781451921144
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245 |
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0 |
|a Net Foreign Assets and International Adjustment in the United States, Japan and the Federal Republic of Germany
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260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 1989
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300 |
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|a 60 pages
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651 |
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4 |
|a United States
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653 |
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|a Interest rates
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653 |
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|a Government and the Monetary System
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653 |
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|a Payment Systems
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653 |
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|a Public debt
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653 |
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|a Investments, Foreign
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653 |
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|a Finance
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653 |
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|a Public finance & taxation
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653 |
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|a Regimes
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653 |
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|a Monetary economics
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653 |
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|a Financial services
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653 |
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|a Real interest rates
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653 |
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|a Debt Management
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653 |
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|a Debts, Public
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653 |
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|a Long-term Capital Movements
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653 |
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|a External position
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653 |
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|a Debt
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653 |
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|a Currency
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653 |
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|a Exports and Imports
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653 |
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|a International economics
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653 |
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|a Money
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653 |
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|a Foreign assets
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653 |
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|a Sovereign Debt
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653 |
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|a Foreign Exchange
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653 |
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|a Standards
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653 |
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|a Banks and Banking
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653 |
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|a Monetary Systems
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653 |
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|a Real exchange rates
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653 |
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|a Interest Rates: Determination, Term Structure, and Effects
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653 |
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|a Foreign exchange market
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653 |
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|a Foreign currency exposure
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653 |
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|a Public Finance
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653 |
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|a Money and Monetary Policy
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653 |
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|a Foreign exchange
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653 |
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|a International Investment
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710 |
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|a International Monetary Fund
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7 |
|a eng
|2 ISO 639-2
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989 |
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|b IMF
|a International Monetary Fund
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490 |
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|a IMF Working Papers
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028 |
5 |
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|a 10.5089/9781451921144.001
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856 |
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|u https://elibrary.imf.org/view/journals/001/1989/022/001.1989.issue-022-en.xml?cid=27268-com-dsp-marc
|x Verlag
|3 Volltext
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082 |
0 |
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|a 330
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520 |
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|a This paper examines external adjustment in the U.S., Japan and Germany from the perspective of net foreign asset positions. It asks two questions: What are, in the long run, the determinants of net foreign asset equilibrium? and: What are, in the short run, the adjustment mechanisms sustaining that equilibrium? An analysis of postwar data produces two insights. First, using a cointegration approach, the existence of long-run net foreign asset equilibrium can be identified; in each of the G-3 countries, it is a function of demographic variables and public debt. Second, deviations from the long-run equilibrium give rise to disequilibrium feedback through domestic absorption and through other channels
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