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- W2019308065 abstract "In a recent contribution to thisJournal, Rodriguez (1980) analyzes the role of trade flows in exchange-rate determination based on a rational expectations formulation of the portfolio balance framework. The purpose of this comment is to extend the Rodriguez analysis by relaxing the restrictive assumption that domestic holdings of foreign currency can only accumulate or decumulate through trade surpluses or deficits or, more generally, through current account imbalances. We derive a modified version of the Rodriguez solution form using assumptions that better reflect the high degree of development of international credit markets, under which current account imbalances transfer wealth between domestic and foreign portfolios but may have little to do with changing the stocks and currency mix of the (outside) assets that public sectors impose (at market-clearing prices) upon private portfolios. In addition, we interpret a key parameter in the Rodriguez solution form which raises an important issue about the role of the current account in the limiting case of perfect asset substitutability. Our extension of the Rodriguez model focuses on the monetary bases (MB, MB *) and the stocks of outside interest-bearing bonds (B, B*), denominated in domestic and foreign currencies. Private domestic and foreign residents hold money-plus-bond portfolios of size WD and WF, which we refer to as wealth levels.1 It is assumed that MB and" @default.
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- W2019308065 date "1982-12-01" @default.
- W2019308065 modified "2023-09-25" @default.
- W2019308065 title "The Role of the Current Account in Exchange-Rate Determination: A Comment on Rodriguez" @default.
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- W2019308065 doi "https://doi.org/10.1086/261122" @default.
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