دانلود مقاله ISI انگلیسی شماره 8800
ترجمه فارسی عنوان مقاله

نرخ ارز واقعی، قیمت دارایی ها و شرایط تجارت: تجزیه و تحلیل نظری

عنوان انگلیسی
Real exchange rates, asset prices and terms of trade: A theoretical analysis
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
8800 2010 9 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Economic Modelling, Volume 27, Issue 1, January 2010, Pages 143–151

ترجمه کلمات کلیدی
قیمت دارایی ها - کالاهای غیر قابل تجارت - نرخ ارز واقعی - قوانین و مقررات تجارت
کلمات کلیدی انگلیسی
پیش نمایش مقاله
پیش نمایش مقاله  نرخ ارز  واقعی، قیمت دارایی ها و شرایط تجارت: تجزیه و تحلیل نظری

چکیده انگلیسی

This paper develops a continuous-time two-country dynamic equilibrium model, in which the real exchange rates, asset prices, and terms of trade are jointly determined in the presence of nontradable goods. The model determines the relation between the financial markets and real goods markets in the world economy and their responses to various shocks under the home bias assumption. A positive domestic supply shock induces a positive return on the domestic asset markets and a deterioration of terms of trade that improves the foreign output and boosts the foreign asset markets. Demand shocks act in the opposite way. This model also analyses the impact of change in the relative price of nontradable to tradable goods on the terms of trade and asset markets. A higher productivity growth in tradable goods than in nontradable goods leads to a higher relative price of nontradable to tradable goods, which appreciates the real exchange rate, deteriorates the terms of trade, and depresses the domestic and foreign asset markets. A lower relative price of nontradable goods depreciates the real exchange rate, improves the terms of trade, and lifts both the domestic and foreign asset markets.