TY  - UNPD
A1  - Berg, Tim Oliver
T1  - Cross-country evidence on the relation between equity prices and the current account
T2  - Working paper series / Institute for Monetary and Financial Stability ; 22
N2  - This paper explores the relationship between equity prices and the current account for 17 industrialized countries in the period 1980-2007. Based on a panel vector autoregression, I compare the effects of equity price shocks to those originating from monetary policy and exchange rates. While monetary policy shocks have a limited impact, shocks to equity prices have sizeable effects. The results suggest that equity prices impact on the current account through their effects on real activity and exchange rates. Furthermore, shocks to exchange rates play a key role as well. Keywords: current account fluctuations, equity prices, panel vector autoregression
T3  - Working paper series / Institute for Monetary and Financial Stability - 22 
KW  - current account fluctuations
KW  - equity prices
KW  - panel vector autoregression
KW  - Aktienkurs
KW  - Leistungsbilanz
KW  - Geschichte 1980-2007
Y1  - 2009
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/7036
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-70526
UR  - http://www.imfs-frankfurt.de/fileadmin/user_upload/pdf/Working%20Paper_22_09_Berg.pdf
ER  -