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http://ssrn.com/abstract=880294
 
 

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Exchange Rates and Capital Flows


Robin Brooks


International Monetary Fund (IMF) - Financial Studies Division

Hali J. Edison


International Monetary Fund (IMF) - Research Department

Manmohan Kumar


International Monetary Fund (IMF) - Research Department

Torsten Sløk


Deutsche Bank, New York

November 2001

IMF Working Paper No. 01/190

Abstract:     
This paper explores the ability of portfolio and foreign direct investment flows to track movements in the euro and the yen against the dollar. Net portfolio flows from the euro area into U.S. stocks - possibly reflecting differences in expected productivity growth - track movements in the euro against the dollar closely. Net FDI flows, which capture the recent burst in cross-border M&A activity, appear less important in tracking movements in the euro-dollar rate, possibly because many M&A transactions consist of share swaps. Movements in the yen versus the dollar remain more closely tied to such conventional variables as the current account and interest differential.

Number of Pages in PDF File: 29

Keywords: exchange rate models, euro/dollar and yen/dollar exchange rates, capital flows

JEL Classification: F31, F32

working papers series


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Date posted: February 6, 2006  

Suggested Citation

Brooks, Robin and Edison, Hali J. and Kumar, Manmohan and Sløk, Torsten, Exchange Rates and Capital Flows (November 2001). IMF Working Paper, Vol. , pp. 1-29, 2001. Available at SSRN: http://ssrn.com/abstract=880294

Contact Information

Robin Brooks (Contact Author)
International Monetary Fund (IMF) - Financial Studies Division ( email )
700 19th Street N.W.
Washington, DC 20431
United States
Hali J. Edison
International Monetary Fund (IMF) - Research Department ( email )
700 19th Street NW
Washington, DC 20431
United States
202-623-6946 (Phone)
202-589-6946 (Fax)
Manmohan Kumar
International Monetary Fund (IMF) - Research Department ( email )
700 19th Street NW
Washington, DC 20431
United States
202-623-7771 (Phone)
202-589-7771 (Fax)
Torsten Mikkel Sløk
Deutsche Bank, New York ( email )
60 Wall Street
Mail Stop: NYC60-1815
New York, NY 10005
United States
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