Christiansen, Lone Engbo; Prati, Alessandro; Ricci, … - International Monetary Fund (IMF) - 2009
This paper offers a coherent empirical analysis of the determinants of the real exchange rate, the current account, and … account balances and net foreign asset positions, while capital account liberalization is associated with lower current … to raise (reduce) the current account in countries with closed (opened) capital accounts. Finally, foreign aid is …