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verkoop --- concurrentie, internationaal --- marketing --- account management --- marketing information systems --- marketing interacties --- Marketing --- Sales management. --- Management.

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This paper estimates a simple consumption-smoothing model of the French current account, and examines its capacity to predict recent developments in France’s external performance. The model views the current account as a buffer through which private agents can smooth consumption over time in response to temporary disturbances to output, investment, and government expenditure. The empirical results indicate that the model performs well overall, and predicts correctly the sharp turnaround in France’s external accounts observed in the past three years—a feature of the data that conventional models of trade flows, based on income and relative price variables, appear unable to explain.

Aggregate Factor Income Distribution --- Balance of payments --- Consumption distribution --- Consumption --- Currencies --- Current Account Adjustment --- Current account balance --- Current account --- Economics --- Exports and Imports --- Government and the Monetary System --- Income distribution --- International economics --- Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation --- Macroeconomics --- Macroeconomics: Consumption --- Monetary economics --- Monetary Systems --- Money and Monetary Policy --- Money --- National accounts --- Open Economy Macroeconomics --- Payment Systems --- Regimes --- Saving --- Short-term Capital Movements --- Standards --- Wealth --- France

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In this paper we use an exchange rate model that combines asset market characteristics with balance of payments interactions to examine the nominal effective exchange rates of the German mark, Japanese yen, and U.S. dollar for the recent experience with floating exchange rates. Our approach may be interpreted as one which attempts to flesh out the missing links that arise in conditioning an exchange rate solely on relative prices, as occurs in a standard PPP analysis. In contrast to much other empirical exchange rate modeling, our approach explicitly involves the use of a current account sustainability term. Amongst the findings reported in this paper are: significant, and sensible, long-run relationships for all of the currencies studied; appealing short-run dynamics for two of the currencies; and a finding that the Japanese effective exchange rate closely tracks the long-run exchange rate defined in this paper.

Foreign Exchange --- Current Account Adjustment --- Short-term Capital Movements --- Currency --- Foreign exchange --- Exchange rates --- Purchasing power parity --- Exchange rate modelling --- Real exchange rates --- Exchange rate assessments --- United States

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This paper describes some long-run aspects of the Swiss balance of payments, highlighting two macroeconomic phenomena that make Switzerland stand out among other countries: first, it has had a persistent current account surplus and the largest ratio of net foreign assets to GDP in the world; second, its real interest rates have been significantly lower than those of most other industrialized countries, earning it the label “interest rate island”. These two distinctive features may be related, and ultimately both may result from an excess of national savings over investment for many years. The real interest differential may largely be attributed to a foreign exchange rate risk premium, which compensates Swiss residents for holding net assets in foreign currency and foreign residents for bearing net liabilities in Swiss francs.

Banks and Banking --- Exports and Imports --- Foreign Exchange --- Interest Rates: Determination, Term Structure, and Effects --- International Investment --- Long-term Capital Movements --- Current Account Adjustment --- Short-term Capital Movements --- International economics --- Finance --- Currency --- Foreign exchange --- Foreign assets --- Real interest rates --- Current account surpluses --- Interest rate parity --- Purchasing power parity --- External position --- Financial services --- Balance of payments --- Interest rates --- Investments, Foreign --- Switzerland

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This paper examines the nature and composition of capital flows in selected countries in Central and Eastern Europe during 1987–93. The data show that there was a remarkable turnaround in the capital account in 1992–93. This improvement was accompanied by widening current account deficits, an increase in real consumption, and real exchange rate appreciation. In light of these developments, the paper discusses the main macroeconomic concerns raised by capital inflows and lays out the principal policy options relevant for the transition economies.

Exports and Imports --- Foreign Exchange --- Open Economy Macroeconomics --- International Investment --- Long-term Capital Movements --- International Lending and Debt Problems --- Current Account Adjustment --- Short-term Capital Movements --- International economics --- Currency --- Foreign exchange --- Capital inflows --- Real exchange rates --- Capital flows --- External debt --- Capital account --- Balance of payments --- Capital movements --- Debts, External --- Czech Republic