Valuation Effects and the Dynamics of Net External Assets
---- Acknowledgements -----
We thank participants in the April 2008 IMF-ESRC-WEF conference, IEA Istanbul 2008, HEC Montreal, SNB Zurich, Harris Dellas, and Helene Rey for comments, and Hung Nguyen for research assistance. Thanks also go for support from ESRC World Economy and Finance Programme, award 156-25-0027, SSHRC, the Bank of Canada, and Royal Bank of Canada. The views here are the authors' own and they do not represent the view of the Bank of Canada. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.