Araujo, Juliana Dutra; Li, Grace Bin; … - International Monetary Fund (IMF) - 2013
abroad most of their resource windfalls and, therefore, feature current account surpluses. Resource-rich developing countries … associated with current account deficits, or at least low surpluses. This paper develops a neoclassical model with private and …. The model is used to study the role of investment and these frictions in shaping the current account dynamics under …