Harding, Torfinn; Venables, Anthony J - C.E.P.R. Discussion Papers - 2013
Foreign exchange windfalls such as those from natural resource revenues change non-resource exports, imports, and the … increase imports by 25 cents, implying a negligible effect on foreign saving. The negative per dollar impact on exports is … that the response to a dollar of resource revenue is, approximately, to decrease non-resource exports by 75 cents and …