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of oil shocks on the merchandise trade balance and the current account, which depending on the source of the shock can be …
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due to the fact that investment falls while saving remains unchanged. This paper shows that if currency substitution is … introduced into the analysis, the same shock could cause a current account deficit. Furthermore, the higher the dependence of the … saving following the terms of trade deterioration. The fall in saving could be larger than the decline in investment …
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account for movements in trade imbalances, and the decline in private saving and investment observed recently in developed …
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The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and...
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Using Chilean data, we document that for resource-rich small open economies the effects of terms of trade shocks on the wage gap (between skilled and unskilled workers) depend on factor intensities in the non-tradable sector, following the model in Galiani, Heymann, and Magud (2010). For a...
Persistent link: https://www.econbiz.de/10014403224
The ESF, established within the Poverty Reduction and Growth Facility and Exogenous Shocks Facility (PRGF-ESF) Trust, complements existing Fund instruments for providing timely support, including financing at more appropriate terms, to low-income members that are facing sudden and exogenous...
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