Aquino, Juan Carlos; Espino, Freddy - Banco Central de Reserva del Perú - 2013
This paper provides evidence on the Harberger-Laursen-Metzler (HLM) effect for the case of Peru. The HLM effect is the deterioration in the savings level of an economy due to a decline in their terms of trade for a given level of investment. This deterioration is caused by lower revenues which...