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This paper examines the relationship between temporary terms of trade shocks and household saving in developing countries. It is first shown that, from a theoretical standpoint, this relationship is ambiguous: private saving may rise or fall in response to a transitory terms of trade shock,...
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The main objective of this paper is to examine the extent to which the terms-of-trade (TOT) behavior contributed to changes in the saving rates across the developing countries. In doing so, the paper analyzes the TOT by conducting an empirical analysis of annual cross-country data for 57...
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portfolios away from domestic capital and into foreign bonds. The reallocation of precautionary savings from domestic to foreign … significant precautionary savings associated with terms of trade risk. Opening foreign bond markets in the model induces a shift …
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