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 … capital account. We study the balance between these responses and, using data on 41 resource exporters for 1970-2006, show …