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Rapid Current Account Adjustments

Rapid Current Account Adjustments »

Source: Rapid Current Account Adjustments : Are Microstates Different?

Volume/Issue: 2008/233

Series: IMF Working Papers

Author(s): Patrick Imam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2008

ISBN: 9781451870916

Keywords: Terms of trade shocks, microstates, terms of trade, trade shocks, terms of trade shock, trade shock,

We describe unique aspects of microstates-they are less diversified, suffer from lumpiness of investment, they are geographically at the periphery and prone to natural disasters, and have less access to capital mar...

The Response of the Current Account to Terms of Trade Shocks

The Response of the Current Account to Terms of Trade Shocks »

Source: The Response of the Current Account to Terms of Trade Shocks : Persistence Matters

Volume/Issue: 2003/143

Series: IMF Working Papers

Author(s): Paul Cashin , and Christopher Kent

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2003

ISBN: 9781451856361

Keywords: terms of trade, shock persistence, terms of trade shocks, trade shocks, trade shock, current account balance, Current accounts,

Is the relationship between the current account balance and the terms of trade affected by the persistence of terms of trade shocks? In intertemporal models of the current account that incorporate a consumption-smo...

Credibility. Capital Controls, and the EMS

Credibility. Capital Controls, and the EMS »

Source: Credibility. Capital Controls, and the EMS

Volume/Issue: 1989/9

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1989

ISBN: 9781451927030

Keywords: inflation, monetary policy, money supply, central bank, monetary shock

A common rationale for EMS membership is that it enhances the credibility of a central bank’s commitment to stable monetary growth. In this paper we consider this idea in the light of two features of the sys...

Terms of Trade Shocks and the Current Account

Terms of Trade Shocks and the Current Account »

Source: Terms of Trade Shocks and the Current Account

Volume/Issue: 1998/177

Series: IMF Working Papers

Author(s): Paul Cashin , and C. McDermott

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1998

ISBN: 9781451975048

Keywords: Terms of trade, intertemporal elasticity of substitution, intratemporal elasticity of substitution, terms of trade shocks, trade shocks, relative price, elasticity of substitution

This paper examines the relationship between terms of trade shocks, private saving, and the current account position. The relationship between these variables is theoretically ambiguous: an adverse transitory terms...

The Balance of Trade, the Terms of Trade, and the Real Exchange Rate

The Balance of Trade, the Terms of Trade, and the Real Exchange Rate »

Source: The Balance of Trade, the Terms of Trade, and the Real Exchange Rate : An Intertemporal Optimizing Framework

Volume/Issue: 1988/2

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1988

ISBN: 9781451930924

Keywords: terms of trade, terms of trade shocks, relative price, trade changes, real rate of interest

This paper uses an intertemporal optimizing model of a small open economy to analyze how terms of trade changes affect real exchange rates and the trade balance. We consider temporary current, anticipated future, a...

The Effects of Currency Substitutionon the Response of the Current Account to Supply Shocks

The Effects of Currency Substitutionon the Response of the Current Account to Supply Shocks »

Source: The Effects of Currency Substitutionon the Response of the Current Account to Supply Shocks

Volume/Issue: 1988/5

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1988

ISBN: 9781451929454

Keywords: current account, balance of payments, oil shock, current account surplus, oil prices

Standard real models predict that a permanent increase in oil prices would result in a current account surplus. This is due to the fact that investment falls while saving remains unchanged. This paper shows that if...

Current Account and Real Exchange Rate Dynamics in the G-7 Countries

Current Account and Real Exchange Rate Dynamics in the G-7 Countries »

Source: Current Account and Real Exchange Rate Dynamics in the G-7 Countries

Volume/Issue: 2002/130

Series: IMF Working Papers

Author(s): Menzie Chinn , and Jaewoo Lee

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2002

ISBN: 9781451855203

Keywords: real exchange rate, intertemporal models, permanent and temporary shocks, exchange rate, current account balance, exchange rates, Open Economy Macroeconomics,

The canonical predictions of intertemporal open-economy macro models are tested by a structural VAR analysis of Group of Seven countries. The analysis is distinguished from the previous literature in that it adopts...

Are Foreign Aid and Remittance Inflows a Hedge Against Food Price Shocks?1

Are Foreign Aid and Remittance Inflows a Hedge Against Food Price Shocks?1 »

Source: Are Foreign Aid and Remittance Inflows a Hedge Against Food Price Shocks?

Volume/Issue: 2012/67

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

ISBN: 9781463938444

Keywords: food price shocks, vulnerability, food price, remittance, remittance inflows, food imports, International Factor Movements and International Business: General, Saving,

This paper explores the role of foreign aid and remittance inflows in the mitigation of the effects of food price shocks. Using a large sample of developing countries and mobilising dynamic panel data specification...

Smooth Operator: Remittances and Fiscal Shocks

Smooth Operator: Remittances and Fiscal Shocks »

Source: Smooth Operator: Remittances and Fiscal Shocks

Volume/Issue: 2017/165

Series: IMF Working Papers

Author(s): Kimberly Beaton , Serhan Cevik , and Reza Yousefi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2017

ISBN: 9781484307878

Keywords: Remittances, Remittances, Consumption smoothing, fiscal shocks, social spendin, Kimberly Beaton, Serhan Cevik and Seyed Reza Yousefi, Financial Aspects of Economic Integration, International Business Cycles, Household

With 250 million migrants globally, remittances are one of the major sources of income in many developing countries. While there is abundant evidence that remittances facilitate consumption smoothing in receving co...

Remittances and Vulnerability in Developing Countries1

Remittances and Vulnerability in Developing Countries1 »

Source: Remittances and Vulnerability in Developing Countries

Volume/Issue: 2014/13

Series: IMF Working Papers

Author(s): Giulia Bettin , Andrea Presbitero , and Nicola Spatafora

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 January 2014

ISBN: 9781484385081

Keywords: Shocks, Business cycle, Vulnerability, Gravity model, remittance, migrant, bilateral remittances, official remittances, International Monetary Arrangements and Institutions, International Lending and Debt Problems

This paper examines how international remittances are affected by structural characteristics, macroeconomic conditions, and adverse shocks in both source and recipient economies. We exploit a novel, rich panel data...