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Terms of Trade Shocks and the Current Account

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

DOI: http://dx.doi.org/10.5089/9781451975048.001

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 Exchange Rate in a Dynamic-Optimizing Current Account Model with Nominal Rigidities
			: A Quantitative Investigation

The Exchange Rate in a Dynamic-Optimizing Current Account Model with Nominal Rigidities : A Quantitative Investigation »

Volume/Issue: 1997/7

Series: IMF Working Papers

Author(s): Robert Kollman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1997

DOI: http://dx.doi.org/10.5089/9781451928525.001

ISBN: 9781451928525

Keywords: exchange rate, money supply, exchange rates, real exchange rates, effective exchange rates, IMF Working Paper,

This paper studies dynamic-optimizing model of a semi-small open economy with sticky nominal prices and wages. The model exhibits exchange rate overshooting in response to money supply shocks. The predicted variabi...

The Macroeconomic Effects of Capital Controls and the Stabilization of the Balance of Trade

The Macroeconomic Effects of Capital Controls and the Stabilization of the Balance of Trade »

Volume/Issue: 1990/109

Series: IMF Working Papers

Author(s): Enrique Mendoza

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 1990

DOI: http://dx.doi.org/10.5089/9781451946055.001

ISBN: 9781451946055

Keywords: capital controls, capital stock, probability distribution, domestic capital, standard deviation

A dynamic stochastic equilibrium model of a small open economy is used to quantify the macroeconomic effects of introducing capital controls to stabilize the balance of trade. This model focuses on the role of inte...

The Role of Stock Markets in Current Account Dynamics
			: a Time-Series Approach

The Role of Stock Markets in Current Account Dynamics : a Time-Series Approach »

Volume/Issue: 2004/50

Series: IMF Working Papers

Author(s): Benoît Mercereau

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2004

DOI: http://dx.doi.org/10.5089/9781451847000.001

ISBN: 9781451847000

Keywords: current account deficits, domestic agents, current account dynamics, balance of payments

This paper develops a simple model to study the impact of stock markets on the current account. A closed-form solution for the current account is derived from the optimal portfolio and consumption/saving choices of...

5. Key Concepts in the Measurement of FDI

5. Key Concepts in the Measurement of FDI »

Source: Foreign Direct Investment : Trends, Data Availability, Concepts, and Recording Practices

Series: Manuals & Guides

Author(s): Neil Patterson , Marie Montanjees , Colleen Cardillo , and John Motala

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 September 2004

ISBN: 9781589063471

Keywords: direct investment, fdi, statistics, foreign direct investment, foreign affiliates

Overview 5.1 As introduced in Chapter 2, the BPM5 defines direct investment as a category of international investment that reflects the objective of a resident in one...

The Macroeconomic Effects of Capital Controls and the Stabilization of the Balance of Trade

The Macroeconomic Effects of Capital Controls and the Stabilization of the Balance of Trade »

Source: The Macroeconomic Effects of Capital Controls and the Stabilization of the Balance of Trade

Volume/Issue: 1990/109

Series: IMF Working Papers

Author(s): Enrique Mendoza

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 1990

ISBN: 9781451946055

Keywords: capital controls, capital stock, probability distribution, domestic capital, standard deviation

A dynamic stochastic equilibrium model of a small open economy is used to quantify the macroeconomic effects of introducing capital controls to stabilize the balance of trade. This model focuses on the role of inte...

Macroeconomic Uncertainty, Precautionary Savings and the Current Account

Macroeconomic Uncertainty, Precautionary Savings and the Current Account »

Source: Macroeconomic Uncertainty, Precautionary Savings and the Current Account

Volume/Issue: 1992/72

Series: IMF Working Papers

Author(s): Jonathan Ostry , and Atish Ghosh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1992

ISBN: 9781451959048

Keywords: current account surplus, current account surpluses, current accounts

The relationship between current account developments and changes in the macroeconomic environment remains a key issue in open economy macroeconomics. This paper extends the standard intertemporal optimizing model...

Outward Foreign Direct Investment and Domestic Investment

Outward Foreign Direct Investment and Domestic Investment »

Source: Outward Foreign Direct Investment and Domestic Investment : The Case of Developing Countries

Volume/Issue: 2013/52

Series: IMF Working Papers

Author(s): Ali Al-Sadiq

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2013

ISBN: 9781475517934

Keywords: GMM, fdi, domestic investment, direct investment, investment rate,

Over the past two decades, the growth rate of outward foreign direct investment (FDI) from developing and transition economies has increased significantly. Given the role of physical capital accumulation in determi...

A Pecking Order Theory of Capital Inflows and International Tax Principles

A Pecking Order Theory of Capital Inflows and International Tax Principles »

Source: A Pecking Order Theory of Capital Inflows and International Tax Principles

Volume/Issue: 1996/26

Series: IMF Working Papers

Author(s): Chi-Wa Yuen , Assaf Razin , and Efraim Sadka

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 1996

ISBN: 9781451844337

Keywords: investors, capital market, international capital flows, foreign investors, tax rate

Even though financial markets today show a high degree of integration, the world capital market is still far from the textbook story of high capital mobility. The purpose of this paper is to highlight key sources o...

A Quantitative Examination of Current Account Dynamics in Equilibrium Models of Barter Economies

A Quantitative Examination of Current Account Dynamics in Equilibrium Models of Barter Economies »

Source: A Quantitative Examination of Current Account Dynamics in Equilibrium Models of Barter Economies

Volume/Issue: 1992/14

Series: IMF Working Papers

Author(s): Enrique Mendoza

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 1992

ISBN: 9781451924121

Keywords: terms of trade, correlation, elasticity of substitution, standard deviation, import prices

This paper provides a numerical analysis of an intertemporal equilibrium model of a small open, barter economy that is subject to random shocks affecting endowments, the terms of trade, and the real interest rate....