Download or read book Private Saving and Terms of Trade Shocks written by Mr.Jonathan David Ostry and published by International Monetary Fund. This book was released on 1991-10-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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, depending on the values of the intertemporal elasticity of substitution and the intratemporal elasticity of substitution between traded and nontraded goods. Empirical estimates of these two parameters are obtained using data from a sample of 13 developing countries, and then used to draw implications for the response of private saving to transitory terms of trade shocks.
Download or read book Savings and the Terms of Trade Under Borrowing Constraints written by Pierre-Richard Agénor and published by World Bank Publications. This book was released on 2000 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: When households face the possibility of borrowing constraints in bad times, favorable movements in the permanent component of the terms of trade may lead to higher rates of private savings.
Download or read book Macroeconomics for Professionals written by Leslie Lipschitz and published by Cambridge University Press. This book was released on 2019-01-23 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding macroeconomic developments and policies in the twenty-first century is daunting: policy-makers face the combined challenges of supporting economic activity and employment, keeping inflation low and risks of financial crises at bay, and navigating the ever-tighter linkages of globalization. Many professionals face demands to evaluate the implications of developments and policies for their business, financial, or public policy decisions. Macroeconomics for Professionals provides a concise, rigorous, yet intuitive framework for assessing a country's macroeconomic outlook and policies. Drawing on years of experience at the International Monetary Fund, Leslie Lipschitz and Susan Schadler have created an operating manual for professional applied economists and all those required to evaluate economic analysis.
Download or read book Terms of Trade Shocks and the Current Account written by Mr.Paul Cashin and published by International Monetary Fund. This book was released on 1998-12-01 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 of trade shock can either induce a deterioration or an improvement in the current account, depending on whether the resulting income effects are greater or less than the resulting substitution effects. The substitution effects involve both intertemporally substituting consumption and intratemporally substituting consumption between importables and nontradables. The relative strength of these substitution effects is estimated using data for five OECD countries during 1970/95; both are found to exert large and significant effects on the current account balance.
Download or read book Financial Deepening Terms of Trade Shocks and Growth Volatility in Low Income Countries written by Mr.Kangni R Kpodar and published by International Monetary Fund. This book was released on 2019-03-25 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper contributes to the literature by looking at the possible relevance of the structure of the financial system—whether financial intermediation is performed through banks or markets—for macroeconomic volatility, against the backdrop of increased policy attention on strengthening growth resilience. With low-income countries (LICs) being the most vulnerable to large and frequent terms of trade shocks, the paper focuses on a sample of 38 LICs over the period 1978-2012 and finds that banking sector development acts as a shock-absorber in poor countries, dampening the transmission of terms of trade shocks to growth volatility. Expanding the sample to 121 developing countries confirms this result, although this role of shock-absorber fades away as economies grow richer. Stock market development, by contrast, appears neither to be a shock-absorber nor a shock-amplifier for most economies. These findings are consistent across a range of econometric estimators, including fixed effect, system GMM and local projection estimates.
Download or read book Saving Behavior in Low and Middle Income Developing Countries written by Masao Ogaki and published by . This book was released on 1995 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The impact of changes in real interest rates on saving and growth is a central issue in development economics. According to one familiar view, a financial liberalization program which increases real interest rates should encourage saving, thereby boosting investment and growth. While such liberalizations have indeed typically succeeded in raising real interest rates, their impact on private saving has been mixed. This paper uses macroeconomic data for a sample of countries with diverse income levels to estimate a model in which the intertemporal elasticity of substitution varies with the level of wealth. The estimated parameters are then used to calculate, in the context of a simple endogenous growth model, the responsiveness of saving to real interest rate changes for countries at differing stages of development.
Download or read book PRIVATE SAVINGS IN TRANSITION ECONOMICS ARE THERE TERMS OF TRADE SHOCKS written by Abdur R. Chowdhury and published by . This book was released on 2003 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Commodity Terms of Trade written by Bertrand Gruss and published by International Monetary Fund. This book was released on 2019-01-24 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a comprehensive database of country-specific commodity price indices for 182 economies covering the period 1962-2018. For each country, the change in the international price of up to 45 individual commodities is weighted using commodity-level trade data. The database includes a commodity terms-of-trade index—which proxies the windfall gains and losses of income associated with changes in world prices—as well as additional country-specific series, including commodity export and import price indices. We provide indices that are constructed using, alternatively, fixed weights (based on average trade flows over several decades) and time-varying weights (which can account for time variation in the mix of commodities traded and the overall importance of commodities in economic activity). The paper also discusses the dynamics of commodity terms of trade across country groups and their influence on key macroeconomic aggregates.
Download or read book The Economics of Adjustment and Growth written by Pierre-Richard Agénor and published by La Editorial, UPR. This book was released on 2004-09-30 with total page 794 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a systematic and coherent framework for understanding the interactions between the micro and macro dimensions of economic adjustment policies; that is, it explores short-run macroeconomic management and structural adjustment policies aimed at promoting economic growth. It emphasizes the importance of structural microeconomic characteristics in the transmission of policy shocks and the response of the economy to adjustment policies. It has particular relevance to the economics of developing countries. The book is directed to economists interested in an overview of the economics of reform; economists in international organizations, such as the UN, the IMF, and the World Bank, dealing with development; and economists in developing countries. It is also a text for advanced undergraduate students pursuing a degree in economic policy and management and students in political science and public policy.
Download or read book Saving in Southeast Asia and Latin America Compared written by Mrs.Anuradha Dayal-Gulati and published by International Monetary Fund. This book was released on 1997-09-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines empirical determinants of private saving for a sample of economies in Southeast Asia and Latin America over the period 1975–95. It uses panel estimations to establish relationships between private saving rates and a range of policy and nonpolicy variables. The findings show that fiscal policy, particularly social security arrangements, influence private saving; also macroeconomic stability and financial deepening appear to have been important in accounting for differences in saving behavior between the two regions.
Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1994-01-01 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper presents a model of optimum currency areas using a general equilibrium approach with regionally differentiated goods. The choice of a currency union depends upon the size of the underlying disturbances, the correlation between these disturbances, the costs of transactions across currencies, factor mobility across regions, and the interrelationships between demand for different goods. It is found that, while a currency union can raise the welfare of the regions within the union, it unambiguously lowers welfare for those outside the union. [JEL F33, F36]
Download or read book Global Economic Prospects and the Developing Countries written by and published by World Bank Publications. This book was released on 2000 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: As they enter the new millennium, developing countries are struggling to recover from one of their deepest recessions since World War II. 'Global Economic Prospects 2000' will improve your understanding and keep you informed of the forces shaping today's changing global economy.The report offers an in-depth analysis of the economic prospects of developing economies in the wake of the financial crisis and as they enter the new millennium. It examines the impact of the recent financial crisis on growth and poverty in the developing world and reviews economic output, trade, and financial developments in industrial economies. 'Global Economic Prospects 2000' focuses on three main issues: • how Sub-Saharan African commodity exporters and major developing country oil exporters have adjusted to the sharp swings in commodity prices since the mid-1990s; • the extent of corporate restructuring in East Asia and its role in their recovery; • the impact of the recent crisis on poverty in developing countries. As in past editions, detailed statistical tables and an analysis of developments for each of the developing country regions are included.'Global Economic Prospects 2000' provides essential information for anyone concerned with the economic developments affecting our shifting global economy.
Download or read book Research Activities of the IMF January 1991 December 1999 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2000-01-01 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research activity in the IMF emphasizes the links between the organization's policy and operational concerns. The main objectives of research is IMF staff understanding of policy and operational issues relevant to the institution, and to improve the analytical quality of the work prepared for management and the Executive Board and the advice provided to member countries. The scope of research in the IMF is defined by the purposes and functions of the institution. In order to foster innovation and ensure quality control, the IMF makes much of its research available outside the institution and encourages staff to interact with academia and other research organizations through conferences, seminars, and occasional joint research projects. The visiting scholar’s program has also enhanced the quality of research done in the IMF. This program brings in leading members of the economics profession from around the world to assist in the preparation of papers for the Executive Board and to conduct research on IMF-related issues.
Download or read book IMF Staff papers Volume 43 No 1 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1996-01-01 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper extends a standard growth model and obtains consistent panel data estimates of the growth retarding effects of military spending via its adverse impact on capital formation and resource allocation. Simulation experiments suggest that a substantial long-term “peace dividend”—in the form of higher capacity output—may result from markedly lower military expenditure levels achieved in most regions during the late 1980s, and the further military spending cuts that would be possible if global peace could be secured.
Download or read book The Size and Effectiveness of Automatic Fiscal Stabilizers in Latin America written by Rodrigo Suescun and published by World Bank Publications. This book was released on 2012 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper measures the size of automatic fiscal revenue stabilizers and evaluates their role in Latin America. It introduces a relatively rich tax structure into a dynamic, stochastic, multi-sector small open economy inhabited by rule-of-thumb consumers (who consume their wages and do not save or borrow) and Ricardian households to study the stabilizing properties of different parameters of the tax code. The economy faces multiple sources of business cycle fluctuations: (1) world capital market shocks; (2) world business cycle shocks; (3) terms of trade shocks; (4) government spending shocks; and (5) nontradable and (6) tradable sector technology innovations. Calibrating the model economy to a typical Latin American economy allows the evaluation of its ability to mimic the region's observed business cycle frequency properties and the assessment of the quantitative relationship between tax code parameters, business cycle forcing variables, and business cycle behavior. The model captures many of the salient features of Latin America's business cycle facts and finds that the degree of smoothing provided by the automatic revenue stabilizers-described by various properties of the tax system-is negligible. Simulation results seem to suggest an invariance property for middle-income countries: the amplitude of the business cycle is independent of the tax structure. And government size-measured by the GDP ratio of government spending-plays the role of an automatic stabilizer, but its smoothing effect is very weak.
Download or read book Preventing Currency Crises in Emerging Markets written by Sebastian Edwards and published by University of Chicago Press. This book was released on 2009-02-15 with total page 783 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists and policymakers are still trying to understand the lessons recent financial crises in Asia and other emerging market countries hold for the future of the global financial system. In this timely and important volume, distinguished academics, officials in multilateral organizations, and public and private sector economists explore the causes of and effective policy responses to international currency crises. Topics covered include exchange rate regimes, contagion (transmission of currency crises across countries), the current account of the balance of payments, the role of private sector investors and of speculators, the reaction of the official sector (including the multilaterals), capital controls, bank supervision and weaknesses, and the roles of cronyism, corruption, and large players (including hedge funds). Ably balancing detailed case studies, cross-country comparisons, and theoretical concerns, this book will make a major contribution to ongoing efforts to understand and prevent international currency crises.
Download or read book World Economic Outlook April 2006 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2005-09-20 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: The World Economic Outlook is the product of a unique international exercise in information gathering and analysis performed by IMF staff to guide key initiatives and to serve IMF member countries. Published at least twice a year in English, French, Spanish, and Arabic, the World Economic Outlook offers a comprehensive picture of the international economic situation and prospects for the future. With its analyses backed by the expertise and resources of over 1,100 IMF economists, the World Economic Outlook is the authoritative reference in its field. Today, even small economic fluctuations can trigger major financial swings. It’s vital to have the latest perspective on what’s happening and where it could lead in the coming months and years. The World Economic Outlook brings you that perspective, giving you analyses, forecasts, and figures you’ll use all year long.
