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Savings And The Terms Of Trade Under Borrowing Constraints
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Book Synopsis Savings and the Terms of Trade Under Borrowing Constraints by : Pierre-Richard Agénor
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.
Book Synopsis Savings and the Terms of Trade Under Borrowing Constraints by : Pierre-Richard Agenor
Download or read book Savings and the Terms of Trade Under Borrowing Constraints written by Pierre-Richard Agenor and published by . This book was released on 2016 with total page 38 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. Agenor and Aizenman examine the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings.Using a simple three-period model, they show that if households expect to face binding constraints on borrowing in bad states of nature (when the economy is in a long trough rather than a sharp peak), savings rates will respond asymmetrically to favorable movements in the permanent component of the terms of trade-in contrast with the predictions of conventional consumption-smoothing models.They test for asymmetric effects of terms-of-trade disturbances using an econometric model that controls for various standard determinants of private savings. The results - based on panel data for nonoil commodity exporters of Sub-Saharan Africa for 1980-96 (a group of countries for which movements in the terms of trade have traditionally represented a key source of macroeconomic shocks) - indicate that increases in the permanent component of the terms of trade (measured using three alternative filtering techniques) indeed tend to be associated with higher rates of private savings.This paper is a product of Economic Policy and Poverty Reduction, World Bank Institute.
Book Synopsis Terms-of-Trade Cycles and External Adjustment by : Gustavo Adler
Download or read book Terms-of-Trade Cycles and External Adjustment written by Gustavo Adler and published by International Monetary Fund. This book was released on 2017-02-13 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the process of external adjustment to large terms-of-trade level shifts—identified with a Markov-switching approach—for a large set of countries during the period 1960–2015. We find that adjustment to these shocks is relatively fast. Current accounts experience, on average, a contemporaneous variation of only about 1⁄2 of the magnitude of the price shock—indicating a significant volume offset—and a full adjustment within 3–4 years. Dynamics are largely symmetric for terms-of-trade booms and busts, as well as for advanced and emerging market economies. External adjustment is driven primarily by offsetting shifts in domestic demand, as opposed to variations in output (also reflected in the response of import rather than export volumes), indicating a strong income channel at play. Exchange rate flexibility appears to have played an important buffering role during booms, but less so during busts; while international reserve holdings have been a key tool for smoothing the adjustment process.
Book Synopsis The Response of the Current Account to Terms of Trade Shocks by : Christopher J. Kent
Download or read book The Response of the Current Account to Terms of Trade Shocks written by Christopher J. Kent and published by International Monetary Fund. This book was released on 2003-07-01 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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-smoothing and an investment response to shocks, the effect of the terms of trade on external balances is predicted to be dependent on the duration of terms of trade shocks. Using a median-unbiased estimator, an unbiased model-selection rule, and terms of trade data for 128 countries over the period 1960-99 we identify two groups of countries-those that typically experience temporary terms of trade shocks and those that typically experience permanent terms of trade shocks. The results from panel-data regressions of the two groups of countries support the theoretical predictions of the intertemporal approach to the current account. We find that the greater (lesser) the persistence of the terms of trade shock, the more (less) the investment effect dominates the consumption-smoothing effect on saving, so that the current account balance moves in the opposite (same) direction as that of the shock.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1498313744 Total Pages :63 pages Book Rating :4.4/5 (983 download)
Book Synopsis Iceland by : International Monetary Fund. European Dept.
Download or read book Iceland written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2015-03-13 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper examines implications of capital account liberalization in Iceland. Capital controls were critical in 2008 to avoid a more severe collapse of the Icelandic economy. Six years later, capital inflows have been liberalized, but most outflows remain restricted. Iceland has used the breathing room to reduce flow and stock vulnerabilities, strengthen institutions, and prepare for the lifting of capital controls. Simulations using the central bank’s Quarterly Macroeconomic Model (QMM) suggest that, compared with the 2008 crisis episode, the economy can better withstand the impact of an abrupt removal of capital controls. However, the outcome would be dependent on a number of factors, including resident depositor behavior.
Book Synopsis Saving in Latin America and the Caribbean by : Francesco Grigoli
Download or read book Saving in Latin America and the Caribbean written by Francesco Grigoli and published by International Monetary Fund. This book was released on 2015-05-18 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes saving patterns and determinants in Latin America and the Caribbean (LAC), including key policy variables and regimes. The review of previous empirical studies on LAC saving reveals contradictions and omissions. This paper presents empirical results of an extensive search of determinants of private and public saving rates, adding previously neglected variables (including different measures of key external prices and macroeconomic policy regimes), in linear form and in interactions with other saving determinants. It analyzes statistical differences in saving determinants between LAC and the rest of the world in a nested econometric framework, and discusses differences across three country subgroups within LAC. The results highlight commonalities and differences in saving behavior between LAC and other world regions, as well as within LAC, identifying the role of key policy variables and regimes.
Book Synopsis Saving Transitions in Southeast Asia by : Frank Harrigan
Download or read book Saving Transitions in Southeast Asia written by Frank Harrigan and published by . This book was released on 1996 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Darker Nationsa Biography Of The Short-Lived Third World by : Vijay Prashad
Download or read book The Darker Nationsa Biography Of The Short-Lived Third World written by Vijay Prashad and published by LeftWord Books. This book was released on 2007 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Third World was not a place, argues Vijay Prashad. It was a project. This book is a paradigm-shifting history of both a utopian concept and global movement the idea of the Third World. The Darker Nations traces the intellectual origins and the political history of the attempt to knit together the world s impoverished countries in opposition to the United States and Soviet spheres of influence in the decades following World War II, as nation after nation across Asia, Africa and South America gained political independence from colonial rule.Traversing continents, Vijay Prashad s fascinating narrative takes us from the birth of postcolonial nations after World War II to the downfall and corruption of nationalist regimes.The Darker Nations restores to memory the vibrant though flawed idea of the Third World, whose demise, Prashad ultimately argues, has produced a much impoverished international political arena.
Book Synopsis The Chicago Plan Revisited by : Mr.Jaromir Benes
Download or read book The Chicago Plan Revisited written by Mr.Jaromir Benes and published by International Monetary Fund. This book was released on 2012-08-01 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.
Book Synopsis Bibliographie Mensuelle by : United Nations Library (Geneva, Switzerland)
Download or read book Bibliographie Mensuelle written by United Nations Library (Geneva, Switzerland) and published by . This book was released on 2000 with total page 816 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Development Macroeconomics by : Pierre-Richard Agénor
Download or read book Development Macroeconomics written by Pierre-Richard Agénor and published by Princeton University Press. This book was released on 2015-06-23 with total page 792 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis triggered severe shocks for developing countries, whose embrace of greater commercial and financial openness has increased their exposure to external shocks, both real and financial. This new edition of Development Macroeconomics has been fully revised to address the more open and less stable environment in which developing countries operate today. Describing the latest advances in this rapidly changing field, the book features expanded coverage of public debt and the management of capital inflows as well as new material on fiscal discipline, monetary policy regimes, currency, banking and sovereign debt crises, currency unions, and the choice of an exchange-rate regime. A new chapter on dynamic stochastic general equilibrium (DSGE) models with financial frictions has been added to reflect how the financial crisis has reshaped our thinking on the role of such frictions in generating and propagating real and financial shocks. The book also discusses the role of macroprudential regulation, both independently and through its interactions with monetary policy, in preserving financial and macroeconomic stability. Now in its fourth edition, Development Macroeconomics remains the definitive textbook on the macroeconomics of developing countries. The most authoritative book on the subject—now fully revised and expanded Features new material on fiscal discipline, monetary policy regimes, currency, banking and sovereign debt crises, and much more Comes with online supplements on informal financial markets, stabilization programs, the solution of DSGE models with financial frictions, and exchange rate crises
Book Synopsis Business Cycles, Economic Crises, and the Poor by : Pierre-Richard Agénor
Download or read book Business Cycles, Economic Crises, and the Poor written by Pierre-Richard Agénor and published by World Bank Publications. This book was released on 2001 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Policy Research Working Paper the Social Rate of Return on Infrastructure Investments by :
Download or read book Policy Research Working Paper the Social Rate of Return on Infrastructure Investments written by and published by World Bank Publications. This book was released on with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The World Bank Research Program 2004 by : World Bank
Download or read book The World Bank Research Program 2004 written by World Bank and published by World Bank Publications. This book was released on 2005 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: The World Bank's research is intended to address critical issues and problems facing member governments in developing and transition economies. How can the governments of the poorest countries generate enough revenue to provide the education and health services essential to reducing poverty and promoting growth and development? How can poor countries attract investors to build the infrastructure their economies need? How can they develop systems to bring clean water to the 2 billion people without it today? How can they train teachers and bring to class the 115 million children who have not yet received any education? And how can rich countries be persuaded to lower market barriers, helping to reverse the decline in export prices for poor countries that has left them earning less from trade today than in the 1970s? These are the types of questions that are addressed in this edition of 'The World Bank Research Program: Abstracts from Current Studies'. This volume reports on research projects initiated, under way, or completed from July 2003 through June 2004. It covers 151 research projects on several broad development related issues, including agriculture, health, education, environment, infrastructure, investment climate, and more. The abstract for each project describes the questions addressed, the analytic methods used, the findings to date, and policy implications.
Book Synopsis Impediments to the Development and Efficiency of Financial Intermediation in Brazil by : Thorsten Beck
Download or read book Impediments to the Development and Efficiency of Financial Intermediation in Brazil written by Thorsten Beck and published by World Bank Publications. This book was released on 2000 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: To improve on the low level and low efficiency of Brazil's financial intermediation (and hence economic growth), Brazil needs reforms leading to a more efficient judical sector, better enforcement of contracts, stronger rights for creditors, stronger accounting standards and practices, and a legal and regulatory framework that facilitates the exchange of information about borrowers.
Book Synopsis Pensions, Savings and Capital Flows From Ageing to Emerging Markets by : Reisen Helmut
Download or read book Pensions, Savings and Capital Flows From Ageing to Emerging Markets written by Reisen Helmut and published by OECD Publishing. This book was released on 2000-05-15 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: This books explores the international aspects of pension reform, private savings and volatile capital markets and clarifies how they relate to each other.
Book Synopsis Regulators and the Poor by : Richard Green
Download or read book Regulators and the Poor written by Richard Green and published by World Bank Publications. This book was released on 2000 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United Kingdom generally fights poverty directly - through the government's benefit system - and not through utilities. But Bristish regulators have taken certain measures that help utility consumers (mostly, but not always, poor consumers). Other countries may be able to copy some of their techniques.
