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|z 9781451855586
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|a 1018-5941
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|a International Monetary Fund.
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|a Macroeconomic and Sectoral Effects of Terms-of-Trade Shocks :
|b The Experience of the Oil-Exporting Developing Countries.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1999.
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|a 1 online resource (56 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper investigates the impact of long-run terms-of-trade shocks. Analytically, we show that, if capital goods are largely importable or the labor supply is sufficiently elastic, then natural-resource booms increase aggregate investment and worsen the current account, but Dutch 'Disease' effects are weak. We then examine 18 oil-exporting developing countries during 1965-89. Favorable terms-of-trade shocks increase investment and (especially government) consumption, but reduce medium-term savings; hence, the current account deteriorates. Nontradable output increases, in response to real appreciations, but Dutch Disease effects are strikingly absent. Investment, consumption, and nontradable output respond more to a terms-of-trade decline than to an increase.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 1999/134
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1999/134/001.1999.issue-134-en.xml
|z IMF e-Library
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