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|z 9781484397008
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Berg, Andrew.
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|a Policy Responses to Aid Surges in Countries with Limited International Capital Mobility :
|b The Role of the Exchange Rate Regime /
|c Andrew Berg, Rafael Portillo, Luis-Felipe Zanna.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2014.
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|a 1 online resource (41 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 We study the role of the exchange rate regime, reserve accumulation, and sterilization policies in the macroeconomics of aid surges. Absent sterilization, a peg allows for almost full aid absorption - an increase in the current account deficit net of aid-delivering the same effects as those of a flexible regime but with a necessary increase in inflation. Regardless of the regime, policies that limit absorption-and result in large accumulation of reserves-are welfare reducing: they help reduce the real appreciation (and inflation under the peg), but at the expense of reducing private consumption and investment, and therefore medium-term growth.
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|a Mode of access: Internet
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|a Portillo, Rafael.
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|a Zanna, Luis-Felipe.
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|a IMF Working Papers; Working Paper ;
|v No. 2014/018
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2014/018/001.2014.issue-018-en.xml
|z IMF e-Library
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