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e-book

Current Account Norms in Natural Resource Rich and Capital Scarce Economies (Cód: 9493190)

Araujo, Juliana Dutra; Grace Bin Li

INTERNATIONAL MONETARY FUND

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Current Account Norms in Natural Resource Rich and Capital Scarce Economies

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Descrição

The permanent income hypothesis implies that frictionless open economies with exhaustible natural resources should save abroad most of their resource windfalls and, therefore, feature current account surpluses. Resource-rich developing countries (RRDCs), on the other hand, face substantial development needs and tight external borrowing constraints. By relaxing these constraints and providing a key financing source for public investment in RRDCs, temporary resource revenues might then be associated with current account deficits, or at least low surpluses. This paper develops a neoclassical model with private and public investment and several frictions that capture pervasive features in RRDCs, including absorptive capacity constraints, inefficiencies in investment, and borrowing constraints that can be relaxed when natural resources lower the country risk premium. The model is used to study the role of investment and these frictions in shaping the current account dynamics under windfalls. Since consumption and investment decisions are optimal, the model also serves to provide current account benchmarks (norms). We apply the model to the Economic and Monetary Community of Central Africa and discuss how our results can be used to inform the current account norm analysis pursued at the International Monetary Fund.

Características

Produto sob encomenda Não
Marca INTERNATIONAL MONETARY FUND
Cód. Barras 9781484304839
Acabamento e-book
Início da Venda 27/03/2013
Tamanho do Arquivo 2153
Idioma 337
Código do Formato Epub
Número de Páginas 34 (aproximado)
Ano da Publicação 2013
Peso 0.00 Kg
AutorAraujo, Juliana Dutra; Grace Bin Li