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Record Nr. |
UNINA9910788401703321 |
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Autore |
Tressel Thierry |
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Titolo |
Aid Volatility and Dutch Disease : : Is There a Role for Macroeconomic Policies? / / Thierry Tressel, Alessandro Prati |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2006 |
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ISBN |
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1-4623-4375-9 |
1-4519-8935-0 |
1-283-51471-0 |
1-4527-0231-4 |
9786613827166 |
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Descrizione fisica |
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1 online resource (65 p.) |
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Collana |
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Altri autori (Persone) |
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Soggetti |
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Economic assistance - Econometric models |
Economic policy - Econometric models |
Banks and Banking |
Exports and Imports |
Foreign Exchange |
Empirical Studies of Trade |
Trade: General |
Foreign Aid |
Monetary Policy |
International economics |
Banking |
Currency |
Foreign exchange |
Trade balance |
Exports |
Foreign aid |
International reserves |
Real exchange rates |
Balance of trade |
International relief |
Foreign exchange reserves |
United States |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di bibliografia |
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Includes bibliographical references (p. 59-63). |
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Nota di contenuto |
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""Contents""; ""I. INTRODUCTION""; ""II. THE MODEL""; ""III. PARTIAL AND GENERAL EQUILIBRIUM EFFECTS OF FOREIGN AID AND MACROECONOMIC POLICY""; ""IV. THE OPTIMAL TIMING OF AID AND MACROECONOMIC POLICY""; ""V. THE EFFECTIVENESS OF MACROECONOMIC POLICIES IN AID-RECEIVING COUNTRIES""; ""VI. CONCLUSIONS""; ""Appendix I. Solution Strategy""; ""Appendix II-a. Managed Float Regimes""; ""Appendix II-b. General Equilibrium Effect of Front-Loading Aid with LBD Externalities""; ""Appendix III. Pseudo First Stage of System GMM Panel Regressions""; ""REFERENCES"" |
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Sommario/riassunto |
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This paper studies how macroeconomic policies can help offset two unintended and undesirable features of foreign aid: its volatility and Dutch disease. We present evidence that aid volatility augments trade balance volatility and that foreign aid, with the important exception of years of adverse shocks, depresses exports. We also find that these effects can be mitigated through changes in net domestic assets of the central bank-a variable that reflects both monetary and fiscal policy. To characterize the optimal policy, we develop a general equilibrium model in which the capital account is closed and aid influences productivity growth through positive (public expenditure) and negative (Dutch disease) externalities. In this setting, macroeconomic policies permanently affect real variables and can improve welfare if donors do not distribute foreign aid optimally over time. |
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