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Record Nr. |
UNINA9910827364503321 |
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Autore |
Turnovsky Stephen |
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Titolo |
Foreign Aid and Real Exchange Rate Adjustments in a Financially Constrained Dependent Economy / / Stephen Turnovsky, Serpil Tekin, Valerie Cerra |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2008 |
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ISBN |
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1-4623-9211-3 |
1-4527-6825-0 |
1-4518-7062-0 |
1-282-84155-6 |
9786612841552 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (47 p.) |
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Collana |
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IMF Working Papers |
IMF working paper ; ; WP/08/204 |
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Altri autori (Persone) |
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Disciplina |
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Soggetti |
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Economic assistance - Econometric models |
Foreign exchange rates - Econometric models |
Structural adjustment (Economic policy) - Econometric models |
Exports and Imports |
Foreign Exchange |
Macroeconomics |
Public Finance |
Production and Operations Management |
Employment |
Unemployment |
Wages |
Intergenerational Income Distribution |
Aggregate Human Capital |
Aggregate Labor Productivity |
Foreign Aid |
Macroeconomics: Consumption |
Saving |
Wealth |
National Government Expenditures and Related Policies: General |
Currency |
Foreign exchange |
International economics |
Public finance & taxation |
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Real exchange rates |
Capital productivity |
Foreign aid |
Consumption |
Expenditure |
International relief |
Economics |
Expenditures, Public |
Turkey |
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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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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Contents; I. Introduction; II. Two Sector Model of Foreign Aid; A. The Economic Structure; B. Macroeconomic Equilibrium; III. Steady State Equilibrium; A. Long-Run Effects of Transfers on the Relative Price; B. Transfers, Economic Activity, and the Dutch Disease; IV. Numerical Analysis; A. Calibration; B. Optimal Government Spending; C. Initial Benchmark Equilibria; V. Foreign Aid Flows: General Characteristics of Real Exchange Rates; VI. Pure Transfer; A. Traded Sector is Capital Intensive: (α > β ); B. Nontraded sector is capital intensive: (β >α ) |
VII. Productive Government Spending in the Traded Sector A. Traded sector is capital intensive (α > β ); B. Nontraded sector is capital intensive (β >α ); VIII. Productive Government Spending in the Nontraded Sector; IX. Welfare Analysis; X. Effect of Cost of Debt; XI. Conclusions; Tables; 1. The Benchmark Economy; 2. Key Steady-State Equilibrium Ratios; 3. Steady-State Responses to Permanent Changes; 4. Welfare Analysis; Figures; 1. Capital and Debt; 2. Financial Variables; 3. Sectoral Activity and Output; 4. Consumption and Welfare; 5. Sensitivity to Borrowing Premium: Untitled Transfer |
6. Sensitivity to Borrowing Premium: Productive Transfer to Traded Sector 7. Sensitivity to Borrowing Premium: Productive Transfer to Nontraded Sector; Appendix; References |
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Sommario/riassunto |
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A dynamic dependent-economy model is developed to investigate the role of the real exchange rate in determining the effects of foreign aid. If capital is perfectly mobile between sectors, untied aid has no longrun impact on the real exchange rate. A decline in the traded sector occurs because aid, being denominated in traded output, substitutes for exports in financing imports. While untied aid causes short-run real exchange appreciation, this response is very temporary and negligibly small. Tied aid, by influencing sectoral productivity, does generate permanent relative price effects. The analysis, which employs extensive numerical simulations, emphasizes the tradeoffs between real exchange adjustments, long-run capital accumulation, and economic welfare, associated with alternative forms of foreign aid. |
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