03317nam 2200673 450 991046363590332120181115204710.01-4623-8908-21-4527-3898-X1-282-84184-X97866128418421-4518-7091-4(CKB)3170000000055129(EBL)1608037(SSID)ssj0000943034(PQKBManifestationID)11515167(PQKBTitleCode)TC0000943034(PQKBWorkID)10975130(PQKB)10106057(OCoLC)465418230(MiAaPQ)EBC1608037(EXLCZ)99317000000005512920140226h20082008 uy 0engurcnu||||||||txtccrRapid current account adjustments are microstates different? /Patrick Imam ; authorized for distribution by Arend Kouwenaar[Washington, District of Columbia] :International Monetary Fund,2008.©20081 online resource (30 p.)IMF Working PapersIMF working paper ;WP/08/233Description based upon print version of record.1-4519-1544-6 Includes bibliographical references.Contents; I. Introduction; II. Evolution of the Current Account of Microstates, 1980-2005; III. Unique Aspects of the Current Account of Microstates; IV. "Old" Versus "New" View of the Current Account; V. Rapid Current Account Adjustment; VI. Conclusions and Policy Implications; VII. References; Appendix 1: Stylized Facts on The Current Account After Persistent Terms of Trade Shocks; Identifying Persistent Negative Terms of Trade Shocks; Current Account After Terms of Trade ChangesWe describe unique aspects of microstates-they are less diversified, suffer from lumpiness of investment, they are geographically at the periphery and prone to natural disasters, and have less access to capital markets-that may make the current account more vulnerable, penalizing exports and making imports dearer. After reviewing the ""old"" and ""new"" view on current account deficits, we attempt to identify policies to help reduce the current account. Probit regressions suggest that microstates are more likely to have large current account adjustments if (i) they are already running large cuIMF Working PapersStates, SmallEconomic conditionsEconometric modelsBalance of paymentsEconometric modelsForeign exchange ratesEconometric modelsStructural adjustment (Economic policy)Econometric modelsElectronic books.States, SmallEconomic conditionsEconometric models.Balance of paymentsEconometric models.Foreign exchange ratesEconometric models.Structural adjustment (Economic policy)Econometric models.330.9Imam Patrick910646Kouwenaar Arend524507MiAaPQMiAaPQMiAaPQBOOK9910463635903321Rapid current account adjustments2038130UNINA