04502oam 22010814 450 991078822580332120230721045700.01-4623-1237-31-4527-9243-797866128442561-282-84425-31-4518-7368-9(CKB)3170000000055358(SSID)ssj0000940799(PQKBManifestationID)11547855(PQKBTitleCode)TC0000940799(PQKBWorkID)10975345(PQKB)11640298(OCoLC)680613548(MiAaPQ)EBC1608840(IMF)WPIEE2009221(EXLCZ)99317000000005535820020129d2009 uf 0engurcn|||||||||txtccrExternal Balance in Low Income Countries /Lone Engbo Christiansen, Alessandro Prati, Luca Ricci, Thierry TresselWashington, D.C. :International Monetary Fund,2009.52 p. illIMF Working Papers"October 2009".1-4519-1788-0 Includes bibliographical references.This paper offers a coherent empirical analysis of the determinants of the real exchange rate, the current account, and the net foreign assets position in low income countries. The paper focuses on indicators specific to low income countries, such as the quality of policies and institutions, the special access to official external financing, and the role of shocks. In addition to more standard factors, we find that domestic financial liberalization is associated with higher current account balances and net foreign asset positions, while capital account liberalization is associated with lower current account balances and net foreign asset positions and with more appreciated real exchange rates. Negative exogenous shocks tend to raise (reduce) the current account in countries with closed (opened) capital accounts. Finally, foreign aid is progressively absorbed over time through net imports, and is associated with a more depreciated real exchange rate in the long-run.IMF Working Papers; Working Paper ;No. 2009/221MacronomicsEconometric modelsForeign exchange ratesDeveloping countriesFinance, PublicDeveloping countriesExports and ImportsimfForeign ExchangeimfMacroeconomicsimfCurrent Account AdjustmentimfShort-term Capital MovementsimfPersonal Income, Wealth, and Their DistributionsimfInternational InvestmentimfLong-term Capital MovementsimfInternational economicsimfCurrencyimfForeign exchangeimfCurrent accountimfReal exchange ratesimfPersonal incomeimfCapital account liberalizationimfForeign assetsimfBalance of paymentsimfIncomeimfInvestments, ForeignimfDeveloping countriesEconomic policyUnited StatesimfMacronomicsEconometric models.Foreign exchange ratesFinance, PublicExports and ImportsForeign ExchangeMacroeconomicsCurrent Account AdjustmentShort-term Capital MovementsPersonal Income, Wealth, and Their DistributionsInternational InvestmentLong-term Capital MovementsInternational economicsCurrencyForeign exchangeCurrent accountReal exchange ratesPersonal incomeCapital account liberalizationForeign assetsBalance of paymentsIncomeInvestments, ForeignChristiansen Lone Engbo1509551Prati Alessandro120813Ricci Luca1449348Tressel Thierry1463685International Monetary Fund.Research Dept.DcWaIMFBOOK9910788225803321External Balance in Low Income Countries3741562UNINA