05054oam 22012014 450 991096119310332120251116163702.0978661284425697814623123751462312373978145279243914527924379781282844254128284425397814518736891451873689(CKB)3170000000055358(SSID)ssj0000940799(PQKBManifestationID)11547855(PQKBTitleCode)TC0000940799(PQKBWorkID)10975345(PQKB)11640298(OCoLC)680613548(IMF)WPIEE2009221(MiAaPQ)EBC1608840(IMF)WPIEA2009221WPIEA2009221(EXLCZ)99317000000005535820020129d2009 uf 0engurcn|||||||||txtccrExternal Balance in Low Income Countries /Lone Engbo Christiansen, Alessandro Prati, Luca Ricci, Thierry Tressel1st ed.Washington, D.C. :International Monetary Fund,2009.52 p. illIMF Working Papers"October 2009".9781451917888 1451917880 Includes bibliographical references.Intro -- Contents -- I. Introduction -- II. Determinants of External Balance -- III. Empirical Results -- A. Data -- B. Analysis of Medium-Term Current Accounts -- C. Empirical Analysis of the Real Exchange Rate -- D. Empirical Analysis of the Net Foreign Asset Position -- IV. Conclusions.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 countriesBalance of paymentsimfCapital account liberalizationimfCurrencyimfCurrent Account AdjustmentimfCurrent accountimfExports and ImportsimfForeign assetsimfForeign ExchangeimfForeign exchangeimfIncomeimfInternational economicsimfInternational InvestmentimfInvestments, ForeignimfLong-term Capital MovementsimfMacroeconomicsimfPersonal incomeimfPersonal Income, Wealth, and Their DistributionsimfReal exchange ratesimfShort-term Capital MovementsimfDeveloping countriesEconomic policyUnited StatesimfMacronomicsEconometric models.Foreign exchange ratesFinance, PublicBalance of paymentsCapital account liberalizationCurrencyCurrent Account AdjustmentCurrent accountExports and ImportsForeign assetsForeign ExchangeForeign exchangeIncomeInternational economicsInternational InvestmentInvestments, ForeignLong-term Capital MovementsMacroeconomicsPersonal incomePersonal Income, Wealth, and Their DistributionsReal exchange ratesShort-term Capital Movements339Christiansen Lone Engbo1815777Prati Alessandro120813Ricci Luca1449348Tressel Thierry1804345International Monetary Fund.Research Department.DcWaIMFBOOK9910961193103321External Balance in Low Income Countries4371620UNINA