LEADER 01171cam0-22004571i-450- 001 990001106340403321 005 20050523103247.0 010 $a88-08-04362-2 035 $a000110634 035 $aFED01000110634 035 $a(Aleph)000110634FED01 035 $a000110634 100 $a20001205d1987----km-y0itay50------ba 101 0 $aita 102 $aIT 105 $aa-------001yy 200 1 $aGeotecnica$fRenato Lancellotta 210 $aBologna$cZanichelli$d1987 215 $a531 p.$cill.$d25 cm 610 0 $aGeofisica 610 0 $aTerra 610 0 $aIdraulica 610 0 $aCostruzioni Idrauliche e stradali 610 0 $aMeccanica del Suolo 610 0 $aCalcolo delle Fondazioni 610 0 $aGeotecnica 676 $a52 676 $a624.151 700 1$aLancellotta,$bRenato$08239 801 0$aIT$bUNINA$gRICA$2UNIMARC 901 $aBK 912 $a990001106340403321 952 $aS.19A-001$b18140$fFI1 952 $aS.19A-002$b18141$fFI1 952 $a07 F-32 MU.$b4805$fDINSC 952 $a01 A1 V 12$b00435$fDINST 959 $aFI1 959 $aDINSC 959 $aDINST 996 $aGeotecnica$938898 997 $aUNINA LEADER 04923oam 22010454 450 001 9910788344503321 005 20230721045643.0 010 $a1-4623-8908-2 010 $a1-4527-3898-X 010 $a1-282-84184-X 010 $a9786612841842 010 $a1-4518-7091-4 035 $a(CKB)3170000000055129 035 $a(EBL)1608037 035 $a(SSID)ssj0000943034 035 $a(PQKBManifestationID)11515167 035 $a(PQKBTitleCode)TC0000943034 035 $a(PQKBWorkID)10975130 035 $a(PQKB)10106057 035 $a(OCoLC)465418230 035 $a(MiAaPQ)EBC1608037 035 $a(IMF)WPIEE2008233 035 $a(EXLCZ)993170000000055129 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aRapid Current Account Adjustments : $eAre Microstates Different? /$fPatrick Imam 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (30 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/233 300 $aDescription based upon print version of record. 311 $a1-4519-1544-6 320 $aIncludes bibliographical references. 327 $aContents; 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 Changes 330 3 $aWe describe unique aspects of microstates-they are less diversified, suffer from lumpiness of investment, they are geographically at the periphery and prone to natural disasters, and have less access to capital markets-that may make the current account more vulnerable, penalizing exports and making imports dearer. After reviewing the "old" and "new" view on current account deficits, we attempt to identify policies to help reduce the current account. Probit regressions suggest that microstates are more likely to have large current account adjustments if (i) they are already running large current account deficits; (ii) they run budget surpluses; (iii) the terms of trade improve; (iv) they are less open; and (v) GDP growth declines. Monetary policy, financial development, per capita GDP, and the de jure exchange rate classification matter less. However, changes in the real effective exchange rate do not help drive reductions in the current account deficit in microstates. We explore reasons for this and provide policy implications. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/233 606 $aStates, Small$xEconomic conditions$xEconometric models 606 $aBalance of payments$xEconometric models 606 $aForeign exchange rates$xEconometric models 606 $aStructural adjustment (Economic policy)$xEconometric models 606 $aExports and Imports$2imf 606 $aForeign Exchange$2imf 606 $aEmpirical Studies of Trade$2imf 606 $aTrade: General$2imf 606 $aCurrent Account Adjustment$2imf 606 $aShort-term Capital Movements$2imf 606 $aInternational economics$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aTerms of trade$2imf 606 $aExports$2imf 606 $aImports$2imf 606 $aCurrent account$2imf 606 $aReal effective exchange rates$2imf 606 $aEconomic policy$2imf 606 $anternational cooperation$2imf 606 $aBalance of payments$2imf 607 $aMauritius$2imf 615 0$aStates, Small$xEconomic conditions$xEconometric models. 615 0$aBalance of payments$xEconometric models. 615 0$aForeign exchange rates$xEconometric models. 615 0$aStructural adjustment (Economic policy)$xEconometric models. 615 7$aExports and Imports 615 7$aForeign Exchange 615 7$aEmpirical Studies of Trade 615 7$aTrade: General 615 7$aCurrent Account Adjustment 615 7$aShort-term Capital Movements 615 7$aInternational economics 615 7$aCurrency 615 7$aForeign exchange 615 7$aTerms of trade 615 7$aExports 615 7$aImports 615 7$aCurrent account 615 7$aReal effective exchange rates 615 7$aEconomic policy 615 7$anternational cooperation 615 7$aBalance of payments 676 $a330.9 700 $aImam$b Patrick$01472655 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788344503321 996 $aRapid Current Account Adjustments$93716496 997 $aUNINA