LEADER 03317nam 2200673 450 001 9910463635903321 005 20181115204710.0 010 $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(EXLCZ)993170000000055129 100 $a20140226h20082008 uy 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aRapid current account adjustments $eare microstates different? /$fPatrick Imam ; authorized for distribution by Arend Kouwenaar 210 1$a[Washington, District of Columbia] :$cInternational Monetary Fund,$d2008. 210 4$dİ2008 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 $aWe describe unique aspects of microstates-they are less diversified, suffer from lumpiness of investment, they are geographically at the periphery and prone to natural disasters, and have less access to capital markets-that may make the current account more vulnerable, penalizing exports and making imports dearer. After reviewing the ""old"" and ""new"" view on current account deficits, we attempt to identify policies to help reduce the current account. Probit regressions suggest that microstates are more likely to have large current account adjustments if (i) they are already running large cu 410 0$aIMF Working Papers 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 608 $aElectronic books. 615 0$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. 676 $a330.9 700 $aImam$b Patrick$0910646 701 $aKouwenaar$b Arend$0524507 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910463635903321 996 $aRapid current account adjustments$92038130 997 $aUNINA