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035   $a(IMF)WPIEE2006145
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035   $a(IMF)WPIEA2006145
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100   $a20020129d2006      uf         0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 10$aAid Volatility and Dutch Disease : $eIs There a Role for Macroeconomic Policies? /$fThierry Tressel, Alessandro Prati
205   $a1st ed.
210  1$aWashington, D.C. :$cInternational Monetary Fund,$d2006.
215   $a1 online resource (65 p.)
225 1 $aIMF Working Papers
300   $a"June 2006."
311   $a1-4518-6405-1 
320   $aIncludes bibliographical references (p. 59-63).
327   $a""Contents""; ""I. INTRODUCTION""; ""II. THE MODEL""; ""III. PARTIAL AND GENERAL EQUILIBRIUM EFFECTS OF FOREIGN AID AND MACROECONOMIC POLICY""; ""IV. THE OPTIMAL TIMING OF AID AND MACROECONOMIC POLICY""; ""V. THE EFFECTIVENESS OF MACROECONOMIC POLICIES IN AID-RECEIVING COUNTRIES""; ""VI. CONCLUSIONS""; ""Appendix I. Solution Strategy""; ""Appendix II-a. Managed Float Regimes""; ""Appendix II-b. General Equilibrium Effect of Front-Loading Aid with LBD Externalities""; ""Appendix III. Pseudo First Stage of System GMM Panel Regressions""; ""REFERENCES""
330 3 $aThis paper studies how macroeconomic policies can help offset two unintended and undesirable features of foreign aid: its volatility and Dutch disease. We present evidence that aid volatility augments trade balance volatility and that foreign aid, with the important exception of years of adverse shocks, depresses exports. We also find that these effects can be mitigated through changes in net domestic assets of the central bank-a variable that reflects both monetary and fiscal policy. To characterize the optimal policy, we develop a general equilibrium model in which the capital account is closed and aid influences productivity growth through positive (public expenditure) and negative (Dutch disease) externalities. In this setting, macroeconomic policies permanently affect real variables and can improve welfare if donors do not distribute foreign aid optimally over time.
410  0$aIMF Working Papers; Working Paper ;$vNo. 2006/145
606   $aEconomic assistance$xEconometric models
606   $aEconomic policy$xEconometric models
606   $aBalance of trade$2imf
606   $aBanking$2imf
606   $aBanks and Banking$2imf
606   $aCurrency$2imf
606   $aEmpirical Studies of Trade$2imf
606   $aExports and Imports$2imf
606   $aExports$2imf
606   $aForeign Aid$2imf
606   $aForeign aid$2imf
606   $aForeign exchange reserves$2imf
606   $aForeign Exchange$2imf
606   $aForeign exchange$2imf
606   $aInternational economics$2imf
606   $aInternational relief$2imf
606   $aInternational reserves$2imf
606   $aMonetary Policy$2imf
606   $aReal exchange rates$2imf
606   $aTrade balance$2imf
606   $aTrade: General$2imf
607   $aUnited States$2imf
615  0$aEconomic assistance$xEconometric models.
615  0$aEconomic policy$xEconometric models.
615  7$aBalance of trade
615  7$aBanking
615  7$aBanks and Banking
615  7$aCurrency
615  7$aEmpirical Studies of Trade
615  7$aExports and Imports
615  7$aExports
615  7$aForeign Aid
615  7$aForeign aid
615  7$aForeign exchange reserves
615  7$aForeign Exchange
615  7$aForeign exchange
615  7$aInternational economics
615  7$aInternational relief
615  7$aInternational reserves
615  7$aMonetary Policy
615  7$aReal exchange rates
615  7$aTrade balance
615  7$aTrade: General
700   $aTressel$b Thierry$01621895
701   $aPrati$b Alessandro$0120813
712 02$aInternational Monetary Fund.$bResearch Dept.
801  0$bDcWaIMF
906   $aBOOK
912   $a9910825684903321
996   $aAid Volatility and Dutch Disease$94058387
997   $aUNINA