LEADER 04849oam 22011174 450 001 9910828554403321 005 20240402051806.0 010 $a1-4623-1237-3 010 $a1-4527-9243-7 010 $a9786612844256 010 $a1-282-84425-3 010 $a1-4518-7368-9 035 $a(CKB)3170000000055358 035 $a(SSID)ssj0000940799 035 $a(PQKBManifestationID)11547855 035 $a(PQKBTitleCode)TC0000940799 035 $a(PQKBWorkID)10975345 035 $a(PQKB)11640298 035 $a(OCoLC)680613548 035 $a(IMF)WPIEE2009221 035 $a(MiAaPQ)EBC1608840 035 $a(EXLCZ)993170000000055358 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aExternal Balance in Low Income Countries /$fLone Engbo Christiansen, Alessandro Prati, Luca Ricci, Thierry Tressel 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a52 p. $cill 225 1 $aIMF Working Papers 300 $a"October 2009". 311 $a1-4519-1788-0 320 $aIncludes bibliographical references. 327 $aIntro -- 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. 330 3 $aThis paper offers a coherent empirical analysis of the determinants of the real exchange rate, the current account, and the net foreign assets position in low income countries. The paper focuses on indicators specific to low income countries, such as the quality of policies and institutions, the special access to official external financing, and the role of shocks. In addition to more standard factors, we find that domestic financial liberalization is associated with higher current account balances and net foreign asset positions, while capital account liberalization is associated with lower current account balances and net foreign asset positions and with more appreciated real exchange rates. Negative exogenous shocks tend to raise (reduce) the current account in countries with closed (opened) capital accounts. Finally, foreign aid is progressively absorbed over time through net imports, and is associated with a more depreciated real exchange rate in the long-run. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/221 606 $aMacronomics$xEconometric models 606 $aForeign exchange rates$zDeveloping countries 606 $aFinance, Public$zDeveloping countries 606 $aExports and Imports$2imf 606 $aForeign Exchange$2imf 606 $aMacroeconomics$2imf 606 $aCurrent Account Adjustment$2imf 606 $aShort-term Capital Movements$2imf 606 $aPersonal Income, Wealth, and Their Distributions$2imf 606 $aInternational Investment$2imf 606 $aLong-term Capital Movements$2imf 606 $aInternational economics$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aCurrent account$2imf 606 $aReal exchange rates$2imf 606 $aPersonal income$2imf 606 $aCapital account liberalization$2imf 606 $aForeign assets$2imf 606 $aBalance of payments$2imf 606 $aIncome$2imf 606 $aInvestments, Foreign$2imf 607 $aDeveloping countries$xEconomic policy 607 $aUnited States$2imf 615 0$aMacronomics$xEconometric models. 615 0$aForeign exchange rates 615 0$aFinance, Public 615 7$aExports and Imports 615 7$aForeign Exchange 615 7$aMacroeconomics 615 7$aCurrent Account Adjustment 615 7$aShort-term Capital Movements 615 7$aPersonal Income, Wealth, and Their Distributions 615 7$aInternational Investment 615 7$aLong-term Capital Movements 615 7$aInternational economics 615 7$aCurrency 615 7$aForeign exchange 615 7$aCurrent account 615 7$aReal exchange rates 615 7$aPersonal income 615 7$aCapital account liberalization 615 7$aForeign assets 615 7$aBalance of payments 615 7$aIncome 615 7$aInvestments, Foreign 676 $a339 700 $aChristiansen$b Lone Engbo$01679785 701 $aPrati$b Alessandro$0120813 701 $aRicci$b Luca$01449348 701 $aTressel$b Thierry$01621895 712 02$aInternational Monetary Fund.$bResearch Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910828554403321 996 $aExternal Balance in Low Income Countries$94117247 997 $aUNINA