LEADER 05142oam 22011414 450 001 9910965541403321 005 20250426110146.0 010 $a9786612841842 010 $a9781462389087 010 $a1462389082 010 $a9781452738987 010 $a145273898X 010 $a9781282841840 010 $a128284184X 010 $a9781451870916 010 $a1451870914 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(IMF)WPIEA2008233 035 $aWPIEA2008233 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 205 $a1st ed. 210 1$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 $aDescription based upon print version of record. 311 08$a9781451915440 311 08$a1451915446 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 $aBalance of payments$2imf 606 $aCurrency$2imf 606 $aCurrent Account Adjustment$2imf 606 $aCurrent account$2imf 606 $aEconomic policy$2imf 606 $aEmpirical Studies of Trade$2imf 606 $aExports and Imports$2imf 606 $aExports$2imf 606 $aForeign Exchange$2imf 606 $aForeign exchange$2imf 606 $aImports$2imf 606 $aInternational economics$2imf 606 $aNternational cooperation$2imf 606 $aReal effective exchange rates$2imf 606 $aShort-term Capital Movements$2imf 606 $aTerms of trade$2imf 606 $aTrade: General$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$aBalance of payments 615 7$aCurrency 615 7$aCurrent Account Adjustment 615 7$aCurrent account 615 7$aEconomic policy 615 7$aEmpirical Studies of Trade 615 7$aExports and Imports 615 7$aExports 615 7$aForeign Exchange 615 7$aForeign exchange 615 7$aImports 615 7$aInternational economics 615 7$aNternational cooperation 615 7$aReal effective exchange rates 615 7$aShort-term Capital Movements 615 7$aTerms of trade 615 7$aTrade: General 676 $a330.9 700 $aImam$b Patrick$01816071 801 0$bDcWaIMF 906 $aBOOK 912 $a9910965541403321 996 $aRapid Current Account Adjustments$94372438 997 $aUNINA