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Foreign Aid and Real Exchange Rate Adjustments in a Financially Constrained Dependent Economy / / Stephen Turnovsky, Serpil Tekin, Valerie Cerra



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Autore: Turnovsky Stephen Visualizza persona
Titolo: Foreign Aid and Real Exchange Rate Adjustments in a Financially Constrained Dependent Economy / / Stephen Turnovsky, Serpil Tekin, Valerie Cerra Visualizza cluster
Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2008
Edizione: 1st ed.
Descrizione fisica: 1 online resource (47 p.)
Disciplina: 338.91
Soggetto topico: Economic assistance - Econometric models
Foreign exchange rates - Econometric models
Structural adjustment (Economic policy) - Econometric models
Exports and Imports
Foreign Exchange
Macroeconomics
Public Finance
Production and Operations Management
Employment
Unemployment
Wages
Intergenerational Income Distribution
Aggregate Human Capital
Aggregate Labor Productivity
Foreign Aid
Macroeconomics: Consumption
Saving
Wealth
National Government Expenditures and Related Policies: General
Currency
Foreign exchange
International economics
Public finance & taxation
Real exchange rates
Capital productivity
Foreign aid
Consumption
Expenditure
International relief
Economics
Expenditures, Public
Soggetto geografico: Turkey
Altri autori: TekinSerpil  
CerraValerie  
Note generali: Description based upon print version of record.
Nota di bibliografia: Includes bibliographical references.
Nota di contenuto: Contents; I. Introduction; II. Two Sector Model of Foreign Aid; A. The Economic Structure; B. Macroeconomic Equilibrium; III. Steady State Equilibrium; A. Long-Run Effects of Transfers on the Relative Price; B. Transfers, Economic Activity, and the Dutch Disease; IV. Numerical Analysis; A. Calibration; B. Optimal Government Spending; C. Initial Benchmark Equilibria; V. Foreign Aid Flows: General Characteristics of Real Exchange Rates; VI. Pure Transfer; A. Traded Sector is Capital Intensive: (α > β ); B. Nontraded sector is capital intensive: (β >α )
VII. Productive Government Spending in the Traded Sector A. Traded sector is capital intensive (α > β ); B. Nontraded sector is capital intensive (β >α ); VIII. Productive Government Spending in the Nontraded Sector; IX. Welfare Analysis; X. Effect of Cost of Debt; XI. Conclusions; Tables; 1. The Benchmark Economy; 2. Key Steady-State Equilibrium Ratios; 3. Steady-State Responses to Permanent Changes; 4. Welfare Analysis; Figures; 1. Capital and Debt; 2. Financial Variables; 3. Sectoral Activity and Output; 4. Consumption and Welfare; 5. Sensitivity to Borrowing Premium: Untitled Transfer
6. Sensitivity to Borrowing Premium: Productive Transfer to Traded Sector 7. Sensitivity to Borrowing Premium: Productive Transfer to Nontraded Sector; Appendix; References
Sommario/riassunto: A dynamic dependent-economy model is developed to investigate the role of the real exchange rate in determining the effects of foreign aid. If capital is perfectly mobile between sectors, untied aid has no longrun impact on the real exchange rate. A decline in the traded sector occurs because aid, being denominated in traded output, substitutes for exports in financing imports. While untied aid causes short-run real exchange appreciation, this response is very temporary and negligibly small. Tied aid, by influencing sectoral productivity, does generate permanent relative price effects. The analysis, which employs extensive numerical simulations, emphasizes the tradeoffs between real exchange adjustments, long-run capital accumulation, and economic welfare, associated with alternative forms of foreign aid.
Titolo autorizzato: Foreign Aid and Real Exchange Rate Adjustments in a Financially Constrained Dependent Economy  Visualizza cluster
ISBN: 1-4623-9211-3
1-4527-6825-0
1-4518-7062-0
1-282-84155-6
9786612841552
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910827364503321
Lo trovi qui: Univ. Federico II
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Serie: IMF Working Papers; Working Paper ; ; No. 2008/204