External Balance in Low Income Countries / / Lone Engbo Christiansen, Alessandro Prati, Luca Ricci, Thierry Tressel

• Autore: Christiansen Lone Engbo
• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2009
• Edizione: 1st ed.
• Descrizione fisica: 52 p. : ill
• Disciplina: 339
• Soggetto topico: Macronomics - Econometric models; Foreign exchange rates - Developing countries; Finance, Public - Developing countries; Balance of payments; Capital account liberalization; Currency; Current Account Adjustment; Current account; Exports and Imports; Foreign assets; Foreign Exchange; Foreign exchange; Income; International economics; International Investment; Investments, Foreign; Long-term Capital Movements; Macroeconomics; Personal income; Personal Income, Wealth, and Their Distributions; Real exchange rates; Short-term Capital Movements
• Soggetto geografico: Developing countries Economic policy; United States
• Altri autori: PratiAlessandro RicciLuca TresselThierry
• Note generali: "October 2009".
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: Intro -- 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.
• Sommario/riassunto: This 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.
• Titolo autorizzato: External Balance in Low Income Countries
• ISBN: 1-4623-1237-3; 1-4527-9243-7; 9786612844256; 1-282-84425-3; 1-4518-7368-9
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910828554403321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2009/221