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150128 ||| eng |
| 020 |
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|a 9781451855586
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| 245 |
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0 |
|a Macroeconomic and Sectoral Effects of Terms-of-Trade Shocks
|b The Experience of the Oil-Exporting Developing Countries
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 1999
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| 300 |
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|a 56 pages
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| 651 |
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4 |
|a United Arab Emirates
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| 653 |
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|a Economic policy
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| 653 |
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|a Energy: Demand and Supply
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| 653 |
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|a Wealth
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| 653 |
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|a Economics
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| 653 |
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|a Oil prices
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| 653 |
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|a Terms of trade
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| 653 |
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|a Economic Theory
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| 653 |
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|a Dutch disease
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| 653 |
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|a Saving
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| 653 |
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|a Natural resources
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| 653 |
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|a Environment
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| 653 |
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|a Agricultural and Natural Resource Economics
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| 653 |
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|a Open Economy Macroeconomics
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| 653 |
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|a Natural Resources
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| 653 |
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|a Exports and Imports
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| 653 |
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|a Environmental management
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| 653 |
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|a Resource Booms
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| 653 |
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|a Economic theory & philosophy
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| 653 |
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|a Economic forecasting
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| 653 |
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|a International economics
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| 653 |
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|a National accounts
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| 653 |
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|a Economic Growth of Open Economies
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| 653 |
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|a International trade
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| 653 |
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|a Consumption
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| 653 |
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|a Prices
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Macroeconomics: Consumption
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| 653 |
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|a Environmental and Ecological Economics: General
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| 653 |
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|a Economic theory
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| 653 |
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|a Empirical Studies of Trade
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| 653 |
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|a Nternational cooperation
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| 710 |
2 |
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|a International Monetary Fund
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| 041 |
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|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781451855586.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/1999/134/001.1999.issue-134-en.xml?cid=3291-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|a This paper investigates the impact of long-run terms-of-trade shocks. Analytically, we show that, if capital goods are largely importable or the labor supply is sufficiently elastic, then natural-resource booms increase aggregate investment and worsen the current account, but Dutch ‘Disease’ effects are weak. We then examine 18 oil-exporting developing countries during 1965-89. Favorable terms-of-trade shocks increase investment and (especially government) consumption, but reduce medium-term savings; hence, the current account deteriorates. Nontradable output increases, in response to real appreciations, but Dutch Disease effects are strikingly absent. Investment, consumption, and nontradable output respond more to a terms-of-trade decline than to an increase
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