Terms of Trade Shocks and Economic Recovery

This paper identifies factors that contribute to a fast recovery in growth after persistent negative terms of trade shocks, using a sample of 159 countries for 1970-2006. The results suggest that policies matter. Fast recoveries are fairly robustly related to real exchange rate depreciation and impr...

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Bibliographic Details
Main Author: Imam, Patrick
Other Authors: Granziera, Eleonara, Funke, Norbert
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2008
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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651 4 |a Saudi Arabia 
653 |a Terms of trade 
653 |a Budget Systems 
653 |a Currency; Foreign exchange 
653 |a Economic policy; nternational cooperation 
653 |a Exchange rate adjustments 
653 |a Real effective exchange rates 
653 |a Budget planning and preparation 
653 |a Exports and Imports 
653 |a International economics 
653 |a Budgeting 
653 |a Foreign Exchange 
653 |a Budget 
653 |a Real exchange rates 
653 |a National Budget 
653 |a Budgeting & financial management 
653 |a Empirical Studies of Trade 
653 |a Foreign exchange 
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520 |a This paper identifies factors that contribute to a fast recovery in growth after persistent negative terms of trade shocks, using a sample of 159 countries for 1970-2006. The results suggest that policies matter. Fast recoveries are fairly robustly related to real exchange rate depreciation and improvements in government stability and the institutional environment. A timely increase in aid may also support recovery