Savings and the terms of trade under borrowing constraints:
This paper examines the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings. The first part uses a simple three-period model to show that, if households expect to face binding borrowing constraints in bad states of nature, savings rates will respond asymmetri...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2000
|
| Schriftenreihe: | NBER working paper series
7743 |
| Schlagworte: | |
| Online-Zugang: | kostenfrei |
| Zusammenfassung: | This paper examines the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings. The first part uses a simple three-period model to show that, if households expect to face binding borrowing constraints in bad states of nature, savings rates will respond asymmetrically to favorable movements in the permanent component of the terms of trade in contrast to what conventional consumption-smoothing models would predict. The second part tests for the existence of asymmetric effects of terms-of-trade disturbances using an econometric model that controls for various standard determinants of private savings. The results, based on panel data for non-oil commodity exporters of sub-Saharan Africa for the period 1980-96, indicate that increases in the permanent component of the terms of trade (measured using three alternative filtering techniques) tend indeed be associated with higher rates of private savings. |
| Beschreibung: | 25, [13] S. graph. Darst. |
Internformat
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| 520 | |a This paper examines the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings. The first part uses a simple three-period model to show that, if households expect to face binding borrowing constraints in bad states of nature, savings rates will respond asymmetrically to favorable movements in the permanent component of the terms of trade in contrast to what conventional consumption-smoothing models would predict. The second part tests for the existence of asymmetric effects of terms-of-trade disturbances using an econometric model that controls for various standard determinants of private savings. The results, based on panel data for non-oil commodity exporters of sub-Saharan Africa for the period 1980-96, indicate that increases in the permanent component of the terms of trade (measured using three alternative filtering techniques) tend indeed be associated with higher rates of private savings. | ||
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| id | DE-604.BV035027805 |
| illustrated | Illustrated |
| index_date | 2024-07-02T21:48:41Z |
| indexdate | 2024-07-09T21:20:32Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016696829 |
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| physical | 25, [13] S. graph. Darst. |
| publishDate | 2000 |
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| publisher | National Bureau of Economic Research |
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| series | NBER working paper series |
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| spelling | Agénor, Pierre-Richard 1957- Verfasser (DE-588)12408009X aut Savings and the terms of trade under borrowing constraints Pierre-Richard Agénor ; Joshua Aizenman Cambridge, Mass. National Bureau of Economic Research 2000 25, [13] S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier NBER working paper series 7743 This paper examines the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings. The first part uses a simple three-period model to show that, if households expect to face binding borrowing constraints in bad states of nature, savings rates will respond asymmetrically to favorable movements in the permanent component of the terms of trade in contrast to what conventional consumption-smoothing models would predict. The second part tests for the existence of asymmetric effects of terms-of-trade disturbances using an econometric model that controls for various standard determinants of private savings. The results, based on panel data for non-oil commodity exporters of sub-Saharan Africa for the period 1980-96, indicate that increases in the permanent component of the terms of trade (measured using three alternative filtering techniques) tend indeed be associated with higher rates of private savings. Prices Africa, Sub-Saharan Saving and investment Africa, Sub-Saharan Terms of trade Africa, Sub-Saharan Aizenman, Joshua 1949- Verfasser (DE-588)124080057 aut Erscheint auch als Online-Ausgabe NBER working paper series 7743 (DE-604)BV002801238 7743 http://papers.nber.org/papers/w7743.pdf kostenfrei Volltext |
| spellingShingle | Agénor, Pierre-Richard 1957- Aizenman, Joshua 1949- Savings and the terms of trade under borrowing constraints NBER working paper series Prices Africa, Sub-Saharan Saving and investment Africa, Sub-Saharan Terms of trade Africa, Sub-Saharan |
| title | Savings and the terms of trade under borrowing constraints |
| title_auth | Savings and the terms of trade under borrowing constraints |
| title_exact_search | Savings and the terms of trade under borrowing constraints |
| title_exact_search_txtP | Savings and the terms of trade under borrowing constraints |
| title_full | Savings and the terms of trade under borrowing constraints Pierre-Richard Agénor ; Joshua Aizenman |
| title_fullStr | Savings and the terms of trade under borrowing constraints Pierre-Richard Agénor ; Joshua Aizenman |
| title_full_unstemmed | Savings and the terms of trade under borrowing constraints Pierre-Richard Agénor ; Joshua Aizenman |
| title_short | Savings and the terms of trade under borrowing constraints |
| title_sort | savings and the terms of trade under borrowing constraints |
| topic | Prices Africa, Sub-Saharan Saving and investment Africa, Sub-Saharan Terms of trade Africa, Sub-Saharan |
| topic_facet | Prices Africa, Sub-Saharan Saving and investment Africa, Sub-Saharan Terms of trade Africa, Sub-Saharan |
| url | http://papers.nber.org/papers/w7743.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT agenorpierrerichard savingsandthetermsoftradeunderborrowingconstraints AT aizenmanjoshua savingsandthetermsoftradeunderborrowingconstraints |