The Structural Determinants of External Vulnerability
The Structural Determinants of External Vulnerability:

The authors examine empirically how domestic structural characteristics related to openness and product- and factor-market flexibility influence the impact that terms-of-trade shocks can have on aggregate output. For this purpose, they apply an econometric methodology based on semi-structural vector...

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Bibliographische Detailangaben
1. Verfasser: Loayza, Norman V. (VerfasserIn)
Format: Elektronisch E-Book
Sprache:English
Veröffentlicht: Washington, D.C The World Bank 2006
Schlagworte:
Aggregate Output
Business Cycle
Currencies and Exchange Rates
Debt Markets
Developing Countries
Economic Conditions and Volatility
Economic Fluctuations
Economic Growth
Economic Theory and Research
Emerging Markets
Exchange Rate
External Shocks
Finance and Financial Sector Development
Financial Depth
Foreign Exchange
Free Trade
Growth
International Economics & Trade
Labor
Labor Management
Macroeconomic Management
Macroeconomics and Economic Growth
Poverty Reduction
Private Sector Development
Pro-Poor Growth
Social Protections and Labor
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Zusammenfassung:The authors examine empirically how domestic structural characteristics related to openness and product- and factor-market flexibility influence the impact that terms-of-trade shocks can have on aggregate output. For this purpose, they apply an econometric methodology based on semi-structural vector auto-regressions to a panel of 90 countries with annual observations for the period 1974-2000. Using this methodology, the authors isolate and standardize the shocks, estimate their impact on GDP, and examine how this impact depends on the domestic conditions outlined above. They find that larger trade openness magnifies the output impact of external shocks, particularly the negative ones, while improvements in labor market flexibility and financial openness reduce their impact. Domestic financial depth has a more nuanced role in stabilizing the economy. It helps reduce the impact of external shocks particularly in environments of high exposure-that is, when trade and financial openness are high, firm entry is unrestricted, and labor markets are rigid
Beschreibung:Weitere Ausgabe: Loayza, Norman V: The Structural Determinants of External Vulnerability
Beschreibung:1 Online-Ressource (1 online resource (33 p.))
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