Current Account Norms in Natural Resource Rich and Capital Scarce Economies:
The permanent income hypothesis implies that frictionless open economies with exhaustible natural resources should save abroad most of their resource windfalls and, therefore, feature current account surpluses. Resource-rich developing countries (RRDCs), on the other hand, face substantial developme...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2013
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 13/80 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | The permanent income hypothesis implies that frictionless open economies with exhaustible natural resources should save abroad most of their resource windfalls and, therefore, feature current account surpluses. Resource-rich developing countries (RRDCs), on the other hand, face substantial development needs and tight external borrowing constraints. By relaxing these constraints and providing a key financing source for public investment in RRDCs, temporary resource revenues might then be associated with current account deficits, or at least low surpluses. This paper develops a neoclassical model with private and public investment and several frictions that capture pervasive features in RRDCs, including absorptive capacity constraints, inefficiencies in investment, and borrowing constraints that can be relaxed when natural resources lower the country risk premium. The model is used to study the role of investment and these frictions in shaping the current account dynamics under windfalls. Since consumption and investment decisions are optimal, the model also serves to provide current account benchmarks (norms). We apply the model to the Economic and Monetary Community of Central Africa and discuss how our results can be used to inform the current account norm analysis pursued at the International Monetary Fund |
| Beschreibung: | 1 Online-Ressource (34 p) |
| ISBN: | 1484396030 9781484396032 |
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| owner_facet | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| physical | 1 Online-Ressource (34 p) |
| psigel | ZDB-1-IMF |
| publishDate | 2013 |
| publishDateSearch | 2013 |
| publishDateSort | 2013 |
| publisher | International Monetary Fund |
| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Araujo, Juliana Dutra Verfasser aut Current Account Norms in Natural Resource Rich and Capital Scarce Economies Araujo, Juliana Dutra Washington, D.C International Monetary Fund 2013 1 Online-Ressource (34 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 13/80 The permanent income hypothesis implies that frictionless open economies with exhaustible natural resources should save abroad most of their resource windfalls and, therefore, feature current account surpluses. Resource-rich developing countries (RRDCs), on the other hand, face substantial development needs and tight external borrowing constraints. By relaxing these constraints and providing a key financing source for public investment in RRDCs, temporary resource revenues might then be associated with current account deficits, or at least low surpluses. This paper develops a neoclassical model with private and public investment and several frictions that capture pervasive features in RRDCs, including absorptive capacity constraints, inefficiencies in investment, and borrowing constraints that can be relaxed when natural resources lower the country risk premium. The model is used to study the role of investment and these frictions in shaping the current account dynamics under windfalls. Since consumption and investment decisions are optimal, the model also serves to provide current account benchmarks (norms). We apply the model to the Economic and Monetary Community of Central Africa and discuss how our results can be used to inform the current account norm analysis pursued at the International Monetary Fund Online-Ausg Li, Grace Bin Sonstige oth Poplawski-Ribeiro, Marcos Sonstige oth Zanna, Luis-Felipe Sonstige oth http://elibrary.imf.org/view/IMF001/20387-9781484396032/20387-9781484396032/20387-9781484396032.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Araujo, Juliana Dutra Current Account Norms in Natural Resource Rich and Capital Scarce Economies |
| title | Current Account Norms in Natural Resource Rich and Capital Scarce Economies |
| title_auth | Current Account Norms in Natural Resource Rich and Capital Scarce Economies |
| title_exact_search | Current Account Norms in Natural Resource Rich and Capital Scarce Economies |
| title_exact_search_txtP | Current Account Norms in Natural Resource Rich and Capital Scarce Economies |
| title_full | Current Account Norms in Natural Resource Rich and Capital Scarce Economies Araujo, Juliana Dutra |
| title_fullStr | Current Account Norms in Natural Resource Rich and Capital Scarce Economies Araujo, Juliana Dutra |
| title_full_unstemmed | Current Account Norms in Natural Resource Rich and Capital Scarce Economies Araujo, Juliana Dutra |
| title_short | Current Account Norms in Natural Resource Rich and Capital Scarce Economies |
| title_sort | current account norms in natural resource rich and capital scarce economies |
| url | http://elibrary.imf.org/view/IMF001/20387-9781484396032/20387-9781484396032/20387-9781484396032.xml |
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