Rapid Current Account Adjustments: Are Microstates Different?
We describe unique aspects of microstates-they are less diversified, suffer from lumpiness of investment, they are geographically at the periphery and prone to natural disasters, and have less access to capital markets-that may make the current account more vulnerable, penalizing exports and making...
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| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Washington, D.C
International Monetary Fund
2008
|
| Series: | IMF Working Papers
Working Paper No. 08/233 |
| Subjects: | |
| Online Access: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Summary: | We describe unique aspects of microstates-they are less diversified, suffer from lumpiness of investment, they are geographically at the periphery and prone to natural disasters, and have less access to capital markets-that may make the current account more vulnerable, penalizing exports and making imports dearer. After reviewing the ""old"" and ""new"" view on current account deficits, we attempt to identify policies to help reduce the current account. Probit regressions suggest that microstates are more likely to have large current account adjustments if (i) they are already running large current account deficits; (ii) they run budget surpluses; (iii) the terms of trade improve; (iv) they are less open; and (v) GDP growth declines. Monetary policy, financial development, per capita GDP, and the de jure exchange rate classification matter less. However, changes in the real effective exchange rate do not help drive reductions in the current account deficit in microstates. We explore reasons for this and provide policy implications |
| Item Description: | Includes bibliographical references |
| Physical Description: | 1 Online-Ressource (28 p) |
| ISBN: | 1451870914 9781451870916 |
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| id | DE-604.BV048348503 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:25Z |
| indexdate | 2024-07-10T09:35:34Z |
| institution | BVB |
| isbn | 1451870914 9781451870916 |
| language | English |
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| physical | 1 Online-Ressource (28 p) |
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| publishDate | 2008 |
| publishDateSearch | 2008 |
| publishDateSort | 2008 |
| publisher | International Monetary Fund |
| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Imam, Patrick A. Verfasser aut Rapid Current Account Adjustments Are Microstates Different? Imam, Patrick A Washington, D.C International Monetary Fund 2008 1 Online-Ressource (28 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 08/233 Includes bibliographical references We describe unique aspects of microstates-they are less diversified, suffer from lumpiness of investment, they are geographically at the periphery and prone to natural disasters, and have less access to capital markets-that may make the current account more vulnerable, penalizing exports and making imports dearer. After reviewing the ""old"" and ""new"" view on current account deficits, we attempt to identify policies to help reduce the current account. Probit regressions suggest that microstates are more likely to have large current account adjustments if (i) they are already running large current account deficits; (ii) they run budget surpluses; (iii) the terms of trade improve; (iv) they are less open; and (v) GDP growth declines. Monetary policy, financial development, per capita GDP, and the de jure exchange rate classification matter less. However, changes in the real effective exchange rate do not help drive reductions in the current account deficit in microstates. We explore reasons for this and provide policy implications Online-Ausg Balance of payments Econometric models Foreign exchange rates Econometric models States, Small Economic conditions Econometric models Structural adjustment (Economic policy) Econometric models Electronic books http://elibrary.imf.org/view/IMF001/09618-9781451870916/09618-9781451870916/09618-9781451870916.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Imam, Patrick A. Rapid Current Account Adjustments Are Microstates Different? Balance of payments Econometric models Foreign exchange rates Econometric models States, Small Economic conditions Econometric models Structural adjustment (Economic policy) Econometric models |
| title | Rapid Current Account Adjustments Are Microstates Different? |
| title_auth | Rapid Current Account Adjustments Are Microstates Different? |
| title_exact_search | Rapid Current Account Adjustments Are Microstates Different? |
| title_exact_search_txtP | Rapid Current Account Adjustments Are Microstates Different? |
| title_full | Rapid Current Account Adjustments Are Microstates Different? Imam, Patrick A |
| title_fullStr | Rapid Current Account Adjustments Are Microstates Different? Imam, Patrick A |
| title_full_unstemmed | Rapid Current Account Adjustments Are Microstates Different? Imam, Patrick A |
| title_short | Rapid Current Account Adjustments |
| title_sort | rapid current account adjustments are microstates different |
| title_sub | Are Microstates Different? |
| topic | Balance of payments Econometric models Foreign exchange rates Econometric models States, Small Economic conditions Econometric models Structural adjustment (Economic policy) Econometric models |
| topic_facet | Balance of payments Econometric models Foreign exchange rates Econometric models States, Small Economic conditions Econometric models Structural adjustment (Economic policy) Econometric models |
| url | http://elibrary.imf.org/view/IMF001/09618-9781451870916/09618-9781451870916/09618-9781451870916.xml |
| work_keys_str_mv | AT imampatricka rapidcurrentaccountadjustmentsaremicrostatesdifferent |