Rapid Current Account Adjustments by Imam, Patrick A.

Full Title: Rapid Current Account Adjustments: Are Microstates Different
Author/Editor(s): Patrick A Imam
ISBN: 1451870914, 9781451870916
Publisher: International Monetary Fund
Published Place: Washington, D.C.
Published/Copyright Year: 2008
Language: English
Series: IMF Working Papers ( Volume Working Paper No. 08/233 )
IMF ELibrary
Number of pages: 1 online resource (28 pages)
Categories:
Commodity Prices
Current Account Balance
Current Account Deficit
Current Account Deficits
Development
Domestic Demand
Domestic Market
Domestic Prices
Domestic Production
Domestic Savings
Economic Models
Effective Exchange Rates
Exchange Rate Fluctuations
Exchange Rate Policies
Exchange Rate Regime
Exchange Rate Regimes
Export Diversification
Export Earnings
Export Prices
Export Sector
Exporting Countries
External Position
External Shocks
Foreign Currency
Forward Market
Gross Domestic Product
Import Demand
Import Duties
Import Prices
Importable Goods
Imported Good
Imported Goods
Imported Inputs
Importing Countries
Importing Country
Inflation
International Standards
International Trade
Market Segmentation
Monetary Policy
Net Exports
Oil-importing Countries
Open Economies
Per Capita Income
Political Economy
Preferential Agreements
Preferential Trade
Preferential Trade Agreements
Real Effective Exchange Rates
Real Wages
Reducing Prices
Relative Prices
Terms Of Trade
Terms Of Trade Shock
Terms Of Trade Shocks
Trade Agreements
Trade Barriers
Trade Changes
Trade Deficits
Trade Preferences
Trade Shock
Trade Shocks
Trading Partners
Transport Costs
Wholesale Trade
Antigua And Barbuda
Bahamas, The
Bhutan
Botswana
Guinea-Bissau
Swaziland


Content:
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.

Electronic Resources:
http://hdl.library.upenn.edu/1017.12/1514596

ISBNPlus ID: UPE.BD102.13897-11-2201070
Form: Nonfiction
Released Date: 20151202

Download BiBTeX of this book (.bib)
@book{isbnplus9781451870916,
 title={Rapid Current Account Adjustments: Are Microstates Different},
 author={Patrick A Imam},
 isbn={9781451870916},
 series={IMF Working Papers},
 url={http://isbnplus.org/9781451870916},
 year={2008},
 publisher={International Monetary Fund},
 address={Washington, D.C.}
}
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%0 Book
%T Rapid Current Account Adjustments: Are Microstates Different
%A Patrick A Imam
%@ 9781451870916
%U http://isbnplus.org/9781451870916
%D 2008
%I International Monetary Fund
%C Washington, D.C.
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TY  - BOOK
T1  - Rapid Current Account Adjustments: Are Microstates Different
A1  - Patrick A Imam
SN  - 9781451870916
T3  - IMF Working Papers
UR  - http://isbnplus.org/9781451870916
Y1  - 2008
PB  - International Monetary Fund
CY  - Washington, D.C.
ER  - 
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APA Style:
Imam, P.A. (2008). Rapid Current Account Adjustments: Are Microstates Different. Washington, D.C.: International Monetary Fund.

MLA Style:
Imam, Patrick A. Rapid Current Account Adjustments: Are Microstates Different. Washington, D.C.: International Monetary Fund, 2008. Print.

Chicago Style:
Imam, Patrick A. Rapid Current Account Adjustments: Are Microstates Different. Washington, D.C.: International Monetary Fund, 2008.