Interest Premium, Sudden Stop, and Adjustment in a Small Open Economy
نویسندگان
چکیده
منابع مشابه
Adjustment in a Small Open Economy
This paper analyzes the role of nominal assets in ranking intertemporal budget policies in a growing open economy. The budget policies are ranked in terms of the public's intertemporal stock of tax liabilities. Our main result is that, in a small open economy, the valuation of private and public assets is in terms of the exogenous foreign price level under purchasing power parity. This constrai...
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Outward-oriented economies seem to grow faster than inward-looking ones. Does the literature on convergence have anything to say on this? In the dynamic Heckscher-Ohlin-Samuelson model, with factor-price equalization, there is no convergence of incomes. This is because with identical preferences and return to capital, irrespective of initial levels the growth rates of consumption are the same....
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â â â â â â â abstract â outward-oriented economies seem to grow faster than inward-looking ones. does the literature on convergence have anything to say on this? in the dynamic heckscher-ohlin-samuelson model, with factor-price equalization, there is no convergence of incomes. this is because with identical preferences and return to capital, irrespective of initial levels the growth rates o...
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Oil price shocks are the major source of economic instability in oil exporting developing countries, including Iran. In this paper a Multi Sector Dynamic Stochastic General Equilibrium model, with emphasis on optimization of oil sector as a producing sector is designed. Furthermore, an optimizing import sector is introduced into the model by considering the price rigidity in imported goods as a...
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This paper analyzes the role of nominal assets in ranking intertemporal budget policies in a growing open economy. Budget policies are ranked in terms of the publics intertemporal tax liability. In our small open economy model, the constraint for the valuation of private and public Þnancial assets is in terms of the exogenous foreign price level. We show that this limits, under purchasing powe...
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ژورنال
عنوان ژورنال: Eastern European Economics
سال: 2016
ISSN: 0012-8775,1557-9298
DOI: 10.1080/00128775.2016.1196109