Macroeconomic and Sectoral Effects of Terms-of-Trade Shocks : The Experience of the Oil-Exporting Developing Countries

The Experience of the Oil-Exporting Developing Countries

Macroeconomic and Sectoral Effects of Terms-of-Trade Shocks : The Experience of the Oil-Exporting Developing Countries
This paper investigates the impact of long-run terms-of-trade shocks. Analytically, we show that, if capital goods are largely importable or the labor supply is sufficiently elastic, then natural-resource booms increase aggregate investment and worsen the current account, but Dutch 'Disease' effects are weak. We then examine 18 oil-exporting... READ MORE...

Publication date: October 1999
ISBN 9781451855586
$15.00

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