LEADER 04629cam a22011774a 4500
001 6796925
005 20151202001637.0
006 m     o  d        
007 cr  n         
008 020129s2008    dcu     o    i00  0 eng  
020   $a1451870914:$c18.00 USD
020   $z9781451870916
022   $a1018-5941
024 8 $a10.5089/9781451870916.001
035   $a(IMF)IMFEWPIEA2008233
040   $aDcWaIMF$beng
100 1 $aImam, Patrick A.
245 10$aRapid Current Account Adjustments$h[electronic resource] : $bAre Microstates Different?$cImam, Patrick A..
260   $aWashington, D.C. :$bInternational Monetary Fund,$c2008.
300   $a1 online resource (28 p.)
490 1 $aIMF Working Papers;$vWorking Paper No. 08/233
506   $aRestricted for use by site license. 
520 3 $aWe 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.
588   $aDescription based on print version record.
650  4$aCommodity prices.
650  4$aCurrent account balance.
650  4$aCurrent account deficit.
650  4$aCurrent account deficits.
650  4$aDevelopment.
650  4$aDomestic demand.
650  4$aDomestic market.
650  4$aDomestic prices.
650  4$aDomestic production.
650  4$aDomestic savings.
650  4$aEconomic models.
650  4$aEffective exchange rates.
650  4$aExchange rate fluctuations.
650  4$aExchange rate policies.
650  4$aExchange rate regime.
650  4$aExchange rate regimes.
650  4$aExport diversification.
650  4$aExport earnings.
650  4$aExport prices.
650  4$aExport sector.
650  4$aExporting countries.
650  4$aExternal position.
650  4$aExternal shocks.
650  4$aForeign currency.
650  4$aForward market.
650  4$aGross domestic product.
650  4$aImport demand.
650  4$aImport duties.
650  4$aImport prices.
650  4$aImportable goods.
650  4$aImported good.
650  4$aImported goods.
650  4$aImported inputs.
650  4$aImporting countries.
650  4$aImporting country.
650  4$aInflation.
650  4$aInternational standards.
650  4$aInternational trade.
650  4$aMarket segmentation.
650  4$aMonetary policy.
650  4$aNet exports.
650  4$aOil-importing countries.
650  4$aOpen economies.
650  4$aPer capita income.
650  4$aPolitical economy.
650  4$aPreferential agreements.
650  4$aPreferential trade.
650  4$aPreferential trade agreements.
650  4$aReal effective exchange rates.
650  4$aReal wages.
650  4$aReducing prices.
650  4$aRelative prices.
650  4$aTerms of trade.
650  4$aTerms of trade shock.
650  4$aTerms of trade shocks.
650  4$aTrade agreements.
650  4$aTrade barriers.
650  4$aTrade changes.
650  4$aTrade deficits.
650  4$aTrade preferences.
650  4$aTrade shock.
650  4$aTrade shocks.
650  4$aTrading partners.
650  4$aTransport costs.
650  4$aWholesale trade.
651  4$aAntigua and Barbuda.
651  4$aBahamas, The.
651  4$aBhutan.
651  4$aBotswana.
651  4$aGuinea-Bissau.
651  4$aSwaziland.
700 1 $aImam, Patrick A.
776 08$aPrint Version:$z9781451870916
830 0 $aIMF eLibrary
830  0$aIMF Working Papers;$vWorking Paper No. 08/233.
856 40$uhttp://hdl.library.upenn.edu/1017.12/1514596$zConnect to full text