01919cas a2200253 a 4500 AALejournalIMF000132 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451922127 1018-5941 BD-DhAAL BD-DhAAL Roldos, Jorge. The Sources of Macroeconomic Fluctuations in Developing Countries : Brazil and Korea / Jorge Roldos, Willy Hoffmaister. Washington, D.C. : International Monetary Fund, 1996. 1 online resource (42 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper studies the sources of macroeconomic fluctuations in developing countries using a structural VAR approach. Identification of the sources is achieved using long-run restrictions derived from a theoretical model of a small open economy encompassing a large number of macroeconomic paradigms; the short-run dynamics are unrestricted. This framework is applied to Brazil and Korea. The results confirm that supply shocks are the main source of GDP fluctuations, even in the short run. Aggregate demand shocks are shown to be important in the short run in Brazil, but not in Korea. External shocks explain a small fraction of the variance of output, whereas the real exchange rate is driven mainly by fiscal shocks. Nominal shocks appear to have little impact on output and the real exchange rate. Mode of access: Internet Hoffmaister, Willy. IMF Working Papers; Working Paper ; No. 1996/020 Full text available on IMF http://elibrary.imf.org/view/journals/001/1996/020/001.1996.issue-020-en.xml IMF e-Library