The Effects of Currency Substitutionon the Response of the Current Account to Supply Shocks.
Standard real models predict that a permanent increase in oil prices would result in a current account surplus. This is due to the fact that investment falls while saving remains unchanged. This paper shows that if currency substitution is introduced into the analysis, the same shock could cause a c...
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| Формат: | Журнал |
| Язык: | English |
| Опубликовано: |
Washington, D.C. :
International Monetary Fund,
1988.
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| Серии: | IMF Working Papers; Working Paper ;
No. 1988/005 |
| Online-ссылка: | Full text available on IMF |