Foreign borrowing and macroeconomic adjustment to external shocks
This paper analyzes the impact of anticipated and unanticipated external shocks on the evolution of macroeconomic variables, particularly foreign borrowing, and on steady-state stocks of capital and debt. We find that the desired mode of adjustment to a shock is highly sensitive to its nature. Inter...
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| Veröffentlicht in: | Journal of development economics 1987-02, Vol.25 (1), p.125-148 |
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| container_end_page | 148 |
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| container_title | Journal of development economics |
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| creator | Kharas, Homi J. Shishido, Hisanobu |
| description | This paper analyzes the impact of anticipated and unanticipated external shocks on the evolution of macroeconomic variables, particularly foreign borrowing, and on steady-state stocks of capital and debt. We find that the desired mode of adjustment to a shock is highly sensitive to its nature. Intertemporal substitution effects often dominate the pure wealth loss effect. External disturbances will typically be intertemporally correlated in the real world; the paper analyses the resulting implications for the dynamic smoothing of adjustment. |
| doi_str_mv | 10.1016/0304-3878(87)90078-2 |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 0304-3878 |
| ispartof | Journal of development economics, 1987-02, Vol.25 (1), p.125-148 |
| issn | 0304-3878 1872-6089 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_839215696 |
| source | RePEc; Periodicals Index Online; ScienceDirect Journals (5 years ago - present) |
| subjects | Borrowing Debt Development economics Economic theory External borrowing External effects GDP Gross Domestic Product International finance Macroeconomics Market adjustment Statistical analysis |
| title | Foreign borrowing and macroeconomic adjustment to external shocks |
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