The authors reexamine a classic question in international economics: What is the current account response to a transitory income shock such as a temporary improvement in the terms of trade, a transfer from abroad, or unusually high production? To answer this question, they construct a world equilibrium model in which productivity varies across countries and international borrowing and lending take place to exploit good investment opportunities. Despite...
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详细
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1997/09/30
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政策研究报告
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WPS1825
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1
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1
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2010/07/01
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Disclosed
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Current accounts in debtor and creditor countries
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output shock