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World Interest Shocks, Capital, and the Current Account (2000)

Fisher, Walter H. ; Terrell, Dek

Oxford, UK and Boston, USA : Blackwell Publishers Ltd.

Review of international economics 8 (2000), S. 0

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ISSN: 1467-9396

Source: Blackwell Publishing Journal Backfiles 1879-2005

Topics: Economics

Notes: Macroeconomic performance in many developing countries is influenced by international credit conditions. This paper considers a developing economy that faces an upward-sloping supply function of debt. It analyzes how a particular foreign shock, a world interest shock, influences such key macroeconomic variables as output, investment, the current account, and the terms of trade in both short-run and steady-state equilibrium. An intertemporal optimizing model is used to study these issues. This approach permits characterization of the intertemporal adjustment of the indebted economy, and shows that a world interest shock lowers overall economic welfare.

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1111/1467-9396.00220

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