Terms-of-Trade Cycles and External Adjustment
We study the process of external adjustment to large terms-of-trade level shifts-identified with a Markov-switching approach-for a large set of countries during the period 1960-2015. We find that adjustment to these shocks is relatively fast. Current accounts experience, on average, a contemporaneou...
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| Format: | Book |
| Language: | English |
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INTERNATIONAL MONETARY FUND,
2017-03-01 00:00:00.0
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| Series: | IMF Working Papers
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| Subjects: |