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Foreign aid and real exchange rate adjustments in a financially constrained dependent economy

Author: Valerie Cerra; Serpil Tekin; Stephen J Turnovsky; IMF Institute.
Publisher: Washington, D.C. : International Monetary Fund, ©2008.
Series: IMF working paper, WP/08/204.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
A dynamic dependent-economy model is developed to investigate the role of the real exchange rate in determining the effects of foreign aid. If capital is perfectly mobile between sectors, untied aid has no long-run impact on the real exchange rate. A decline in the traded sector occurs because aid, being denominated in traded output, substitutes for exports in financing imports. While untied aid causes short-run  Read more...
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Additional Physical Format: Print version:
Cerra, Valerie.
Foreign aid and real exchange rate adjustments in a financially constrained dependent economy.
Washington, D.C. : International Monetary Fund, ©2008
(OCoLC)316205183
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Valerie Cerra; Serpil Tekin; Stephen J Turnovsky; IMF Institute.
OCLC Number: 761966586
Notes: At head of title: IMF Institute.
"August 2008."
Description: 1 online resource (45 pages) : illustrations
Series Title: IMF working paper, WP/08/204.
Responsibility: prepared by Valerie Cerra, Serpel Tekin, and Stephen J. Turnovsky.

Abstract:

A dynamic dependent-economy model is developed to investigate the role of the real exchange rate in determining the effects of foreign aid. If capital is perfectly mobile between sectors, untied aid has no long-run impact on the real exchange rate. A decline in the traded sector occurs because aid, being denominated in traded output, substitutes for exports in financing imports. While untied aid causes short-run real exchange appreciation, this response is very temporary and negligibly small. Tied aid, by influencing sectoral productivity, does generate permanent relative price effects. The analysis, which employs extensive numerical simulations, emphasizes the tradeoffs between real exchange adjustments, long-run capital accumulation, and economic welfare, associated with alternative forms of foreign aid.

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