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Sudden stops, sectoral reallocations, and the real exchange rate

Author: Timothy Jerome Kehoe; Kim J Ruhl; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2008.
Series: Working paper series (National Bureau of Economic Research), no. 14395.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
A sudden stop of capital flows into a developing country tends to be followed by a rapid switch from trade deficits to surpluses, a depreciation of the real exchange rate, and decreases in output and total factor productivity. Substantial reallocation takes place from the nontraded sector to the traded sector. We construct a multisector growth model, calibrate it to the Mexican economy, and use it to analyze  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Timothy Jerome Kehoe; Kim J Ruhl; National Bureau of Economic Research.
OCLC Number: 261221997
Notes: "October 2008."
Description: 1 online resource (40 pages) : illustrations, digital.
Series Title: Working paper series (National Bureau of Economic Research), no. 14395.
Responsibility: Timothy J. Kehoe, Kim J. Ruhl.

Abstract:

A sudden stop of capital flows into a developing country tends to be followed by a rapid switch from trade deficits to surpluses, a depreciation of the real exchange rate, and decreases in output and total factor productivity. Substantial reallocation takes place from the nontraded sector to the traded sector. We construct a multisector growth model, calibrate it to the Mexican economy, and use it to analyze Mexico's 1994-95 crisis. When subjected to a sudden stop, the model accounts for the trade balance reversal and the real exchange rate depreciation, but it cannot account for the decreases in GDP and TFP. Extending the model to include labor frictions and variable capital utilization, we still find that it cannot quantitatively account for the dynamics of output and productivity without losing the ability to account for the movements of other variables.

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