G2TT
来源类型Discussion paper
规范类型论文
来源IDDP8086
DP8086 Absorbing A Windfall of Foreign Exchange: Dutch disease dynamics
Frederick van der Ploeg; Anthony Venables
发表日期2010-10-31
出版年2010
语种英语
摘要The response of an economy to a windfall of foreign exchange (be it aid or natural resource revenues) is often constrained by absorptive capacity. We provide a micro-founded analysis of absorption constraints, based on the idea that expanding the economy?s capital stock (in aggregate or sectorally) requires non-traded inputs, the supply of which is constrained by the initial capital stock. Given this constraint, the economy will manifest ?Dutch disease? symptoms, although many of them are temporary. On impact there is sharp appreciation of the real exchange rate, which will then depreciate back to its equilibrium level. In contrast to the permanent income hypothesis, real consumption jumps part of the way to its new long-run level, and then continues to rise. Depending on the capital-intensity of the investments needed for the adjustment, the economy may run a current account deficit or surplus in early years
主题International Trade and Regional Economics
关键词Absorptive capacity Absorption constraints Windfall Aid Natural resources Dutch disease
URLhttps://cepr.org/publications/dp8086
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/536923
推荐引用方式
GB/T 7714
Frederick van der Ploeg,Anthony Venables. DP8086 Absorbing A Windfall of Foreign Exchange: Dutch disease dynamics. 2010.
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