| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8086 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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