Terms of Trade Shocks and Economic Recovery
Patrick Imam and
No 2008/036, IMF Working Papers from International Monetary Fund
This paper identifies factors that contribute to a fast recovery in growth after persistent negative terms of trade shocks, using a sample of 159 countries for 1970-2006. The results suggest that policies matter. Fast recoveries are fairly robustly related to real exchange rate depreciation and improvements in government stability and the institutional environment. A timely increase in aid may also support recovery.
Keywords: WP; terms of trade shock; exchange rate (search for similar items in EconPapers)
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