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Terms of Trade Shocks and Fiscal Cycles / Graciela L. Kaminsky.
- Format:
- Book
- Author/Creator:
- Kaminsky, Graciela L.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w15780.
- NBER working paper series no. w15780
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2010.
- Summary:
- The latest boom in commodity prices fueled concerns about fiscal policies in commodity-exporting countries, with many claiming that it triggered loose fiscal policy and left no funds for a rainy day. This paper examines the links between fiscal policy and terms-of-trade fluctuations using a sample of 74 countries, both developed and developing. It finds evidence that booms in the terms of trade do not necessarily lead to larger government surpluses in developing countries, particularly in emerging markets and especially during capital flow bonanzas. This is not the case in OECD countries, where fiscal policy is of an acyclical nature.
- Notes:
- Print version record
- February 2010.
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