| Description |
1 online resource (32 pages) : color illustrations |
| Series |
IMF working paper ; WP/13/103 |
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IMF working paper ; WP/13/103.
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| Contents |
Cover; Abstract; Contents; I. Introduction; II. The Terms-of-Trade Windfall in Historical Perspective; Figures; 1. Key Features of Terms-of-Trade Boom Episodes, 1970-2012; 2. Emerging Latin America and Selected Regions: Terms-of-Trade Booms, 1970-2012; A. A Simple Metric of Terms-of-Trade Income Windfall; Methodology; Results; 3. Real Gross Domestic Income during Terms-of-trade Booms, 1970-2012; 4. Income Windfall of Terms-of-trade Booms, 1970-2012; 5. Emerging Latin America and Selected Regions: Income Windfall, 1970-2012; Tables; 1: Key Statistics of Income Windfall |
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2: Emerging Latin America: Key Statistics of Income WindfallIII. Saving Patterns during the Terms-of-trade Booms; A. Average Saving Rates; B. Marginal Saving Rates; 6. Emerging Latin America and MENA Oil Exporters: Aggregate Savings, Investment, and Current Account during Terms-of-Trade Booms; 3: Average and Marginal Saving Rates during Terms-of-Trade Booms; 4: Emerging Latin America: Average and Marginal Saving Rates during Terms-of-Trade Booms; Public and Private Sectors' Saving Patterns; 7. Emerging Latin America and MENA Oil Exporters: Windfall Saving Rates |
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IV. Saving during the Boom and Post-Boom Income8. Emerging Latin America. Saving, Investment and Balance; 5: Effects of Windfall Saving on Post-Boom Income; V. Concluding Remarks; References; Annex; Figure A1 Selected Economies-Recent Episodes. Real Domestic Income; Table A1 Identified Episodes of Terms-of-Trade Booms; Table A2 Subgroups of Countries (with Identified Terms-of Trade Booms); Table A3 Key Statistics of Income Windfall-Price Effect and Saving Rates; Table A4 Key Statistics of Income Windfall-Broad Measure and Saving Rates |
| Summary |
"We study the history of terms-of-trade booms (during 1970-2012), with a focus on Latin America, through the prisms of a simple metric that quantifies the associated income windfall. We also document saving patterns during these episodes and propose a measure of how much of the income windfall was saved. We find that Latin America's terms-of-trade shocks of the last decade have not differed much in magnitude from those observed during the 1970s, but that the associated windfall have been substantially larger. While aggregate saving increased more than in past episodes, the share of the windfall saved (the marginal saving rate) seems to be lower, suggesting that greater aggregate saving reflects mainly the sheer size of the windfall rather than a greater 'effort' to save it. Finally, we find evidence that, while savings during the boom help to increase post-boom income, the composition of such savings matters. Specifically, in past episodes, savings allocated to foreign asset accumulation appear to have contributed more to post-boom income than those devoted to domestic investment"--Abstract |
| Notes |
Title from PDF title page (IMF Web site, viewed May 15, 2013) |
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"Western Hemisphere Department"--Page 2 of pdf |
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"May 2013"--Page 2 of pdf |
| Bibliography |
Includes bibliographical references (page 25) |
| Subject |
Terms of trade -- Latin America
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Saving and investment -- Latin America
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Saving and investment
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Terms of trade
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Latin America
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| Form |
Electronic book
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| Author |
Magud, Nicolas E.
|
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International Monetary Fund. Western Hemisphere Department.
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| ISBN |
9781484353264 |
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1484353269 |
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9781484356241 |
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1484356241 |
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