The Structural Determinants of External Vulnerability

The authors examine empirically how domestic structural characteristics related to openness and product- and factor-market flexibility influence the impact that terms-of-trade shocks can have on aggregate output. For this purpose, they apply an econometric methodology based on semi-structural vector...

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Bibliographic Details
Main Authors:	Loayza, Norman V., Raddatz, Claudio
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2012
Subjects:	ADVERSE SHOCKS AGGREGATE OUTPUT ASYMMETRIC SHOCKS AUTOREGRESSION BENCHMARK BUSINESS CYCLE CAPITAL ACCOUNT CAPITAL FLOWS CAPITAL MOBILITY CAPITAL STOCK COUNTRY CHARACTERISTICS COUNTRY GROWTH PERFORMANCE COUNTRY SPECIFIC COUNTRY-BY-COUNTRY BASIS COVARIANCE MATRIX CROSS COUNTRY CROSS COUNTRY EVIDENCE CROSS-COUNTRY EVIDENCE CROSS-COUNTRY REGRESSION CUMULATIVE EFFECT CURRENT ACCOUNT DEPENDENT VARIABLE DEVELOPED COUNTRIES DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DIFFERENTIAL IMPACT DISTRIBUTED LAGS DOMESTIC CREDIT ECONOMETRICS ECONOMIC ACTIVITIES ECONOMIC FLUCTUATIONS ECONOMIC GROWTH ECONOMIC PERFORMANCE ECONOMIC REVIEW ECONOMIC STUDIES EMERGING COUNTRIES EMERGING ECONOMIES EMERGING MARKETS EMPIRICAL ANALYSIS EMPIRICAL GROWTH LITERATURE EMPIRICAL RESULTS EXCHANGE RATE EXCHANGE RATE REGIME EXCHANGE RATE REGIMES EXCHANGE RATES EXOGENOUS SHOCKS EXOGENOUS VARIABLE EXOGENOUS VARIABLES EXPORT PRICES EXPORTS EXTERNAL SHOCK EXTERNAL SHOCKS FINANCIAL DEPTH FINANCIAL DEVELOPMENT FINANCIAL ECONOMICS FINANCIAL INSTITUTIONS FINANCIAL INTEGRATION FINANCIAL MARKETS FINANCIAL OPENNESS FLOATING REGIMES FOREIGN EXCHANGE GDP GDP PER CAPITA GRANGER CAUSALITY GROWTH PERFORMANCE GROWTH VOLATILITY IDENTIFICATION ASSUMPTIONS IMPORT PRICES INCOME INCOME LEVELS INTERNATIONAL COMPARABILITY LABOR MARKET LABOR MARKETS LIQUIDITY LOW-INCOME COUNTRIES MACROECONOMIC FLUCTUATIONS MACROECONOMIC MODELS MACROECONOMIC PERFORMANCE MACROECONOMIC POLICY MACROECONOMIC STABILITY MACROECONOMIC VARIABLES MACROECONOMIC VOLATILITY MACROECONOMICS MEAN CHANGE MEASURES OF VOLATILITY MIDDLE EAST MIDDLE-INCOME COUNTRIES MONETARY ECONOMICS NATIONAL ACCOUNTS NEGATIVE COEFFICIENT NEGATIVE EFFECT NEGATIVE SHOCKS NEGATIVE TERMS NET WORTH NORTH AFRICA 0 HYPOTHESIS OPEN ECONOMIES OPEN ECONOMY OUTPUT GROWTH OUTPUT PER CAPITA OUTPUT VOLATILITY POINT ESTIMATES POLICY RESEARCH POLITICAL ECONOMY POSITIVE ROLE POSITIVE SHOCKS PRIVATE SECTOR PRODUCT MARKET REAL GDP REGRESSION ANALYSIS RELATIVE IMPORTANCE SIGNIFICANT EFFECT SIGNIFICANT IMPACT STRUCTURAL CHARACTERISTICS SUB-SAHARAN AFRICA TERMS OF TRADE TERMS-OF-TRADE SHOCKS TRADE DATA TRADE OPENNESS TRADE SHOCKS TRANSMISSION OF SHOCKS UNDUE INFLUENCE VOLUME OF TRADE VULNERABILITY TO SHOCKS WESTERN EUROPE
Online Access:	http://documents.worldbank.org/curated/en/2006/12/7259016/structural-determinants-external-vulnerability http://hdl.handle.net/10986/9279

Internet

http://documents.worldbank.org/curated/en/2006/12/7259016/structural-determinants-external-vulnerability
http://hdl.handle.net/10986/9279

The Structural Determinants of External Vulnerability

Internet

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