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| Author: | Bandara, J. S. |
| Title: | Combined effects of external shocks in a small open economy: Lessons from the experience of Sri Lanka 1978-1982 |
| Journal: | Asia-Pacific Development Journal
1995 : DEC, VOL. 2:2, p. 51-72 |
| Index terms: | SRI LANKA EQUILIBRIUM THEORY OPEN ECONOMY |
| Language: | eng |
| Abstract: | Over the past two decades, many least developed countries have experienced severe external shocks which, very often occurred simultaneously. Sometimes policy makers fail to understand the full gravity of the combined effects of such schocks and more simplistic models which, for analytical tractability, concentrate exclusively on a single shock may privide misleading conclusions. In this paper we demonstrate that well-specified, flexible computable general equilibrium (CGE) models are particularly suitable for the analysis of such situations where the qualification of the effects of multiple shocks becomes essential for determining even the direction of changes in the key variables. |
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