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| Tekijä: | Agenor, P-R. Aizenman, J. |
| Otsikko: | Savings and the terms of trade under borrowing constraints |
| Lehti: | Journal of International Economics
2004 : JUL, VOL. 63:2, p. 321-340 |
| Asiasana: | Savings Terms of trade Loans Borrowing Models Africa |
| Kieli: | eng |
| Tiivistelmä: | This paper examines the extent to which permanent terms of trade (hereafter as: t-of-tr.) shocks have an asymmetric effect on private savings (here as: savs.) The first part uses a simple 3-period model to show that savs. rates will respond asymmetrically to favourable movements in the permanent component of the t-of-tr. The second part tests for the existence of asymmetric effects of t-of-tr. disturbances while controlling for various standard determinants of private savs. The results, based on panel data for non-oil commodity exporters of sub-Saharan Africa for the period 19801996, indicate that periods of increases in the permanent component of the t-of-tr. tend indeed be associated with higher rates of private savs. |
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