Commodity Price Volatility and Inclusive Growth in Low-Income Countries by Rabah Arezki Catherine Pattillo Marc Quintyn & Min Zhu

Author:Rabah Arezki, Catherine Pattillo, Marc Quintyn & Min Zhu
Language: eng
Format: epub
Publisher: International Monetary Fund
Published: 2012-08-15T00:00:00+00:00

Alternatively, when goods can be traded internationally, total international payments must balance (accumulation of foreign assets is not examined in this model). In the following equation, R stands for production of the natural resource. To simplify without losing the ability to address important points, natural resource production is assumed to be sold entirely internationally without using any domestic labor or other resources:

Distinguishing Demand and Productivity Shocks When Some Goods Are Not Traded

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