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Emerging market fluctuations : what makes the difference ?, Volume 1
 
Author:Hevia, Constantino; Country:World;
Date Stored:2009/04/08Document Date:2009/04/01
Document Type:Policy Research Working PaperSubTopics:Political Economy; Economic Theory & Research; Emerging Markets; Currencies and Exchange Rates; Investment and Investment Climate
Language:EnglishMajor Sector:Finance
Rel. Proj ID:1W-Capital Flows And Financial Integration -- -- P053639;Region:The World Region
Report Number:WPS4897Sub Sectors:General finance sector
Collection Title:Policy Research working paper ; no. WPS 4897TF No/Name:TF040198-WORLD:; TF040145-WORLD:; TF090949-KCP HOW DO INSTITUTIONAL INVESTORS MANAGE WORLD SAVINGS?
Volume No:1  

Summary: Aggregate fluctuations in emerging countries are quantitatively larger and qualitatively different in key respects from those in developed countries. Using data from Mexico and Canada, this paper decomposes these differences in terms of shocks to aggregate efficiency and shocks that distort the decisions of households about how much to invest, consume, and work in a standard model of a small open economy. The decomposition exercise suggests that most of these differences are explained by fluctuations in aggregate efficiency, distortions in labor decisions over the business cycle, and, most importantly, fluctuations in country risk. Other distortions are quantitatively less important.

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