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- W2241697217 abstract "This dissertation consists of three essays on Dutchdisease effects of capital inflows in emerging market economies. Inchapter one, I develop a twosector dynamic, stochastic, generalequilibrium model of a small open economy, incorporating aninvestment technology that utilizes both domestic and foreigncapital, and show that as capital inflow increases, tradable sectoroutput increases initially but later contracts as output of thenontradable sector expands in response to an increase inconsumption of nontradables. The increase in nontradablesconsumption causes the relative price of nontradables to rise,thereby exerting pressure on the real exchange rate to appreciate.The model is consistent with features of the business cycle inemerging market economies that were recipients of capital inflows.Chapter two investigates the question of whether capital inflowscause the real exchange rate to appreciate, and whether differentforms of capital inflow have variable effects on the real exchangerate. I use panel data for a group of sub-Saharan African countriesto estimate a dynamic real exchange rate model specifying a set ofcapital inflow variables. The results reveal that increases inforeign direct investment and, especially official aid cause thereal exchange rate to appreciate. Chapter three develops a monetaryversion of the model in the first chapter, with monopolisticcompetition and sticky prices in the nontradable sector. I examinethe roles and welfare implications of a set of monetary policyrules in a small open economy that is susceptible to the Dutchdisease. The results show that Dutch disease effects occur under afixed nominal exchange rate regime, mimicking the dynamics ineconomies that pegged the nominal exchange rate during episodes ofcapital inflow; whereas Taylor-type interest rate rules featuringeither the real exchange rate or the nominal exchange rate avertDutch disease effects. Welfare results reveal that the optimal ruleis a generalized Taylor rule consistent with nominal exchange rateflexibility." @default.
- W2241697217 created "2016-06-24" @default.
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- W2241697217 date "2006-01-01" @default.
- W2241697217 modified "2023-09-28" @default.
- W2241697217 title "Capital inflows, Dutch disease effects, and monetary policy" @default.
- W2241697217 hasPublicationYear "2006" @default.
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