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We revisit the time-honored link between productivity and the real exchange rate. Consistent with the traditional view, we find that higher labor productivity tends to lead to appreciation of the real exchange rate. Contrary to the traditional view, however, we find that the positive productivity effect is transmitted through the real exchange rate based on tradable prices, rather than through relative prices between tradables and nontradables. Moreover, higher total factor productivity is found, if anything, to lead to depreciation of the real exchange rate. These last two pieces of evidence provide support for the emerging view that limited tradability of goods and services provides scope for the strategic pricing decision, which has material consequences for the aggregate real exchange rate.
Foreign Exchange --- Agribusiness --- Production and Operations Management --- Open Economy Macroeconomics --- Macroeconomics: Production --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Agricultural Markets and Marketing --- Cooperatives --- Macroeconomics --- Currency --- Foreign exchange --- Agriculture, agribusiness & food production industries --- Productivity --- Real exchange rates --- Total factor productivity --- Labor productivity --- Agroindustries --- Economic sectors --- Industrial productivity --- Agricultural industries --- France
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An increasing number of tropical timber producing nations have enacted bans on export of logs. Proponents argue that a log export ban is a second-best policy tool for addressing environmental externalities; it also creates more jobs and improves scale efficiencies domestically. Theoretical arguments suggest that log export bans are largely incapable of achieving their objectives. However, little quantitative evidence exists. The authors maintain that eliminating log export bans in Costa Rica could generate economic gains as high as $14 million annually in addition to the environmental benefits.
Exports and Imports --- Taxation --- Agribusiness --- Environmental Economics --- Trade Policy --- International Trade Organizations --- Trade and Environment --- Renewable Resources and Conservation: Forestry --- Agricultural Markets and Marketing --- Cooperatives --- Environmental Economics: General --- Trade: General --- Agriculture, agribusiness & food production industries --- International economics --- Environmental economics --- Public finance & taxation --- Agroindustries --- Environment --- Trade barriers --- Exports --- Tariffs --- Economic sectors --- International trade --- Taxes --- Agricultural industries --- Environmental sciences --- Commercial policy --- Tariff --- Costa Rica
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This paper develops the theoretical background for the Limited Information Bayesian Model Averaging (LIBMA). The proposed approach accounts for model uncertainty by averaging over all possible combinations of predictors when making inferences about the variables of interest, and it simultaneously addresses the biases associated with endogenous and omitted variables by incorporating a panel data systems Generalized Method of Moments estimator. Practical applications of the developed methodology are discussed, including testing for the robustness of explanatory variables in the analyses of the determinants of economic growth and poverty.
Bayesian statistical decision theory. --- Uncertainty --- Reasoning --- Bayes' solution --- Bayesian analysis --- Statistical decision --- Econometric models. --- Econometrics --- Agribusiness --- Estimation --- Bayesian Analysis: General --- Agricultural Markets and Marketing --- Cooperatives --- Econometrics & economic statistics --- Bayesian inference --- Agriculture, agribusiness & food production industries --- Estimation techniques --- Bayesian models --- Agroindustries --- Econometric models --- Agricultural industries
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Although few would doubt that very high inflation is bad for growth, there is much less agreement about moderate inflation’s effects. Using panel regressions and a nonlinear specification, this paper finds a statistically and economically significant negative relationship between inflation and growth. This relationship holds at all but the lowest inflation rates and is robust across various samples and specifications. The method of binary recursive trees identifies inflation as one the most important statistical determinants of growth. Finally, while there are short-run growth costs of disinflation, these are only relevant for the most severe disinflations, or when the initial inflation rate is well within the single-digit range.
Inflation --- Labor --- Public Finance --- Agribusiness --- Price Level --- Deflation --- Economic Growth and Aggregate Productivity: General --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Agricultural Markets and Marketing --- Cooperatives --- National Government Expenditures and Related Policies: General --- Macroeconomics --- Labour --- income economics --- Agriculture, agribusiness & food production industries --- Public finance & taxation --- Disinflation --- Human capital --- Agroindustries --- Public expenditure review --- Prices --- Economic sectors --- Expenditure --- Agricultural industries --- Expenditures, Public --- United States
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This paper reviews forestry reform in the Congo basin, focusing on Gabon. It argues that the key challenge for the Congo basin countries is to manage their forests in a sustainable manner. It presents the current situation of forestry taxation and forestry reform in Gabon. The paper analyzes optimal taxation in the forestry sector using a static model. The model works from the proposition that tax policy should be used exclusively for revenue purposes and resource preservation should be achieved mainly through legislation and enforcement. It argues that when prices are uncertain the best practice is to tax only profits.
Exports and Imports --- Public Finance --- Taxation --- Agribusiness --- Agricultural Markets and Marketing --- Cooperatives --- Trade Policy --- International Trade Organizations --- Taxation, Subsidies, and Revenue: General --- Trade: General --- Public finance & taxation --- Agriculture, agribusiness & food production industries --- International economics --- Agroindustries --- Tariffs --- Exports --- Tax incentives --- Revenue administration --- Agricultural industries --- Tariff --- Revenue --- Congo, Democratic Republic of the --- Forests and forestry --- Sustainable forestry --- Econometric models.
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This paper emphasizes the importance of total factor productivity (TFP) developments in the nontradables sector to quantitatively demonstrate that the time-honored Balassa-Samuelson hypothesis does not generally apply to episodes of economic growth. Though the Balassa- Samuelson hypothesis postulates that strong economic growth should, in general, be accompanied by a real appreciation in exchange rates, this paper does not find such systematic links. This is because some growth spurts are marked by equal TFP gains in both the tradables and nontradables sectors, and others by larger TFP gains in the nontradables sector.
Economic development. --- Electronic books. -- local. --- Foreign exchange rates. --- Foreign Exchange --- Macroeconomics --- Agribusiness --- Production and Operations Management --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Agricultural Markets and Marketing --- Cooperatives --- Macroeconomics: Production --- Labor Economics: General --- Agriculture, agribusiness & food production industries --- Currency --- Foreign exchange --- Labour --- income economics --- Total factor productivity --- Agroindustries --- Real exchange rates --- Productivity --- Labor --- Industrial productivity --- Agricultural industries --- Labor economics --- United States
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In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Banks and Banking --- Investments: Commodities --- Agribusiness --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Agriculture: General --- Agricultural Markets and Marketing --- Cooperatives --- Education: General --- Banking --- Agriculture, agribusiness & food production industries --- Investment & securities --- Agricultural economics --- Education --- Agroindustries --- Bank deposits --- Agricultural commodities --- Agricultural sector --- Economic sectors --- Commodities --- Financial services --- Banks and banking --- Agricultural industries --- Farm produce --- Cambodia
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In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Investments: Commodities --- Investments: Energy --- Exports and Imports --- Infrastructure --- Agribusiness --- Energy: General --- Trade: General --- Agricultural Markets and Marketing --- Cooperatives --- Industry Studies: Transportation and Utilities: General --- Commodity Markets --- Investment & securities --- International economics --- Agriculture, agribusiness & food production industries --- Macroeconomics --- Oil --- Exports --- Agroindustries --- Transportation --- Commodities --- Economic sectors --- International trade --- National accounts --- Petroleum industry and trade --- Agricultural industries --- Saving and investment --- Commercial products --- Brunei Darussalam
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In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Banks and Banking --- Investments: Commodities --- Agribusiness --- Exports and Imports --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Agriculture: General --- Agricultural Markets and Marketing --- Cooperatives --- Education: General --- Trade: General --- Banking --- Agriculture, agribusiness & food production industries --- Investment & securities --- Agricultural economics --- Education --- International economics --- Agroindustries --- Agricultural commodities --- Bank deposits --- Agricultural sector --- Economic sectors --- Commodities --- Imports --- International trade --- Banks and banking --- Agricultural industries --- Farm produce --- Cambodia
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This paper discusses Mozambique’s Poverty Reduction Strategy Paper—Economic and Social Plan for 2005. In the international context, the paper presents the evolution of the international economy so as to understand under what economic conditions the country will have to implement its economic and social policy. It discusses the major macroeconomic objectives, and the evolution of the main economic indicators for Mozambique. The paper also presents the main policy measures to be implemented by the government, targets, and activities.
Poverty --- Destitution --- Wealth --- Basic needs --- Begging --- Poor --- Subsistence economy --- Mozambique --- Economic conditions --- Economic policy. --- Macroeconomics --- Agribusiness --- Diseases: AIDS and HIV --- Education: General --- Health Behavior --- Health: General --- Labor Economics: General --- Agricultural Markets and Marketing --- Cooperatives --- Education --- HIV/AIDS --- Health economics --- Labour --- income economics --- Agriculture, agribusiness & food production industries --- HIV and AIDS --- Health --- Labor --- Agroindustries --- Economic sectors --- HIV --- Viruses --- Labor economics --- Agricultural industries --- Mozambique, Republic of
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