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Imported inputs and countercyclicality of net exports in emerging markets

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  • S. Tolga Tiryaki

    (Central Bank of Turkey, University of York)

Abstract

Using a single-sector small open economy real business cycle model with variable capital utilization, imported inputs, and working capital constraint, I show that strong countercyclicality of net exports observed in emerging market economies is to a large extent due to the technology in which production relies on imported inputs. The easier domestic inputs can be substituted for imported inputs, the stronger is the expenditure switching effect of adverse shocks, thereby causing smaller correlation between net exports and output. The model also performs reasonably well in terms of matching certain moments of key macroeconomic variables.

Suggested Citation

  • S. Tolga Tiryaki, 2009. "Imported inputs and countercyclicality of net exports in emerging markets," 2009 Meeting Papers 1020, Society for Economic Dynamics.
    • Handle: RePEc:red:sed009:1020
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    Cited by:

    1. Tiryaki, S. Tolga, 2014. "Sectoral asymmetries in a small open economy," Economic Modelling, Elsevier, vol. 43(C), pages 465-475.
    2. Ali, Syed Zahid & Anwar, Sajid, 2022. "Risk-premium shocks and the prudent exchange rate policy," International Review of Economics & Finance, Elsevier, vol. 77(C), pages 97-122.

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