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Financial stabilization systems, economic growth of developing countries and EU’s STABEX

  • Aiello, Francesco

Understanding the impact of instability of export receipts on the economic growth of developing countries has been an important area of research in development economics for a long time. A substantial body of literature has documented a wide range of empirical regularities according to which export earnings instability (EEI) penalizes LDCs’ economic performance. According to this view, EEI alters the path of economic progress by increasing the uncertainty of financial resources needed to purchase capital goods1. This, in turn, reduces the overall level of efficiency of a country because the formation of capital is distorted by bad investments planning (Commission of the EC 1981, 1997)

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File URL: http://mpra.ub.uni-muenchen.de/38099/1/MPRA_paper_38099.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 38099.

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Date of creation: 2002
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Publication status: Published in Journal of Agriculture and Environment for International Development 96.1/2(2002): pp. 23-51
Handle: RePEc:pra:mprapa:38099
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Web page: http://mpra.ub.uni-muenchen.de

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  1. Thorvaldur Gylfason, 1997. "Exports, Inflation, and Growth," IMF Working Papers 97/119, International Monetary Fund.
  2. Patrick Guillaumont & Sylviane Guillaumont Jeanneney & Aristomène Varoudakis, 1999. "Economic Policy Reform and Growth Prospects in Emerging African Economies," OECD Development Centre Working Papers 145, OECD Publishing.
  3. Harrigan, James, 1999. "Estimation of cross-country differences in industry production functions," Journal of International Economics, Elsevier, vol. 47(2), pages 267-293, April.
  4. Psacharopoulos, George, 1994. "Returns to investment in education: A global update," World Development, Elsevier, vol. 22(9), pages 1325-1343, September.
  5. Ellen R. McGrattan & James A. Schmitz, Jr., 1998. "Explaining cross-country income differences," Staff Report 250, Federal Reserve Bank of Minneapolis.
  6. Hewitt, Adrian, 1983. "Stabex: An evalution of the economic impact over the first five years," World Development, Elsevier, vol. 11(12), pages 1005-1027, December.
  7. Guillaumont, Patrick, 1987. "From export instability effects to international stabilization policies," World Development, Elsevier, vol. 15(5), pages 633-643, May.
  8. Cuddy, John D A & Della Valle, P A, 1978. "Measuring the Instability of Time Series Data," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 40(1), pages 79-85, February.
  9. Francesco Aiello, 1999. "The Stabilisation of LDCs' Export Earnings. The impact of the EU STABEX programme," International Review of Applied Economics, Taylor & Francis Journals, vol. 13(1), pages 71-85.
  10. B. Bosworth & S. M. Collins & Y. Chen, . "Accounting for Difference in Economic Growth," Discussion Papers 115, Brookings Institution International Economics.
  11. Catherine ARAUJO BONJEAN & Jean-Louis COMBES & Pascale COMBES MOTEL, 1999. "The Economic Consequences of Export Instability in Developing Countries: A Survey," Working Papers 199926, CERDI.
  12. Feder, Gershon, 1983. "On exports and economic growth," Journal of Development Economics, Elsevier, vol. 12(1-2), pages 59-73.
  13. Sinha, D., 1999. "Export Instability, Investment and Economic Growth in Asian Countries: A Time Series Analysis," Papers 799, Yale - Economic Growth Center.
  14. Gyimah-Brempong, Kwabena, 1991. "Export Instability and Economic Growth in Sub-Saharan Africa," Economic Development and Cultural Change, University of Chicago Press, vol. 39(4), pages 815-28, July.
  15. Jacob A. Mincer, 1974. "Introduction to "Schooling, Experience, and Earnings"," NBER Chapters, in: Schooling, Experience, and Earnings, pages 1-4 National Bureau of Economic Research, Inc.
  16. Lam, N. V., 1980. "Export instability, expansion and market concentration : A methodological interpretation," Journal of Development Economics, Elsevier, vol. 7(1), pages 99-115, February.
  17. Paul Collier & P. Guillaumont & S. Guillaumont Jeanneney & Jan Willem Gunning, 1999. "Reforming Stabex," The World Economy, Wiley Blackwell, vol. 22(5), pages 669-682, 07.
  18. Lensink, Robert & Bo, Hong & Sterken, Elmer, 1999. "Does uncertainty affect economic growth? : an empirical analysis," CCSO Working Papers 199902, University of Groningen, CCSO Centre for Economic Research.
  19. Jacob A. Mincer, 1974. "Schooling, Experience, and Earnings," NBER Books, National Bureau of Economic Research, Inc, number minc74-1, August.
  20. Francesco Aiello, 1999. "Effects of STABEX on ACPs' economic growth: Further evidence," Applied Economics, Taylor & Francis Journals, vol. 31(9), pages 1033-1042.
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