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Foreign borrowing and macroeconomic adjustment to external shocks (Английский)

This paper analyzes the robustness of the traditional foreign borrowing maxim: "borrow to finance a temporary shock, adjust to a permanent one". Dynamic optimizing simulations are used to illustrate the benefits of foreign borrowing and to trace out the evolution of macroeconomic variables, particularly foreign debt, in response to external variables. We find that, as real world disturbances often involve complex intertemporal correlations...
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