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External shocks and the demand for adjustment finance (anglais)

When a country experiences a long-term adverse external shock, resulting in a balance of payments deficit unsustainable in the medium term, how quickly should it adjust? Because time is required for movement of productive factors and consumptive patterns, the short-term effect of the shock will be a large increase in the value of foreign exchange. It then pays to borrow abroad during the first years of the transition against those years when full...
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