Aiello, Francesco (2002): Financial stabilization systems, economic growth of developing countries and EU’s STABEX. Published in: Journal of Agriculture and Environment for International Development , Vol. 1/2, No. 96 (2002): pp. 23-51.
Download (80kB) | Preview
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)
|Item Type:||MPRA Paper|
|Original Title:||Financial stabilization systems, economic growth of developing countries and EU’s STABEX|
|Keywords:||Export Earnings Instability. Compensatory Financing. Economic Growth|
|Subjects:||O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O11 - Macroeconomic Analyses of Economic Development
F - International Economics > F1 - Trade > F13 - Trade Policy ; International Trade Organizations
O - Economic Development, Innovation, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O47 - Empirical Studies of Economic Growth ; Aggregate Productivity ; Cross-Country Output Convergence
|Depositing User:||Aiello Francesco|
|Date Deposited:||14 Apr 2012 15:25|
|Last Modified:||07 Feb 2016 18:23|
Aiello, F., (1999a), “The stabilisation of LDCs’ export earnings. The impact of EU STABEX programme”, International Review of Applied Economics, Vol. 13, n. 1, pp. 71-85.
Aiello, F., (1999b), “Effects of STABEX on ACPs’ economic growth: further evidence”, Applied Economics, Vol. 31, n. 9, pp. 1033-1042.
Antonelli, G., (1995), “La Politica di Sviluppo della CEE nei Confronti dei paesi ACP: Origine ed Evoluzione”, in: Antonelli G.and Basile E. (Eds.), L’Aiuto Pubblico allo Sviluppo, Franco Angeli, Milan.
Araujo Bonjean, C., Combes, J.L. and Combes Motel, P., (1999), “The economic consequences of export instability in developing countries”, mimeo, CERDI-CNRS, University of Auvergne, France.
Barro, R. and Sala y Martin, X., (1995), Economic Growth, McGraw-Hill, New-York.
Beck, T., Levine, R. and Loayza, N., (1999), “Finance and the sources of growth”, Policy Research Working Paper, 2057, The World Bank, Washington DC.
Bosworth, B., Collins, S. M., and Chen, Y.,( 1995), “Accounting for differences in economic growth”, Paper presented at the conference on Structural Adjustment Policies in the 1990s: Experience and Prospects, Institute of Developing Economies, Tokyo, Japan.
Collier, P., Guillaumont, P., Guillaumont-Jeanneney, S. and Gunning, J.W., (1999), “Reforming Stabex”, World Economy, July, pp. 669-682.
Commission of the EC, (1981), Comprehensive report of the export earnings stabilisation system established by the Lomé Convention for the year 1975 to 1979. SK(81), 1104, Brussels.
Commission of the EC, (1984), Commodities and STABEX. DE 49, X/174/1984, Brussels.
Commission of the EC, (1985), STABEX Users' Guide. Third ACP-EEC Convention, Brussels.
Commission of the EC, (1997), “Le STABEX system and export revenues in ACP countries” DE 93, Development, Brussels.
Committee of Development Polcy, (1999), “Report on the first session”, Economic and Social Council, United Nation, New York.
CERDI, CSAE and Free University of Amsterdam, (1998) “Overall evaluation of Stabex. Summary”, Paper prepared on request of the EU Commission, Clermont Ferrand, France.
Cuddy J. and Della Valle P.A., (1978), Measuring the Instability of Time Series Data, Oxford Bulletin of Economics and Statistics, 40, 1, pp. 79-84.
Di Costanzo S., (1993), L'impact du STABEX sur la filière cafè/cacao, Master thesis in Development Economics. University of Paris I "Pantheon Sorbonne", U.E.R. Economique 07.
Duggan J.E., (1979), On Measuring the Instability of Time Series Data Oxford Bulletin of Economics and Statistics, 41, 4, pp. 239-246;
Easterly, W. and Levine. R., (1999), “It’s not factor accumulation: stylized facts and growth models”, mimeo, Policy Research Group, The World Bank, Washington DC.
ERO (1995), “Trend and issues in EU development co-operation and the use of Lomé financial financial resources”, First draft of information packs, Brussels.
Feder, G., (1983), “On exports and economic growth”, Journal of Development Economics, vol. 12, pp. 59-73.
FAO (1996), Report of a Meeting of Experts on agricultural price instability, Commodity and Trade Division, ESCP/N°2, 10-11 June, (Rome).
Grilli E., (1993), The European Community and the eveloping countries (Cambridge, University Press Cambridge).
Guillaumont P., (1987), From export instability effects to international stabilisation policies. World Development, 15(5), 633-643.
Guillaumont P., (1999), “On the economic vulnerability of low income countries” mimeo, CERDI-CNRS,University of Auvergne, France.
Guillaumont, P., Guillaumont-Jeanneney, S. and Varoudakis, A., (1999) “Economic policy reform and economic growth prospects in emerging African economies”, Technical Papers CD/DOC(99)2, OECD, Paris;
Gyimah-Brempong, K., (1991), “Export instability and economic growth in Sub-Saharan Africa”, Economic Development and Cultural Change, vol. 34, n. 4., pp. 815-828.
Gylfason, T., (1997), “Exports, inflation and growth”, IMF Working Papers, WP/97/119, International Monetary Fund, Washington DC.
Harrigan, J., (1999), Estimation of cross-country differences in industry production functions, Journal of International Economics. 21
Herrmann R. and Weiss D., (1995), A Welfare Analysis of the EC-ACP Sugar Protocol, The Journal of Development Studies, 31, 6, pp. 918-941.
Hewitt, A.P., (1983), Stabex: an evaluation of the economic impact over the first five years, World Development, 11, pp. 1005-1027.
Hewitt A.P., (1993), “Commodity market instability and compensatory financing: why STABEX failed”, in Nissanke and Hewitt, (eds by) Economic crisis in developing countries, Pinter Publishers, London.
Hall, R.E. and Jones, C. I., (1998), “Fundamental determinants of output per worker across countries”, mimeo, Stanford University.
Hall, R.E. and Jones, C. I., (1999), “Why do some countries produce so much more output per worker than others?”, Quarterly Journal of Economics, Vol. 114, n. 1, pp. 83-116.
Kappel, R., (1996), Industrial developments, employment and development co-operation in Africa, African Development Perspectives Yearbook, n. 4.
Klenow, P., Rodrigue-Clare, A., (1997), “The neoclassical revival in growth economics: has it gone too far?” NBER Macroeconomics Annual 1997, Vol. 12, pp. 73-103.
King, R.G. and Levine, R., (1994), “Capital fundamentalism, economic development and economic growth”, Carnegie-Rochester Conference Series on Public Policy, vol. 40, pp.259-292.
Lam N.V., (1980), Export Instability, Expansion and Market Concentration, Journal of Development Economics, 7, 1, pp. 99-115.
Lancieri, E., (1978), Export instability and economic development: a reappraisal” Banca Nazionale del Lavoro Quarterly Review, vol. 125, pp. 135-152.
Lensink, R., Bo, H. and Sterken, E., (1999), “Does uncertainty affect economic growth? An Empirical Analysis”, Mimeo, Faculty of Economics, University of Groningen (D).
Lim D., (1991), Export Instability and Compensatory Financing (London, Routlegde).
Love, J., (1987) “Export instability in less developed countries: consequences and causes” The Journal of Economics, vol. 14, n. 2, pp. 1-80;
MacBean, A., (1966), Export instability and economic development, George Allen & Unwin, London.
MacBean, A. and Nguyen, D.T., (1987), “Export instability and growth performance, in Geenaway, D., (ed. by), Economic Development and International Trade, Macmillan, London.
Mankiw, G., Romer, D. and Weill D., (1992), “A contribution to the empirics of economic growth”, Quarterly Journal of Economics, vol. 107, n. 2, pp- 407-437.
Maizels, A., (1992), Commodities in Crisis, Clarendon Press, Oxford.
McGrattan, E. and Schmitz, J., (1998), “Explaining cross-country income differences”, Staff Report 250, Federal Reserve Bank of Minneapolis.
Mincer, J., (1974), Schooling, experience and earnings, Columbia University Press, New York.
Prodman, J., Redding, S. and Bianchi, M., (1997) “Is international openness associated with faster economic growth?”, mimeo, Bank of England, London.
Psacharopoulos, G., (1994), “Return to investment in education: a global update”, World Development, vol. 22, n. 9, pp. 1325-1343.
Savvides, A., (1984), “Export instability and economic wrowth: some new evidence”, Economic Development and Cultural Change, vol. 32, pp. 607-614.
Sinha, D., (1999), “Export instability, investment and economic growth in Asian countries: a time series analysis”, Center Discussion Paper, n. 799, Economic Growth Center, Yale University.