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External shocks, policy response and economic performance

Author

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  • J. Peter Neary

Abstract

This paper examines the responsiveness of real income and the balance of payments to external shocks in a small open economy. It is shown that tariff restrictions and age rigidities tend to increase responsiveness and quota restrictions tend to educe it. The implications for policy response are considered and a micro-theoretic foundation for the distinction between expenditure-reducing and expenditure-switching policies is provided.

Suggested Citation

  • J. Peter Neary, 1993. "External shocks, policy response and economic performance," Working Papers 199328, School of Economics, University College Dublin.
    • Handle: RePEc:ucn:wpaper:199328
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    Download full text from publisher

    File URL: http://hdl.handle.net/10197/1740
    File Function: First version, 1993
    Download Restriction: no
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    Cited by:

    1. Rattso, Jorn & Torvik, Ragnar, 1998. "Economic openness, trade restrictions and external shocks: modelling short run effects in Sub-Saharan Africa," Economic Modelling, Elsevier, vol. 15(2), pages 257-286, April.

    More about this item

    Keywords

    International trade policy; Tariffs and quotas; Domestic distortions; Shadow prices; External shocks; Commercial policy; States; Small--Economic conditions; Externalities (Economics);
    All these keywords.

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F10 - International Economics - - Trade - - - General

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