What Happens When a Country Does Not Adjust to Terms of Trade Shocks? The Case of Oil-Rich Gabon

Gabon is currently one of the richest countries in Sub-Saharan Africa, having a GDP per capita of close to $4,000, and is characterized by a stable political climate and rich forestry and mineral resources, as well as a small population. Oil is the...

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Bibliographic Details
Main Author:	Zafar, Ali
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, D.C. 2013
Subjects:	ACCOUNT ACCOUNTING ACCOUNTS ADVERSE CONSEQUENCES AGRICULTURE BALANCE OF PAYMENTS BALANCE OF PAYMENTS DEFICIT BORROWING CAPITAL FLOWS CAPITAL GOODS CENTRAL BANK CENTRAL BANKS COMMERCIAL BANKS COMPETITIVENESS CURRENCY DEBT DEBT RELIEF DEBT RESCHEDULING DEFLATION DEVALUATION DEVELOPING COUNTRIES DISEQUILIBRIUM DIVERSIFICATION DRINKING WATER DUTCH DISEASE ECONOMIC CHANGE ECONOMIC EFFICIENCY ECONOMIC GROWTH ECONOMIC INTEGRATION ECONOMIC PERFORMANCE ECONOMIC STRUCTURES ECOSYSTEMS ELASTICITY EMPIRICAL EVIDENCE EMPIRICAL WORK EMPLOYMENT EURO EXCHANGE RATE EXCHANGE RATE APPRECIATION EXCHANGE RATE DEPRECIATION EXCHANGE RATE POLICIES EXCHANGE RATE POLICY EXCHANGE RATE REGIMES EXCHANGE RATE VARIABILITY EXCHANGE RATES EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORTS EXTERNAL DEBT EXTREME POVERTY FINANCIAL MARKET FINANCIAL MARKET VOLATILITY FINANCIAL SECTOR FISCAL ADJUSTMENTS FISCAL MANAGEMENT FISCAL POLICY FLEXIBLE EXCHANGE RATES FOREIGN CAPITAL FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN INVESTMENT FORESTRY FORESTRY SECTOR GDP GDP PER CAPITA GLOBALIZATION GNP GOVERNMENT EXPENDITURES GROWTH RATE IMPORTS INCOME INCOME DISTRIBUTION INCOME ELASTICITY INFLATION INTEREST PAYMENTS INTEREST RATE INTEREST RATE CHANGES INTEREST RATES INTERNATIONAL DONORS INTERNATIONAL TRADE LABOR COSTS LEGISLATION MACROECONOMIC ADJUSTMENT MACROECONOMIC PERFORMANCE MACROECONOMIC POLICIES MACROECONOMIC SHOCKS MACROECONOMIC STABILITY MANGANESE MARKET PRICES METHODOLOGY MINING MONETARY POLICIES MONETARY POLICY MONETARY REGIME MONETARY UNION NATURAL RESOURCES OIL OIL PRICES OIL RESERVES OIL SECTOR OPEC OPEN ECONOMIES OUTPUT PETROLEUM POLICY INSTRUMENT POLICY INSTRUMENTS POLITICAL ECONOMY POOLS PRESENT VALUE PRICE INCREASES PRODUCTION COSTS PROFIT MAXIMIZATION PROSPECTING PUBLIC FINANCE PUBLIC INVESTMENT REAL EXCHANGE RATE REAL GDP ROYALTIES SAVINGS STABILIZATION TAX REVENUE TAX REVENUES TERMS OF TRADE TIMBER TRANSACTIONS COSTS TREASURY UNCERTAINTY URBAN AREAS UTILITY MAXIMIZATION VULNERABILITY WAGES WEALTH
Online Access:	http://hdl.handle.net/10986/14245

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http://hdl.handle.net/10986/14245

What Happens When a Country Does Not Adjust to Terms of Trade Shocks? The Case of Oil-Rich Gabon

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