Income effects of adjustment to a terms of trade disturbance and the demand for adjustment finance
证明当经济调整成本高且缓慢时，面对永久性和暂时性冲击，最优策略是同时寻求外部融资并逐步调整；贸易条件的永久恶化或改善都会产生对外借款需求，且影响在实证上可能显著。
This paper shows that when economic adjustment is costly, and therefore takes place gradually, it is optimal to seek external finance in response to permanent as well as transitory shocks, while at the same time adjusting to the disturbance. Sluggish adjustment also creates an asymmetric relationship between (permanent) changes in the terms of trade and optimal foreign borrowing. That is, while a permanent deterioration in the terms of trade generates a demand for foreign loans, so would an improvement. The paper presents suggestive evidence that the effects may be empirically significant, though they arise from effects that are technically second-order of magnitude.