Als, Janardhanan; Bahmani-Oskooee, Mohsen - In: Journal of Economic Studies 22 (1995) October, pp. 16-25
Attempts to shed new light on the relation between the terms of trade and effective exchange rate using cointegration analysis and data from 25 countries. Findings could be summarized by saying that there is no long-run relation between exchange rate and the terms of trade.