Dauvin, Magali - Fondazione ENI Enrico Mattei (FEEM) - 2013
commodity exporters reacts to oil prices, through the terms-of-trade. More specifically, when oil price variations are low, the … real effective exchange rates are not determined by terms-of-trade but by other usual fundamentals Nevertheless, when the … oil market is highly volatile, currencies follow an "oil currency" regime, terms-of-trade becoming an important driver of …