This paper studies the impact of the level and volatility of the commodity terms of trade on economic growth, as well … of trade growth enhances real output per capita, volatility exerts a negative impact on economic growth operating mainly … trade volatility offset the positive impact of commodity booms; and export diversification of primary commodity abundant …

increase in protectionist pressures, and the disappointing performance of world trade, renewed concern has been expressed about …

and world commodity supplies and the real exchange rate and real commodity prices. It is shown that fiscal expansion and … increasing world commodity supplies simultaneously lead to an appreciation of the real exchange rate and a decline in relative …