source of economic fluctuations. Alongside times of high volatility, however, these economies also experience periods in … open economies and examine the responses of output, the current account and prices to changes in terms of trade volatility … using a vector autoregression (VAR). We find that increased terms of trade volatility, by itself, is associated with a …

In this paper, we investigate the spillover of the financial-market volatility arising from the East-asian crisis on … increased volatility should be kept in perspective: US-market and own-market developments generally had much greater influence … on prices and volatility than the shocks originating in the Asian crisis economies. Importantly, the financial …