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Business Cycles in Small Developed Economies : The Role of Terms of Trade and Foreign Interest Rate Shocks
Guajardo, Jaime - 2008
Empirical evidence for small developed economies finds that consumption is procyclical and as volatile as output, and real net exports are coutercyclical. Earlier studies have not been able to reproduce these regularities in a DSGE small open economy model when productivity shocks drive the...
Persistent link: https://www.econbiz.de/10014401081
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Emerging Markets Crisis : An Asset Markets Perspective
Krishnamurthy, Arvind - 1999
The entire difference between a mild downturn and a devastating crisis is the occurrence of sharp fire sales of domestic assets and possibly foreign exchange and the ensuing collapse in the balance sheets of both the financial and nonfinancial sector. Why and how do such crises materialize? And...
Persistent link: https://www.econbiz.de/10014400170
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Terms-of-trade shocks are not all alike
Di Pace, Federico; Juvenal, Luciana; Petrella, Ivan - 2020
When analyzing terms-of-trade shocks, it is implicitly assumed that the economy responds symmetrically to changes in export and import prices. Using a sample of developing countries our paper shows that this is not the case. We construct export and import price indices using commodity and...
Persistent link: https://www.econbiz.de/10012486066
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Commodity price cycles : the perils of mismanaging the boom
Adler, Gustavo; Sosa, Sebastián - 2011
Persistent link: https://www.econbiz.de/10009419731
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Emerging economy business cycles : financial integration and terms of trade shocks
Bhattacharya, Rudrani; Patnaik, Ila; Pundit, Madhavi - 2013
This paper analyses the extent to which financial integration impacts the manner in which terms of trade affect business cycles in emerging economies. Using a s mall open economy model, we show that as capital account openness increases in an economy that faces trade shocks, business cycle...
Persistent link: https://www.econbiz.de/10011705394
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Commodity Price Cycles : The Perils of Mismanaging the Boom
Sosa, Sebastian - 2011
in commodity prices and the policies that can shield it from such a shock. To address these questions, this paper takes a … output. Financial dollarization also appears to act as a shock ""amplifier …
Persistent link: https://www.econbiz.de/10014397093
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Financial deepening, terms of trade shocks, and growth volatility in low-income countries
Kpodar, Kangni; Le Goff, Maëlan; Singh, Raju Jan - 2019
sector development acts as a shock-absorber in poor countries, dampening the transmission of terms of trade shocks to growth … volatility. Expanding the sample to 121 developing countries confirms this result, although this role of shock-absorber fades … away as economies grow richer. Stock market development, by contrast, appears neither to be a shock-absorber nor a shock …
Persistent link: https://www.econbiz.de/10012009977
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The Response of the Current Account to Terms of Trade Shocks : Persistence Matters
Cashin, Paul - 2003
that the greater (lesser) the persistence of the terms of trade shock, the more (less) the investment effect dominates the … shock …
Persistent link: https://www.econbiz.de/10014401279
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On the Distributive Effects of Terms of Trade Shocks : The Role of Non-Tradable Goods
International Monetary Fund - 2010
We introduce non-tradable goods to the Heckscher-Ohlin-Samuelson (HOS) model to study the distributive effects of terms of trade shocks. We show that the employment of resources in activities producing exclusively for the local market induces a crucial association between domestic spending and...
Persistent link: https://www.econbiz.de/10014402915
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A Noteon Terms of Trade Shocks and the Wage Gap
International Monetary Fund - 2010
Using Chilean data, we document that for resource-rich small open economies the effects of terms of trade shocks on the wage gap (between skilled and unskilled workers) depend on factor intensities in the non-tradable sector, following the model in Galiani, Heymann, and Magud (2010). For a...
Persistent link: https://www.econbiz.de/10014403224