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This paper examines the effect that windfalls from international commodity price booms have on net foreign assets in a panel of 145 countries during the period 1970-2007. The main finding is that windfalls from international commodity price booms lead to a significant increase in net foreign...
Persistent link: https://www.econbiz.de/10014397619
multi-country model, with world market clearing, which incorporates speculative and non-speculative demands for inventories … matters, and that supply and demand elasticities are important in determining the commodity price in world markets above and … beyond the size of the share of those commodities in world trade …
Persistent link: https://www.econbiz.de/10014398636
Persistent link: https://www.econbiz.de/10012796730
In this paper, we re-examine two important aspects of the dynamics of relative primary commodity prices, namely the secular trend and the short run volatility. To do so, we employ 25 series, some of them starting as far back as 1650 and powerful panel data stationarity tests that allow for...
Persistent link: https://www.econbiz.de/10012667514
This paper investigates the relationship between the nominal exchange rate regime and the volatility of relative commodity prices. The analysis shows that the relationship depends upon both the market structure and the economic agent’s perception about future exchange rate movements. When the...
Persistent link: https://www.econbiz.de/10014401290
world” demand that extends beyond the industrial countries and includes output developments in Eastern Europe and the former …
Persistent link: https://www.econbiz.de/10014396109
Persistent link: https://www.econbiz.de/10009488688
Persistent link: https://www.econbiz.de/10009622462
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
and losses of income associated with changes in world prices-as well as additional country-specific series, including …
Persistent link: https://www.econbiz.de/10012001593