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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

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

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

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

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

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

Terms of Trade Shocks and the Current Account

Cashin, Paul - 1998

. The relationship between these variables is theoretically ambiguous: an adverse transitory terms of trade shock can either …

Persistent link: https://www.econbiz.de/10014403790

Commodity Windfalls, Polarization, and Net Foreign Assets : Panel Data Evidenceon the Voracity Effect

Bruckner, Markus - 2010

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

Are bilateral trade balances irrelevant?

Eugster, Johannes L.; Jaumotte, Florence; MacDonald, Margaux - 2020

Based on an empirical gravity model of sectoral bilateral trade, we uncover three features of bilateral trade balances. First, the difficulty of gravity models in fitting the observed level of bilateral balances is likely due to the presence of unobservable bilateral trade costs. Second, the...

Persistent link: https://www.econbiz.de/10012391997

Export Instability and the External Balance in Developing Countries

Ghosh, Atish R. - 1994

important source of macroeconomic uncertainty in many developing countries. Theory predicts that countries should react to …

Persistent link: https://www.econbiz.de/10014396260

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