to have dealt with the volatility better. Why? This paper explores Australian terms of trade volatility since 1901. It …Even though Australia has experienced frequent and large commodity export price shocks like the Third World, it seems …

price volatility or specialization dominates terms of trade and thus aggregate volatility in poor countries is thus …Poor countries are more volatile than rich countries, and we know this volatility impedes their growth. We also know … that commodity price volatility is a key source of those shocks. This paper explores commodity and manufactures price over …

-reducing terms of trade volatility was the other. Between 1820 and 1870, terms of trade volatility was much greater in the poor … from 1870-2000, we know that terms of trade volatility lowers long run growth in the poor periphery, and that the negative … impact is big. Given that terms of trade volatility in the poor periphery was even bigger during the century before 1870, it …

panel database for 35 countries, this paper estimates the impact of terms of trade volatility and secular change on country …Most countries in the periphery specialized in the export of just a handful of primary products for most of their … performance between 1870 and 1939. Volatility was much more important for accumulation and growth than was secular change …

countries, this paper estimates the impact of terms of trade volatility and secular change between 1870 and 1938. We find that … those persistent fundamentals? The terms of trade seems to be one good place to look. Using a panel data base for 35 … volatility was much more important than secular change. Additionally, both effects were asymmetric between core and periphery …

Debate over trends in the terms of trade between primary commodities and manufactures, their causes and their impact … has dominated the literature for more than a century. Classical economists claimed that the terms of trade of primary … view emerged. What came to be known as the Prebisch-Singer thesis was instead that the terms of trade for primary products …

unions to estimate the effect of currency unions on trade using (then-) conventional gravity models. In this paper, we use a … variety of empirical gravity models to estimate the currency union effect on trade and exports, using recent data which … a smaller trade effect than other currency unions; it has a mildly stimulating effect at best. Third and most …