Movements in the terms of trade between primary producers and manufacturers are analyzed using a model that introduces the influence of relative wage movements in the primary and manufacturing sectors as well as the influence of mark-up pricing in manufacturing. The model is estimated using data...

The papers contained in this Policy Arena are revised versions of papers originally presented at the University of Innsbruck in Austria on 10th October 1997 at the conference that was convened to celebrate the award to Professor Sir Hans Singer of an honorary doctoral degree of the University in...

This paper argues that the trend and volatility in the terms of trade need to be treated not as separate phenomena but rather as 'twin-pillars' of the same underlying problem faced by LDCs; namely their heavy dependence on primary commodities (or more recently upon components and parts of...