The terms of trade of commodity-exporting countries are directly affected by the large-scale swings of worldwide prices. These terms of trade represent one of the key determinants of the real exchange rates of these economies. By estimating long-term equilibrium exchange rates we can gauge their...

The financial crisis that began during the summer of 2007 accelerated the depreciation of the dollar. Has the dollar now fallen far enough for global disequilibria to be reabsorbed and for a reappreciation to take place? What do the two methods commonly used to determine medium- or long-term...