This paper examines the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings … in bad states of nature, savings rates will respond asymmetrically to favorable movements in the permanent component of … standard determinants of private savings. The results, based on panel data for non-oil commodity exporters of sub …

: the reciprocal of the terms of trade. Cast this way, a change in the terms of trade acts as a productivity shock. Or does …

identifies two major price shock episodes before the recent mining-led boom and bust. It assesses their relative magnitude, their …

shocks if it ties the hands of policy makers. But any decision to forsake exchange-rate flexibility might compromise shock …