This paper uses three models of a small open economy to analyze the effects of terms of trade and exchange rate changes … factors model is developed and used to investigate how an exogenous worsening of the intern.ationa1 terms of trade affect …

contemplated a trade liberalization process that would create a low and uniform tariff structure. In this paper I review the …

that for most nations the adjustment has been highly recessive. Next, the potential role of trade reforms in securing the …

misalignment and overvaluation. The effects of terms of trade shocks on the equilibrium real exchange rate are also investigated …

stability of our banking system, but the debt problem also matters because debt service requires trade surpluses for debt- ors … debt problem is therefore a part, though perhaps a small part, of the U.S. trade crisis. Finally we have a major foreign … of debts. The paper then addresses the trade implications of debt service and concludes with an overview of alternative …

-term real exchange rate variability; and more unstable external terms of trade also affected positively the degree of real …

, terms of trade changes and devaluations on the level of real output. The results obtained, using a variance components …