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 …

In this paper we investigate the relation between tariff changes, terms of trade changes and the equilibrium real … wisdom that establishes that a tariff hike will always result in a real appreciation, while a terms of trade worsening will …

This paper analyzes the relationship between trade policy and economic performance. The paper is divided in two … fundamental parts. The first one uses a cross country data set to investigate the relationship between trade policy and … factor productivity than countries with high trade barriers. In the second part the recent Latin American experiences with …

controls. And (c), we find that a tightening of capital controls increases the unconditional volatility of the exchange rate …, but makes this volatility less sensitive to external shocks …

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

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