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 …

We analyze the way in which Latin American countries have adjusted to commodity terms of trade (CTOT) shocks in the …, effectively lowering its volatility. We also show that relatively small increases in the average holdings of reserves by Latin … alternative to fiscal or currency policies for relatively trade closed countries and economies with relatively poor institutions …

This paper documents and evaluates the process of trade reforms in Latin America from the mid-1980s until 1993. It … combine high and uneven import tariffs with export promotion. Additionally, the role of supporting policies to assure the … success of trade liberalization is assessed. Important questions related to the sequencing of economic reform are discussed in …

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 …

of volatility through time. We are particularly interested in understanding whether periods of high volatility spillover … across countries. Our analysis relies both on univariate and bivariate switching volatility models. Our results indicate that … high-volatility episodes are, in general, short-lived, lasting from two to seven weeks. We find some weak evidence of …

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 …