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 …

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 …

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 …

whether dollarized countries have historically exhibited faster growth and lower volatility than countries with a domestic … statistically different in dollarized and in non-dollarized ones. We also find that volatility has been significantly higher in …

in emerging countries tend to have shorter duration and larger amplitude and volatility than in developed countries …

volatility through time. We are particularly interested in understanding whether periods of high volatility are correlated across … countries. The analysis uses both on univariate and bivariate switching volatility models. Our results do not rely on the … correlation coefficients, but on the co-dependence of volatility regimes. The results indicate that high-volatility episodes are …

Current debates on globalization have tended to focus on financial market volatility and contagion. In fact, many … whether there has been volatility contagion from Mexico to the two South American nations. The results obtained from the … estimation of augmented GARCH equations indicate, quite strongly, that while there has been volatility contagion from Mexico to …