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Primary commodities are used as inputs into all production processes, yet they account for approximately 16 percent of world trade. Despite their share in trade, we show that the aggregate gains from trade are largely understated if we ignore key features of commodities: low price elasticities...
Persistent link: https://www.econbiz.de/10012480618
This is the first study to present a unified quantitative account of African commodity trade in the long 19th century from the zenith of the Atlantic slave trade (1790s) to the eve of World War II (1939). Drawing evidence from a new dataset on export and import prices, volumes, composition and...
Persistent link: https://www.econbiz.de/10012457454
Persistent differences in interest rates across countries account for much of the profitability of currency carry trade strategies. "Commodity currencies'' tend to have high interest rates while low interest rate currencies belong to exporters of finished goods. This pattern arises in a...
Persistent link: https://www.econbiz.de/10012459290
We develop a dynamic model of a small open economy that trades commodities whose world prices are subject to realistic random fluctuations, and study the implications of monetary policy alternatives. The model is much more flexible than those of previous studies, especially in allowing to...
Persistent link: https://www.econbiz.de/10012460124
How does income from international migrant labor affect the long-run development of migrant-origin areas? We leverage the 1997 Asian Financial Crisis to identify exogenous changes in international migrant income across regions of the Philippines, derived from spatial variation in exposure to...
Persistent link: https://www.econbiz.de/10013172161
benefits as well as costs. Among the former, one of the most important is lower costs for migrants' remittances. Some of the …
Persistent link: https://www.econbiz.de/10012696398
By putting together a relatively large data set on bilateral remittances of emigrants, this paper is able to shed light … on the important hypothesis of smoothing. The smoothing hypothesis is that remittances are countercyclical with respect … affirmation of smoothing is important for two reasons. First, it suggests that remittances should be placed on the list of …
Persistent link: https://www.econbiz.de/10012463230
peso leads to increases in household remittances received from overseas. The estimated elasticity of Philippine …-peso remittances with respect to the Philippine/foreign exchange rate is 0.60. These positive income shocks lead to enhanced human …
Persistent link: https://www.econbiz.de/10012466340
in Mexico due to migration. The principal hypothesis of this study is that remittances, knowledge and experience … remittances and socioeconomic conditions of the communities. In a third section the effect over time is estimated, relating per … significant relation between per capita income growth and the percentage of households that receive remittances across communities …
Persistent link: https://www.econbiz.de/10012467247
We examine the effect of remittances from abroad on households' schooling decisions using data for El Salvador …. Following the massive war-related emigration of the 1980's, remittances became a significant source of household income … income from a source that is uncorrelated with parental schooling remittances , we find that remittances have a large …
Persistent link: https://www.econbiz.de/10012468932