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Liquidity and Foreign Asset Management Challenges for Latin American Countries
Aizenman, Joshua - 2014
We analyze the degree to which the growing importance of sovereign wealth funds [SWFs] and the diffusion of inflation targeting and augmented Taylor rules have impacted the post crisis adjustment of Latin American Countries (LATAM) to the challenges associated with terms of trade and financial...
Persistent link: https://www.econbiz.de/10012458019
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Adjustment patterns to commodity terms of trade shocks : the role of exchange rate and international reserves policies
Aizenman, Joshua - 2011
We analyze the way in which Latin American countries have adjusted to commodity terms of trade (CTOT) shocks in the 1970-2007 period. Specifically, we investigate the degree to which the active management of international reserves and exchange rates impacted the transmission of international...
Persistent link: https://www.econbiz.de/10012460965
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Estimating real production and expenditures across nations : a proposal for improving the Penn world tables
Feenstra, Robert C. (contributor) - 2004
"In this paper we propose a new approach to international comparisons of real GDP measured from the output-side. The traditional Geary-Khamis system to measure real GDP from the expenditure-side is modified to include differences in the terms of trade between countries. It is shown that this...
Persistent link: https://www.econbiz.de/10010522867
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What Causes Fluctuations in the Terms of Trade?
Baxter, Marianne - 2000
This paper investigates the sources of terms of trade volatility, specifically addressing the relative importance of goods-price effects vs. country-price effects. For fuel exporters, most of the terms of trade variation stems from goods-price effects, as one would have expected, a priori. For...
Persistent link: https://www.econbiz.de/10012471314
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The Consumption Terms of Trade and Commodity Prices
Berka, Martin - 2009
trade, providing a natural hedge against world price fluctuations. We find the consumption terms of trade at local prices is … more volatile than at world prices, but the two are strongly positively correlated. The same commodities dominate the …
Persistent link: https://www.econbiz.de/10012463069
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Commodity Price Volatility and World Market Integration since 1700
Jacks, David S. - 2009
of life deep into the 18th century. Does world market integration breed more or less commodity price volatility? The … been associated with much greater commodity price volatility, while world market integration associated with peace and pro … never been constant. Globalization increased poor country specialization in commodities when the world went open after the …
Persistent link: https://www.econbiz.de/10012463899
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Globalization and the Great Divergence : Terms of Trade Booms and Volatility in the Poor Periphery 1782-1913
Williamson, Jeffrey G. - 2008
, modern economists argue that volatility reduces growth in the poor periphery. This paper assess these de …
Persistent link: https://www.econbiz.de/10012464805
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Oil Price Movements and the Global Economy : A Model-Based Assessment
Elekdag, Selim - 2008
reduce taxes on labor income, showing that such a policy could increase world productive capacity while being consistent with …
Persistent link: https://www.econbiz.de/10012464854
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Real Exchange Rate and International Reserves in the Era of Growing Financial and Trade Integration
Aizenman, Joshua - 2006
This paper evaluates the impact of international reserves, terms of trade shocks and capital flows on the real exchange rate (REER). We observe that international reserves cushions the impact of TOT shocks on the REER, and that this effect is important for developing but not for industrial...
Persistent link: https://www.econbiz.de/10012466302
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Stuck on Gold : Real Exchange Rate Volatility and the Rise and Fall of the Gold Standard
Chernyshoff, Natalia - 2005
absorption in a world of real shocks and nominal stickiness. A simple model shows how a lack of flexibility can be discerned in …
Persistent link: https://www.econbiz.de/10012466876