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Are there oil currencies? The real exchange rate of oil exporting countries
Habib, Maurizio Michael; Kalamova, Margarita Manolova - 2007
-exporting countries: Norway, Russia and Saudi Arabia. We create our measure of the real effective exchange rates for Norway and Saudi … Arabia (1980-2006) and for Russia (1995-2006), testing if real oil prices and productivity differentials against 15 OECD … countries influence exchange rates. In the case of Russia it is possible to establish a positive long-run relationship between …
Persistent link: https://www.econbiz.de/10011604885
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Real exchange rate and international reserves in the era of growing financial and trade integration
Aizenman, Joshua; Riera-Crichton, Daniel - 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/10010322720
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Real exchange rate and international reserves in an era of growing financial and trade integration
Aizenman, Joshua; Riera-Crichton, Daniel - 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/10010285305
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Then and now: Reflections on two Australian mining booms
Gregory, Robert G. - 2011
Australia is experiencing its largest mining boom for more than a century and a half. This paper explores, from a national perspective, important economic differences that arise when a mining boom, such as the current one, is generated by export price increases (trading gains) rather than export...
Persistent link: https://www.econbiz.de/10010280677
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Structural Volatility in Chile: A Policy Report
Caballero, Ricardo J. - 2000
This paper identifies Chile`s economic weaknesses and offers policy recommendations for increasing stability. Current problems include weak international financial links, a Central Bank mandate that is ill-designed to deal with terms of trade shocks, a propensity to waste scarce liquidity in the...
Persistent link: https://www.econbiz.de/10010327101
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Terms of trade, catch-up, and home market effect: the example of Japan
Urban, Dieter M. - 2007
This paper explores theoretically and empirically the long run relation of the terms of trade (ratio of domestic and foreign prices of traded manufacturing goods) and economic growth of a pair of industrialized countries, one of which experiences a major catch-up process towards the other. It is...
Persistent link: https://www.econbiz.de/10010264264
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Adjustment patterns to commodity terms of trade shocks: The role of exchange rate and international reserves policies
Aizenman, Joshua; Edwards, Sebastian; Riera-Crichton, Daniel - 2011
, effectively lowering its volatility. We also show that relatively small increases in the average holdings of reserves by Latin … substantially REER volatility. …
Persistent link: https://www.econbiz.de/10010288117
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Terms of trade and growth of resource economies: A tale of two countries
Fosu, Augustin Kwasi - 2011
The current paper demonstrates a dichotomy of the growth response to changes in the barter terms of trade, employing as case studies the two African countries, Botswana and Nigeria.Using distributed-lag analysis, the paper finds that the effect of terms of trade on output is positive and...
Persistent link: https://www.econbiz.de/10010280151
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How do fiscal and technology shocks affect real exchange rates? New evidence for the United States
Enders, Zeno; Müller, Gernot J.; Scholl, Almuth - 2008
Using vector autoregressions on U.S. time series relative to an aggregate of industrialized countries, this paper provides new evidence on the dynamic effects of government spending and technology shocks on the real exchange rate and the terms of trade. To achieve identification, we derive...
Persistent link: https://www.econbiz.de/10010298405
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The Balassa-Samuelson Effect Reversed: New Evidence from OECD Countries
Gubler, Matthias; Sax, Christoph - 2011
This paper explores the robustness of the Balassa-Samuelson (BS) hypothesis. We analyze a panel of OECD countries from 1970 to 2008 and compare three different datasets on sectoral productivity, including a newly constructed database on total factor productivity. Overall, our DOLS estimation...
Persistent link: https://www.econbiz.de/10011390664