Many policymakers are concerned about dependence on resource exports. Martin examines four changes that reduce this dependence: (1) accumulation of capital and skills; (2) changes in protection policy, particularly reductions in the burden of protection on exporters;(3) differential rates of...

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 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...