This paper examines the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings … in bad states of nature, savings rates will respond asymmetrically to favorable movements in the permanent component of … standard determinants of private savings. The results, based on panel data for non-oil commodity exporters of sub …

This paper examines the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings … in bad states of nature, savings rates will respond asymmetrically to favorable movements in the permanent component of … standard determinants of private savings. The results, based on panel data for non-oil commodity exporters of sub …

This paper examines whether terms of trade shocks have an asymmetric effect on private savings in transition economies … of nature, savings rates can be sensitive to favorable movements in the permanent component of the terms of trade. This … effect on private savings, the magnitude of the effect is relatively small. The results are robust for alternative estimators …

. The relationship between these variables is theoretically ambiguous: an adverse transitory terms of trade shock can either …