Terms of trade shocks and investment in commodity-exporting economies

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dc.contributor.authorFornero, Jorge
dc.contributor.authorKirchner, Markus
dc.contributor.authorYany, Andrés
dc.date.accessioned2019-11-01T00:06:24Z
dc.date.available2019-11-01T00:06:24Z
dc.date.issued2014
dc.descriptionCommodity prices have experienced significant swings over the past two decades. Real commodity prices have on average more than doubled in the last decade compared to the previous one while the prices of some commodities such as copper and other industrial metals have more than tripled in real terms. Commodity-exporting economies such as Chile have therefore enjoyed very favorable terms of trade (ToT) by historical standards (figure 1) for Chile the only main exception is the golden period of saltpeter mineral extraction from 1895 to 1930. Hence it is not surprising that many policy discussions in commodity-exporting economies have focused on the effects of commodity price fluctuations on output inflation real exchange rates the current account and other macroeconomic variables as well as on appropriate policy frameworks to deal with commodity price volatility.
dc.file.nameBCCh-sbc-v22-p135_193
dc.format.pdf
dc.format.extentSección o Parte de un Documento
dc.format.mediump. 135-193
dc.identifier.isbn978-956-7421-50-3
dc.identifier.urihttps://hdl.handle.net/20.500.12580/3837
dc.language.isoeng
dc.publisherBanco Central de Chile
dc.relation.ispartofSeries on Central Banking Analysis and Economic Policies no. 22
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 Chile*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/cl/*
dc.subjectPRODUCTOS BÁSICOSes_ES
dc.subjectPRECIOSes_ES
dc.subjectEXPORTACIONESes_ES
dc.titleTerms of trade shocks and investment in commodity-exporting economies
dc.type.docArtículo

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