Terms-of-Trade Cycles and External Adjustment

Terms-of-Trade Cycles and External Adjustment
We study the process of external adjustment to large terms-of-trade level shifts—identified with a Markov-switching approach—for a large set of countries during the period 1960–2015. We find that adjustment to these shocks is relatively fast. Current accounts experience, on average, a contemporaneous variation of only about of the magnitude of... READ MORE...

Publication date: February 2017
ISBN 9781475578485
$18.00

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