The importance of terms of trade in the Colombian economy

Commodities represent the lion’s share of Colombia’s exports, and the terms of trade are directly determined by the prices of these commodities, making a detailed analysis of this variable’s impacts on the country’s economy essential. This paper examines the effects of terms-of-trade shocks on outpu...

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Autores principales:	Oviedo Gómez, Andrés Felipe, Sierra, Lya Paola
Formato:	Texto
Lenguaje:	English
Publicado:	2019
Materias:	RELACION DE INTERCAMBIO COMERCIO INTERNACIONAL CONDICIONES ECONOMICAS DESARROLLO ECONOMICO MODELOS ECONOMETRICOS TERMS OF TRADE INTERNATIONAL TRADE ECONOMIC CONDITIONS ECONOMIC DEVELOPMENT ECONOMETRIC MODELS
Acceso en línea:	http://hdl.handle.net/11362/44982
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spelling	oai-11362-449822020-11-16T13:27:32Z The importance of terms of trade in the Colombian economy Oviedo Gómez, Andrés Felipe Sierra, Lya Paola RELACION DE INTERCAMBIO COMERCIO INTERNACIONAL CONDICIONES ECONOMICAS DESARROLLO ECONOMICO MODELOS ECONOMETRICOS TERMS OF TRADE INTERNATIONAL TRADE ECONOMIC CONDITIONS ECONOMIC DEVELOPMENT ECONOMETRIC MODELS Commodities represent the lion’s share of Colombia’s exports, and the terms of trade are directly determined by the prices of these commodities, making a detailed analysis of this variable’s impacts on the country’s economy essential. This paper examines the effects of terms-of-trade shocks on output, investment, consumption, the trade balance, the real exchange rate and inflation in Colombia. An extensive database comprising 129 variables of economic activity in 2001–2016 was used, along with a FAVAR model. The results suggest that terms-of-trade shocks have significant impacts on the Colombian economy, as they explain roughly 5% of the variation in the country’s economic activity, 8% in investment, 6% in the trade balance and 1% in the real exchange rate. 2019-12-04T14:47:03Z 2019-12-04T14:47:03Z 2019-08-26 Texto Sección o Parte de un Documento http://hdl.handle.net/11362/44982 LC/PUB.2019/11-P 6 en CEPAL Review CEPAL Review 128 .pdf application/pdf 2001 COLOMBIA COLOMBIA 2016
institution	Cepal
collection	Cepal
language	English
topic	RELACION DE INTERCAMBIO COMERCIO INTERNACIONAL CONDICIONES ECONOMICAS DESARROLLO ECONOMICO MODELOS ECONOMETRICOS TERMS OF TRADE INTERNATIONAL TRADE ECONOMIC CONDITIONS ECONOMIC DEVELOPMENT ECONOMETRIC MODELS
spellingShingle	RELACION DE INTERCAMBIO COMERCIO INTERNACIONAL CONDICIONES ECONOMICAS DESARROLLO ECONOMICO MODELOS ECONOMETRICOS TERMS OF TRADE INTERNATIONAL TRADE ECONOMIC CONDITIONS ECONOMIC DEVELOPMENT ECONOMETRIC MODELS Oviedo Gómez, Andrés Felipe Sierra, Lya Paola The importance of terms of trade in the Colombian economy
description	Commodities represent the lion’s share of Colombia’s exports, and the terms of trade are directly determined by the prices of these commodities, making a detailed analysis of this variable’s impacts on the country’s economy essential. This paper examines the effects of terms-of-trade shocks on output, investment, consumption, the trade balance, the real exchange rate and inflation in Colombia. An extensive database comprising 129 variables of economic activity in 2001–2016 was used, along with a FAVAR model. The results suggest that terms-of-trade shocks have significant impacts on the Colombian economy, as they explain roughly 5% of the variation in the country’s economic activity, 8% in investment, 6% in the trade balance and 1% in the real exchange rate.
format	Texto
author	Oviedo Gómez, Andrés Felipe Sierra, Lya Paola
author_facet	Oviedo Gómez, Andrés Felipe Sierra, Lya Paola
author_sort	Oviedo Gómez, Andrés Felipe
title	The importance of terms of trade in the Colombian economy
title_short	The importance of terms of trade in the Colombian economy
title_full	The importance of terms of trade in the Colombian economy
title_fullStr	The importance of terms of trade in the Colombian economy
title_full_unstemmed	The importance of terms of trade in the Colombian economy
title_sort	importance of terms of trade in the colombian economy
publishDate	2019
url	http://hdl.handle.net/11362/44982
work_keys_str_mv	AT oviedogomezandresfelipe theimportanceoftermsoftradeinthecolombianeconomy AT sierralyapaola theimportanceoftermsoftradeinthecolombianeconomy AT oviedogomezandresfelipe importanceoftermsoftradeinthecolombianeconomy AT sierralyapaola importanceoftermsoftradeinthecolombianeconomy
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The importance of terms of trade in the Colombian economy

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