Terms of trade shocks and investment in commodity-exporting economies

Commodity 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...

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Autores principales:	Fornero, Jorge, Kirchner, Markus, Yany, Andrés
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	PRODUCTOS BÁSICOS PRECIOS EXPORTACIONES
Acceso en línea:	https://hdl.handle.net/20.500.12580/3837
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spelling	oai-20.500.12580-38372021-04-24T11:11:23Z Terms of trade shocks and investment in commodity-exporting economies Fornero, Jorge Kirchner, Markus Yany, Andrés PRODUCTOS BÁSICOS PRECIOS EXPORTACIONES Commodity 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. 2019-11-01T00:06:24Z 2019-11-01T00:06:24Z 2014 Artículo 978-956-7421-50-3 https://hdl.handle.net/20.500.12580/3837 eng Series on Central Banking Analysis and Economic Policies no. 22 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 135-193 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	PRODUCTOS BÁSICOS PRECIOS EXPORTACIONES
spellingShingle	PRODUCTOS BÁSICOS PRECIOS EXPORTACIONES Fornero, Jorge Kirchner, Markus Yany, Andrés Terms of trade shocks and investment in commodity-exporting economies
description	Commodity 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.
format	Artículo
author	Fornero, Jorge Kirchner, Markus Yany, Andrés
author_facet	Fornero, Jorge Kirchner, Markus Yany, Andrés
author_sort	Fornero, Jorge
title	Terms of trade shocks and investment in commodity-exporting economies
title_short	Terms of trade shocks and investment in commodity-exporting economies
title_full	Terms of trade shocks and investment in commodity-exporting economies
title_fullStr	Terms of trade shocks and investment in commodity-exporting economies
title_full_unstemmed	Terms of trade shocks and investment in commodity-exporting economies
title_sort	terms of trade shocks and investment in commodity-exporting economies
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3837
work_keys_str_mv	AT fornerojorge termsoftradeshocksandinvestmentincommodityexportingeconomies AT kirchnermarkus termsoftradeshocksandinvestmentincommodityexportingeconomies AT yanyandres termsoftradeshocksandinvestmentincommodityexportingeconomies
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Terms of trade shocks and investment in commodity-exporting economies

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