Qian, Ying; Duncan, Ronald; DEC - Economics Research, World Bank Group - 1994
Recognizing that a country's commodity prices, foreign exchange rates, and export earnings are related, earlier studies …, interest rates, commodity prices, and volume of trade - are nonstationary (drift over time). A shock to the nonstationary …-currency-dominated borrowings. They find the time series of commodity prices and foreign exchange rate to be nonstationary. When the VEC approach is …