Recognizing that a country's commodity prices, foreign exchange rates, and export earnings are related, earlier studies developed an optimal portfolio model based on an integrated approach. But the estimates were inefficient because they summed that the time series data used in the model were...

In considering whether to privatize a large state-owned steel enterprise in Argentina, the question arose: Would its sale to a consortium of large domestic enterprises, and the resulting increase in firm concentration, inevitably lead to cries for protection? To shed light on the question, the...

Import prices in the U.S. have not responded as expected to large fluctuations in the exchange rate. This paper analyzes the response of Japanese and U.S. steel prices to changes in the yen-dollar exchange rate (the exchange rate pass-through, or percentage change in import prices as a result of...

This paper provides a framework for assessing the prospects for trade reform in the sugar market. It begins by explaining the main features of the policy formation processes affecting the sugar market. The discussion draws heavily on a recent model of the world market developed by Wong, Sturgiss...

Primary commodity prices are subject to substantial export taxes in a large number of developing countries. The purpose of this paper is to determine the optimal export tax for major exporters of cocoa, tea, coffee, and natural rubber -- the primary commodities most heavily taxed by developing...