This paper presents and evaluates the hypothesis that emerging countries specialized in commodity production are prone to experience non orthogonal commercial and financial shocks. Specifically, we investigate a set of global macroeconomic variables that, in principle, could simultaneously...

All severe crises have required a reformulation of the International Financial Architecture (IFA). The G20, abruptly turned into a discussion and action forum to cope with the crisis, focused its work on two areas: first, the coordination of the macroeconomic policies to come out of the crisis...

This paper presents and evaluates the hypothesis that emerging countries specialized in commodity production are prone to experience non orthogonal commercial and financial shocks. Specifically, we investigate a set of global macroeconomic variables that, in principle, could simultaneously...

All severe crises have required a reformulation of the International Financial Architecture (IFA). The G20, abruptly turned into a discussion and action forum to cope with the crisis, focused its work on two areas: first, the coordination of the macroeconomic policies to come out of the crisis...

All severe crises have required a reformulation of the International Financial Architecture (IFA). The G20, abruptly turned into a discussion and action forum to cope with the crisis, focused its work on two areas: first, the coordination of the macroeconomic policies to come out of the crisis...