This present study examines how commodity terms of trade (CTOT) influence economic performance in the proposed West African Monetary Zone (WAMZ) or non-UEMOA countries using data from 2000 to 2021. To make the assessment, PVAR, Granger causality and impulse-response functions analyses are...

This paper studies heterogeneous firm responses to a sudden trade-induced profitability shock -- the 2015 Swiss franc appreciation. Using firm-level investment data and a novel measure of exposure, we document that this trade shock causes large and persistent investment declines among affected...

This paper studies heterogeneous firm responses to a sudden trade-induced profitability shock - the 2015 Swiss franc appreciation. Using firm-level investment data and a novel measure of exposure, we document that this trade shock causes large and persistent investment declines among affected...

This paper studies heterogeneous firm responses to a sudden trade-induced profitability shock - the 2015 Swiss franc appreciation. Using firm-level investment data and a novel measure of exposure, we document that this trade shock causes large and persistent investment declines among affected...

This paper studies the drivers of the US real exchange rate (RER), with a particular focus on its comovement with net trade (NT) flows. We consider the entire spectrum of frequencies, as the low-frequency variation accounts for 62 and 64 percent of the unconditional variance of the RER and NT,...

This paper explores the intricate relationship between profit rates, exchange rates, and terms of trade in the Brazilian economy from 2000 to 2023. Building on Weisskopf's (1979) decomposition of the profit rate, we demonstrate how exchange rates and terms of trade affect profit share, the...

This article builds on Marx's insights on foreign trade to estimate the influence of the terms of trade, through the output-capital ratio, on the average rate of profit in Brazil, Argentina, Colombia, and Chile from 1962 to 2019. For those economies, this article also explores the long-term...

The objective of this paper is to evaluate the impact of commodity terms of trade (CTOT) shocks on the labour market resilience of Sub-Saharan Africa (SSA) countries, comparing the franc zone countries on one hand, from the non-franc zone countries on the other hand. The results from the PVAR...

Some countries have voiced unease about differences between their own tariff rates and those of major trading partners, calling for more "reciprocity". These calls raise the question how large the negative spillover effects of countries' tariffs on others have become over time. Given a presumed...

Extensive economic literature has covered the effect of a natural resource boom on the performance of the manufacturing sector. Specifically, the Dutch Disease hypothesis establishes that increases in commodity prices should lead to a decrease in manufacturing exports, due to significant inflows...

Purpose - Utilizing the Marxist theory of unequal exchange to explain the terms of trade between nations, this paper elucidates one possible mechanism that gives rise to ecologically unequal exchange between developed and developing economies. Design/methodology/approach - We propose a...

We study the effect of warehouse receipt financing on terms of trade for farmers. With limited access to credit and storage facilities, farmers are compelled to sell their produce immediately after harvest at unfavourable prices. Warehouse receipt systems allow farmers to obtain loans with the...

Im Gefolge der Preisrückgänge für importierte Rohstoffe hat Deutschland im vergangenen Jahr erhebliche Realeinkommensgewinne eingefahren. Vom preisbereinigten Bruttoinlandsprodukt (BIP), das zeitgleich leicht gesunken ist, wird dieser Kaufkraftzuwachs nicht abgebildet. Einen umfassenderen...

What are the effects of financial integration on global comovement? Using a standard two-country DSGE model, I show that in response to country-specific supply shocks higher exposure to foreign assets leads to lower cross-country output correlations, while the opposite is true for...

This article discusses three interrelated aspects of Indian economy namely Indian agriculture, terms of trade and WTO’s role in Indian agriculture. International agricultural trade has been described as inexplicable, exasperating, and the most distorted segment of the global economy....

Both real and monetary shocks have been extensively researched, with conflicting findings on the involvement of the banking sector following the occurrence of these shocks. Nonetheless, liquidity creation (LC) appears to be one of the most underappreciated banking operations. This research...