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2021-01-23T15:59:07+01:00
LaTeX with hyperref
2021-01-26T09:54:34+01:00
2021-01-26T09:54:34+01:00
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Storable Commodity; International Financial Shock; Developing Economies.; E32; F41; G15; 011; Q02.
This is MiKTeX-pdfTeX 2.9.7029 (1.40.20)
World Interest Rates and Macroeconomic Adjustments
Laure Boivin
http://www.cepii.fr/CEPII/fr/mentions_legales.asp
application/pdf
World Interest Rates and Macroeconomic Adjustments
Vincent Bodart
François Courtoy & Erica Perego
DT n° 2021-01, January 21
With commodities becoming international financial securities, commodity prices are affected by the international financial cycle. With this evidence in mind, this paper reconsiders the macroeconomic adjustment of developing commodity-exporting countries to changes in world interest rates. We proceed by building a model of a small open economy that produces a non-tradable good and a storable tradable commodity. The difference with standard models of small open economies lies in the endogenous response of commodity prices which -due to commodity storage- adjust to variations in international interest rates. We find that the endogenous response of commodity prices amplifies the reaction of commodity exporting countries to international monetary shocks. This suggests that commodity exporting countries are more vulnerable to unfavourable international monetary disturbances than other small open economies. In particular, because of the existence of the commodity price channel, even those small open commodity-exporting economies that are disconnected from international financial markets can be affected by the international financial cycle.
Storable Commodity
International Financial Shock
Developing Economies.
E32
F41
G15
011
Q02.
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