Keynes, Cocoa, and Copper: In Search of Commodity Currencies
This paper examines whether the real exchange rates of commodity-exporting countries and the real prices of their commodity exports move together over time. Using IMF data on the world prices of 44 commodities and national commodity export shares, we construct new monthly indices of national commodi...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2002
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 02/223 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | This paper examines whether the real exchange rates of commodity-exporting countries and the real prices of their commodity exports move together over time. Using IMF data on the world prices of 44 commodities and national commodity export shares, we construct new monthly indices of national commodity export prices for 58 countries over 1980-2002. A long-run relationship between real exchange rates and real commodity prices is found for about two-fifths of the commodity-exporting countries. Also, the behavior of the real exchange rate of commodity currencies is found to be independent of the nominal exchange rate regime. The average half-life of adjustment of real exchange rates to commodity-price-augmented purchasing power parity is found to be about eight months, which is much shorter than Rogoff's (1996) consensus estimate of three to five years, and provides an important missing piece of the PPP puzzle |
| Beschreibung: | 1 Online-Ressource (63 p) |
| ISBN: | 1451875304 9781451875300 |
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| index_date | 2024-07-03T20:13:22Z |
| indexdate | 2024-07-10T09:35:30Z |
| institution | BVB |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Sahay, Ratna Verfasser aut Keynes, Cocoa, and Copper In Search of Commodity Currencies Sahay, Ratna Washington, D.C International Monetary Fund 2002 1 Online-Ressource (63 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 02/223 This paper examines whether the real exchange rates of commodity-exporting countries and the real prices of their commodity exports move together over time. Using IMF data on the world prices of 44 commodities and national commodity export shares, we construct new monthly indices of national commodity export prices for 58 countries over 1980-2002. A long-run relationship between real exchange rates and real commodity prices is found for about two-fifths of the commodity-exporting countries. Also, the behavior of the real exchange rate of commodity currencies is found to be independent of the nominal exchange rate regime. The average half-life of adjustment of real exchange rates to commodity-price-augmented purchasing power parity is found to be about eight months, which is much shorter than Rogoff's (1996) consensus estimate of three to five years, and provides an important missing piece of the PPP puzzle Online-Ausg Cashin, Paul Sonstige oth Céspedes, Luis Felipe Sonstige oth http://elibrary.imf.org/view/IMF001/04102-9781451875300/04102-9781451875300/04102-9781451875300.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Sahay, Ratna Keynes, Cocoa, and Copper In Search of Commodity Currencies |
| title | Keynes, Cocoa, and Copper In Search of Commodity Currencies |
| title_auth | Keynes, Cocoa, and Copper In Search of Commodity Currencies |
| title_exact_search | Keynes, Cocoa, and Copper In Search of Commodity Currencies |
| title_exact_search_txtP | Keynes, Cocoa, and Copper In Search of Commodity Currencies |
| title_full | Keynes, Cocoa, and Copper In Search of Commodity Currencies Sahay, Ratna |
| title_fullStr | Keynes, Cocoa, and Copper In Search of Commodity Currencies Sahay, Ratna |
| title_full_unstemmed | Keynes, Cocoa, and Copper In Search of Commodity Currencies Sahay, Ratna |
| title_short | Keynes, Cocoa, and Copper |
| title_sort | keynes cocoa and copper in search of commodity currencies |
| title_sub | In Search of Commodity Currencies |
| url | http://elibrary.imf.org/view/IMF001/04102-9781451875300/04102-9781451875300/04102-9781451875300.xml |
| work_keys_str_mv | AT sahayratna keynescocoaandcopperinsearchofcommoditycurrencies AT cashinpaul keynescocoaandcopperinsearchofcommoditycurrencies AT cespedesluisfelipe keynescocoaandcopperinsearchofcommoditycurrencies |