- “Sur quoi la fondera-t-il l’économie du monde qu’il veut gouverner? Sera-ce sur le caprice de chaque particulier? Quelle confusion! Sera-ce sur la justice? Il l’ignore.†Pascal “Sur quoi la fondera-t-il l’économie du monde qu’il veut gouverner? Sera-ce sur le caprice de chaque particulier? Quelle confusion! Sera-ce sur la justice? Il l’ignore.†Pascal Created in 2003 , the Fondation pour les études et recherches sur le développement international aims to promote a fuller understanding of international economic development and the factors that influence it. Contact www.ferdi.fr contact@ferdi.fr +33 (0)4 73 17 75
Paper not yet in RePEc: Add citation now
Ferdi WP n205  Jacquet, P., Atlani, A., and Lisser, M. >> Policy responses to terms of trade shocks … 23  Cashin, P., & Pattillo, C. (2000). Terms Of Trade Shocks in Africa: Are They Short-Lived or Long-Lived? International Monetary Fund Working Paper(WP/00/72).
Ferdi WP n205  Jacquet, P., Atlani, A., and Lisser, M. >> Policy responses to terms of trade shocks … 24  Guillaumont, P., & Puech, F. (2005). L’instabilité macro-économique comme facteur de criminatlité. CERDI.
- Ferdi WP n205  Jacquet, P., Atlani, A., and Lisser, M. >> Policy responses to terms of trade shocks … 25  Persson, T., & Svensson, L. E. (1985). Current account dynamics and the terms of trade: Harberger-Laursen-Metzler two generations later. Journal of Political economy, 93, 43-65.
Paper not yet in RePEc: Add citation now
ï‚· Aghion, P., Angeletos, G.-M., Banerjee, A., & Manova, K. (2010). Volatility and growth: Credit constraints and the composition of investment. Journal of Monetary Economics, 57(3), pp. 246-265.
ï‚· Aizenman, J., Edwards, S., & Riera-Crichton, D. (2012). Adjustment patterns to commodity terms of trade shocks: the role of exchange rate and international reserves policies. Journal of International Money and Finance, 31(8), pp. 1990-2016.
ï‚· Alesina, A., Campante, F. R., & Tabellini, G. (2008). Why is fiscal policy often procyclical? Journal of the European Economic Association, 6, 1006-1036.
ï‚· Anand, R., Prasad, E. S., & Zhang, B. (2015). What measure of inflation should a developing country central bank target? Journal of Monetary Economics, 74, 102-116.
 Arezki, R., & Brückner, M. (2012). Commodity windfalls, democracy and external debt. The Economic Journal, 122, 848-866.
ï‚· Arezki, R., Hadri, K., Loungani, P., & Rao, Y. (2014). Testing the Prebisch--Singer hypothesis since 1650: Evidence from panel techniques that allow for multiple breaks. Journal of International Money and Finance, 42, pp. 208-203.
ï‚· Arezki, R., Ramey, V. A., & Sheng, L. (2016). News shocks in open economies: Evidence from giant oil discoveries. The Quarterly Journal of Economics.
ï‚· Badeeb, R. A., Lean, H. H., & Clark, J. (2017). The evolution of the natural resource curse thesis: A critical literature. Resources Policy, 51, pp. 123-134.
ï‚· Balagtas, J. V., & Holt, M. T. (2009). The commodity terms of trade, unit roots, and nonlinear alternatives: a smooth transition approach. American Journal of Agricultural Economics, 91, 87-105.
ï‚· Bannon, I., & Collier, P. (2003). Natural Resources and Conflict: What Can We Do ? In I. Bannon, & P. Collier, Natural Resources and Violent Conflict: Options and Actions (pp. 1-16). World Bank Publications.
 Bhattacharyya, & Collier. (2011). Public Capital in Resource-Rich Countries: Is There a Curse? Working Paper No. 2011–14 (Oxford, U.K.: Center for the Study of African Economies, Department of Economics, Oxford University.
ï‚· Blattman, C., Hwang, J., & Williamson, J. G. (2003). The terms of trade and economic growth in the periphery 1870-1938. NBER Working Paper(9940).
ï‚· Bouakez, H., & Kano, T. (2008). Terms of trade and current account fluctuations: the Harberger--Laursen--Metzler effect revisited. Journal of Macroeconomics, 30, 260-281.
- ï‚· Bourguignon, F. (2012). Commodity price volatility, poverty, and growth inclusiveness in sub-Saharan African countries. In R. Arezki, C. Patillo, M. Quintyn, & M. Zhu, Commodity Price Volatility and Inclusive Growth in Low-Income Countries (pp. 205222) . International Monetary Fund.
Paper not yet in RePEc: Add citation now
ï‚· Brahmbhatt, M., Canuto, O., & Vostroknutova, E. (2010). Dealing with Dutch disease. Economic premise(16).
- ï‚· Bredenkamp, H., & Bersch, J. (2012). Commodity Price Volatility: Impact and Policy Challenges for Low Income Countries. In R. Arezki, C. Patillo, M. Quintyn, & M. Zhu, ommodity Price Volatility and Inclusive Growth in Low Income Countries (pp. 55-67). International Monetary Fund.
Paper not yet in RePEc: Add citation now
ï‚· Broda, C., & Tille, C. (2003). Coping with Terms-of-Trade Shocks in Developing Countries. Current Issues in Economic and Finance, 9.
 Céspedes, L. F., & Velasco, A. (2012). Macroeconomic performance during commodity price booms and busts. IMF Economic Review, 60, 570-599.
ï‚· Cashin, P., & McDermott, C. J. (2002). Terms of trade shocks and the current account: evidence from five industrial countries. Open Economies Review, 13, 219-235.
- ï‚· Collier, P. (2012). Savings and Investment Decisions in Resource-Rich Low-Income Countries. In R. Arezki, C. Patillo, M. Quintyn, & M. Zhu, Commodity Price Volatility and Inclusive Growth in Low Income Countries (pp. 87-104). International Monetary Fund.
Paper not yet in RePEc: Add citation now
ï‚· Collier, P., & Gunning, J. W. (1996). Policy towards commodity shocks in developing countries. Working Paper of the International Monetary Fund.
 Combes, J.-L., Guillaumont, P., Guillaumont Jeanneney, S., & Motel Combes, P. (2000). Ouverture sur l'extérieur et instabilité des taux de croissance. Revue française d"économie, 15(1), 3-33.
ï‚· Corden, W. M., & Neary, J. P. (1982). Booming sector and de-industrialisation in a small open economy. The Economic Journal, 92, 825-848.
ï‚· Cuddington, J. T. (1992). Long-run trends in 26 primary commodity prices: A disaggregated look at the Prebisch-Singer hypothesis. Journal of Development Economics, 39, 207-227.
 Cuddington, J. T., & Urzúa, C. M. (1989). Trends and cycles in the net barter terms of trade: a new approach. The Economic Journal, 99, 426-442.
- ï‚· Cuddington, J. T., Ludema, R., & Jayasuriya, S. A. (2006). Prebisch-Singer redux. In D. Lederman, & W. F. Maloney, Natural Resources: Neither Curse nor Destiny (pp. 103140) . Washington, DC: World Bank and Stanford University Press.
Paper not yet in RePEc: Add citation now
ï‚· De la Huerta, C., & Garcia-Cicco, J. (2016). Commodity Prices, Growth and Productivity: a Sectoral View. Central Bank of Chile.
ï‚· Deaton, A. (1999). Commodity prices and growth in Africa. The Journal of Economic Perspectives, 13, 23-40.
- ï‚· Easterly, W., Islam, R., & Stiglitz, J. E. (2000). Explaining Growth Volatility. World Bank Working Paper(28159).
Paper not yet in RePEc: Add citation now
ï‚· Easterly, W., Kremer, M., Pritchett, L., & Summers, L. H. (1993). Good Policy or Good Luck? Country Growth Performance and Temporary Shocks. Journal of Monetary Economics, 32(3), pp. 459-483.
ï‚· Edwards, S., & Yeyati, E. L. (2005). Flexible exchange rates as shock absorbers. European Economic Review, 49(8), pp. 20792105.
- ï‚· Engerman, S. L., & Sokoloff, K. L. (1997). Factor endowments, institutions, and differential paths of growth among new world economies. In S. Haber, How Latin America Fell Behind (pp. 260-304). Stanford, CA: Stanford University Press.
Paper not yet in RePEc: Add citation now
- ï‚· Ezema, B. I. (2012). Effectiveness of Policy Responses to Terms of Trade Shocks in Selected African Countries. International Journal of Business and Management, 7, 88.
Paper not yet in RePEc: Add citation now
ï‚· Fornero, J., Kirchner, M., & Yany, A. (2016). Terms of Trade Shocks and Investment in Commodity-Exporting Economies. Banco Central de Chile, Santiago. WP n773.
 Frankel, J. A. (2003). A Proposed Monetary Regime for Small Commodity-Exporters: Peg the Export Price (‘PEP’). International Finance, 61-88.
ï‚· Frankel, J. A. (2012). The natural resources: A survey of diagnoses and some prescriptions. In R. Arezki, C. Patillo, M. Quintyn, & M. Zhu, Commodity price volatility and inclusive growth in low-income countries (pp. 7-34). Washington, D.C.: International Monetary Fund.
ï‚· Grilli, E. R., & Yang, M. C. (1988). Primary commodity prices, manufactured goods prices, and the terms of trade of developing countries: what the long run shows. The World Bank Economic Review, 2, 1-47.
- ï‚· Harberger, A. C. (1950). Currency depreciation, income, and the balance of trade. Journal of political Economy, 58, 47-60.
Paper not yet in RePEc: Add citation now
ï‚· Harvey, D. I., Kellard, N. M., Madsen, J. B., & Wohar, M. E. (2010). The Prebisch-Singer hypothesis: four centuries of evidence. The review of Economics and Statistics, 92, 367377.
ï‚· Hausmann, R., Panizza, U., & Rigobon, R. (2006). The long-run volatility puzzle of the real exchange rate. Journal of International Money and Finance, 25(1), pp. 93-124.
- ï‚· Hnatkovska, V., & Loayza, N. (2010). Volatility and Growth. World Bank Publications.
Paper not yet in RePEc: Add citation now
ï‚· Hotelling, H. (1931). The economics of exhaustible resources. Journal of political Economy, 39, 137-175.
 Jääskelä, J. P., & Smith, P. (2013). Terms of trade shocks: What are they and what do they do? Economic Record, 89, 145-159.
ï‚· Jacks, D. S. (2013). From boom to bust: A typology of real commodity prices in the long run. NBER Working Paper(18874).
ï‚· Kellard, N., & Wohar, M. E. (2006). On the prevalence of trends in primary commodity prices. Journal of Development Economics, 79(1), 146-167.
 Kose, M. A. (2002). Explaining business cycles in small open economies: ‘How much do world prices matter?’. Journal of International Economics, 56(2), pp. 299-327.
- ï‚· Kroft, K., & Lloyd-Ellis, H. (2002). Further cross-country evidence on the link between growth, volatility and business cycles. Queens University, Department of Economics, Working Paper.
Paper not yet in RePEc: Add citation now
- ï‚· Laursen, S., & Metzler, L. A. (1950). Flexible exchange rates and the theory of employment. The Review of Economics and Statistics, 281-299.
Paper not yet in RePEc: Add citation now
 Lautier, D., & Simon, Y. (2004). La volatilité des prix des matières premières. Revue d'économie financière(74), 45-84.
ï‚· Lopez-Martin, B., Leal, J., & Fritscher, A. M. (2016). Commodity price risk management and fiscal policy in a sovereign default model. Closing Conference of the BIS CCA Research Network on “The Commodity Cycle: Macroeconomic and Financial Stability Implicationsâ€, Mexico City, (pp. 18-19).
ï‚· Martin, P., & Rogers, C. A. (2000). Long-term growth and short-term economic instability. European Economic Review, 44(2), pp. 359381.
ï‚· McGuirk, E., & Burke, M. (2017). The Economic Origins of Conflict in Africa. (23056).
ï‚· Mendoza, E. G. (1995). The terms of trade, the real exchange rate, and economic fluctuations. International Economic Review, 101-137.
ï‚· Mendoza, E. G. (1997). Terms-Of-Trade Uncertainty and Economic Growth. Journal of Development Economics, 54, pp. 323-356.
ï‚· Mobarak, A. M. (2005). Democracy, volatility, and economic development. Review of Economics and Statistics, 87(2), pp. 348-361.
ï‚· Nkurunziza, J. D., Tsowou, K., & Cazzaniga, S. (2017). Commodity Dependence and Human Development. African Development Review, 29(S1), pp. 27-41.
ï‚· Obstfeld, M. (1982). Aggregate spending and the terms of trade: Is there a LaursenMetzler effect? The Quarterly Journal of Economics, 97, 251-270.
ï‚· Otto, G. (2003). Terms of trade shocks and the balance of trade: there is a HarbergerLaursen -Metzler effect. Journal of International Money and Finance, 22, 155184.
ï‚· Pindyck, R. S. (1999). The long-run evolution of energy prices. The Energy Journal, 1-27.
ï‚· Prebisch, R. (1950). The economic development of Latin America and its principal problems. Economic Bulletin for Latin America, 1-22.
ï‚· Ramey, G., & Ramey, V. A. (1995). CrossCountry Evidence on the Link Between Volatility and Growth. The American Economic Review, 85(5), pp. 1138-1151.
ï‚· Rees, D. (2013). Terms of trade shocks and incomplete information. Economic Research Department, Reserve Bank of Australia.
ï‚· Reinhart, C. M., & Wickham, P. (1994). Commodity prices: cyclical weakness or secular decline? 41, 175-213.
ï‚· Robinson, J. A., Torvik, R., & Verdier, T. (2006). Political foundations of the resource curse. Journal of Development Economics, 79, 447-468.
- ï‚· Ross, M., Mazaheri, N., & Kaiser, K. (2012). The political economy of petroleum wealth in low-income countries: some policy alternatives. Commodity prices and inclusive growth in low-income countries.
Paper not yet in RePEc: Add citation now
ï‚· Sachs, J. D., & Warner, A. (2001). The curse of natural resources. European Economic Review, 45, 827-838.
 Schmitt-Grohé, S., & Uribe, M. (2015). How Important Are Terms Of Trade Shocks? (21253).
- ï‚· Singer, H. W. (1950). The distribution of gains between investing and borrowing countries. The American Economic Review, 40, 473-485.
Paper not yet in RePEc: Add citation now
ï‚· Svensson, L. E., & Razin, A. (1983). The terms of trade and the current account: The Harberger-Laursen-Metzler effect. Journal of political Economy, 91, 97-125.
- ï‚· The Telegraph. (2000, June 25). Sheikh Yamani predicts price crash as age of oil ends. The Telegraph.
Paper not yet in RePEc: Add citation now
ï‚· Tornell, A., & Lane, P. R. (1999). The voracity effect. American Economic Review, 22-46.
ï‚· Van der Ploeg, F. (2011). Natural resources: Curse or blessing? Journal of Economic Literature, 49, 366-420.
ï‚· Van der Ploeg, F. (2016). Macro Policy Responses to Natural Resource Windfalls and the Crash in Commodity Prices. CEPR Discussion Papers.
ï‚· Van der Ploeg, F., & Poelhekke, S. (2009). Volatility and the natural resource curse. Oxford economic papers, 61(4), 727-760.
ï‚· Venables, A. J. (2016). Using natural resources for development: why has it proven so difficult? The Journal of Economic Perspectives, 30, 161-183.
ï‚· Williamson, J. G. (2008). Globalization and the Great Divergence: terms of trade booms, volatility and the poor periphery, 1782--1913. European Review of Economic History, 12, 355-391.
- ï‚· Wong, L. (2009). Asian National Oil Companies in Nigeria. In A. Vines, L. Wong, M. Weimer, & I. Campos, Thirst for African Oil, Asian National Oil Companies in Nigeria and Angola (pp. 5-27). London: Chatham House.
Paper not yet in RePEc: Add citation now
ï‚· Zafar, A. (2004). What happens when a country does not adjust to terms of trade shocks?: the case of oil-rich Gabon (Vol. 3403). World Bank, Africa Technical Families, Poverty Reduction and Economic Management 3.
- Terms-of-trade shocks and economic performance, 1870--1940: Prebisch and Singer revisited. Economic Development and Cultural Change, 51, 629-656.
Paper not yet in RePEc: Add citation now