Terms of trade shocks in Africa: Are they short-lived or long-lived?

Journal of Development Economics

Volumn 73, Issue 2, 2004, Pages 727-744

  Cashin, Paul ^a   McDermott, C John ^b   Pattillo, Catherine ^a  

^a INTERNATIONAL MONETARY FUND   (United States)

^b National Bank of New Zealand   (New Zealand)

Author keywords

Shock persistence; Sub Saharan Africa; Terms of trade

Indexed keywords

ECONOMIC INSTABILITY; ESTIMATION METHOD; INTERNATIONAL COMPARISON; TERMS OF TRADE;

AFRICA; SUB-SAHARAN AFRICA;

EID: 1442360475     PISSN: 03043878     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jdeveco.2003.04.002     Document Type: Article

References (24)

1. Agénor P.-R. McDermott C.J. Prasad E. Macroeconomic fluctuations in developing countries: Some stylized facts World Bank Economic Review 14 2000 251-285
2. Akiyama T. Larson D.F. The adding-up problem: Strategies for primary commodity exports in sub-Saharan Africa World Bank Economic Policy Research Paper vol. 1245 1993 World Bank Washington, DC
3. Andrews D. Exactly median-unbiased estimation of first-order autoregressive/unit root models Econometrica 61 1993 139-165
4. Andrews D. Chen H.-Y. Approximately median-unbiased estimation of autoregressive models Journal of Business and Economic Statistics 12 1994 187-204
5. Basu P. McLeod D. Terms of trade fluctuations and economic growth in developing economies Journal of Development Economics 37 1992 89-110
6. Bidarkota P. Crucini M. Commodity prices and the terms of trade Review of International Economics 8 2000 647-666
7. Cashin P. Pattillo C. Terms of trade shocks in Africa: Are they long-lived or short-lived? Working Paper 00/72 2000 International Monetary Fund Washington
8. Cashin P. Liang H. McDermott C.J. How persistent are shocks to world commodity prices? IMF Staff Papers 47 2000 177-217
9. Cheung Y.W. Lai K.S. On the purchasing power parity puzzle Journal of International Economics 52 2000 321-330
10. Collier P. Gunning J., et-al. Trade Shocks in Developing Countries 1999 Oxford Univ. Press Oxford
11. Deaton A. Commodity prices, stabilization, and growth in Africa Research Program in Development Studies Discussion Paper vol. 166 1992 Princeton University Princeton
12. Deaton A. Laroque G. On the behaviour of commodity prices Review of Economic Studies 59 1992 1-24
13. Deaton A. Miller R. International commodity prices, macroeconomic performance and politics in sub-Sahan Africa Journal of African Economies 5 1996 99-191
14. DeJong D. Nankervis J.C. Savin N.E. Whiteman C.H. Integration versus trend stationarity in time series Econometrica 60 1992 423-433
15. Hall A. Testing for a unit root in time series with pretest data-based model selection Journal of Business and Economic Statistics 12 1994 461-470
16. León J. Soto R. Terminos de intercambio en America Latina: una cuantificacion del la hipotesis de Prebisch y Singer Trimestre Economico 52 1995 171-199
17. León J. Soto R. Structural breaks and long run trends in commodity prices Journal of International Development 9 1997 347-366
18. Loayza N. Serven L. Schmidt-Hebbel K. What drives private saving across the world? The Economics of Savings and Growth 82 1999 165-181
19. Ng S. Perron P. Unit root tests in ARMA models with data-dependent methods for the selection of the truncation lag Journal of the American Statistical Association 90 1995 268-281
20. Obstfeld M. Aggregate spending and the terms of trade: Is there a Laursen-Metzler effect? Quarterly Journal of Economics 97 1982 251-270
21. Orcutt G. A study of the autoregressive nature of the time series used for Tinbergen's model of the economic system of the United States, 1891-1932 Journal of the Royal Statistical Society. Series B 10 1948 1-48
22. United Nations Conference on Trade and Development (UNCTAD) Handbook of International Trade and Development Statistics 1996 United Nations New York, NY
23. World Bank Global Economic Prospects and the Developing Countries 1994 World Bank Washington
24. World Bank Global Economic Prospects and the Developing Countries 2000 World Bank Washington