Keynes, Cocoa, and Copper: In Search of Commodity Currencies
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| 520 | 3 | |a 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 | |
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Record in the Search Index
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| id | DE-604.BV048346744 |
| illustrated | Not Illustrated |
| indexdate | 2024-12-20T19:42:12Z |
| institution | BVB |
| isbn | 1451875304 9781451875300 |
| language | English |
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| oclc_num | 1337125409 |
| open_access_boolean | |
| owner | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
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| physical | 1 Online-Ressource (63 p) |
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| publishDate | 2002 |
| publishDateSearch | 2002 |
| publishDateSort | 2002 |
| publisher | International Monetary Fund |
| record_format | marc |
| series2 | IMF Working Papers |
| 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_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 |
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