IDEAS home Printed from https://ideas.repec.org/a/cai/refaef/ecofi_124_0045.html
   My bibliography  Save this article

Termes de l’échange et dynamique macroéconomique en Amérique latine

Author

Listed:
  • Adriana Arreaza
  • Manuel E. Toledo

Abstract

In this paper, we investigate to what extent terms-of-trade (TOT) disturbances drive cyclical fluctuations and affect trend output in Latin America. We focus on the seven largest economies of the region. We find that TOT shocks are an important driver of business cycles in the region, explaining on average about 30 percent of cyclical fluctuations in the sample. We also find evidence of a long-run relationship between TOT and aggregate output which, in most countries, also affects the short-run dynamics of output growth. Results vary across countries, suggestive of the heterogeneity of the region in terms of exposure to external shocks and domestic policy frameworks. Classification JEL: E32, F14, O54.

Suggested Citation

  • Adriana Arreaza & Manuel E. Toledo, 2016. "Termes de l’échange et dynamique macroéconomique en Amérique latine," Revue d'économie financière, Association d'économie financière, vol. 0(4), pages 45-59.
    • Handle: RePEc:cai:refaef:ecofi_124_0045
    as

    Download full text from publisher

    File URL: http://www.cairn.info/load_pdf.php?ID_ARTICLE=ECOFI_124_0045
    Download Restriction: free
    File URL: http://www.cairn.info/revue-d-economie-financiere-2016-4-page-45.htm
    Download Restriction: free
    ---><---

    More about this item

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cai:refaef:ecofi_124_0045. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Jean-Baptiste de Vathaire (email available below). General contact details of provider: https://www.cairn.info/revue-d-economie-financiere.htm .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.