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Western Hemisphere > Argentina

You are looking at 1 - 8 of 8 items for :

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  • Balance of trade x
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Cover IMF Working Papers
Commodity Terms of Trade: A New Database
Bertrand Gruss
and
Suhaib Kebhaj
This paper presents a comprehensive database of country-specific commodity price indices for 182 economies covering the period 1962-2018. For each country, the change in the international price of up to 45 individual commodities is weighted using commodity-level trade data. The database includes a commodity terms-of-trade index—which proxies the windfall gains and losses of income associated with changes in world prices—as well as additional country-specific series, including commodity export and import price indices. We provide indices that are constructed using, alternatively, fixed weights (based on average trade flows over several decades) and time-varying weights (which can account for time variation in the mix of commodities traded and the overall importance of commodities in economic activity). The paper also discusses the dynamics of commodity terms of trade across country groups and their influence on key macroeconomic aggregates.
Keywords:
WP; commodity terms of trade; terms-of-trade index; commodity price indices; trade flow; terms of trade; commodity prices; commodity export; commodity terms-of-trade indices; trade data; Commodity price indexes; Exports; Trade balance; Global
Cover IMF Working Papers
The Composition and Cyclical Behavior of Trade Flows in Emerging Economies
Mr. Reinout De Bock
Trade flows data show that the composition and cyclical properties of imports are similar in developed economies and emerging markets (EM) but this is not the case for exports. Unlike developed economies, (i) EM export few or only a selective set of capital goods and (ii) capital good and overall exports tend to be acyclical. The lack of procyclicality in exports drives the strong countercyclicality of EM trade balances observed in previous studies. A quantitative exercise demonstrates how the standard small open economy business cycle model can be improved for EM by incorporating these features.
Keywords:
WP
Cover IMF Staff Country Reports
Bosnia and Herzegovina: Selected Issues
International Monetary Fund
The current account deficit by the Central Bank of Bosnia and Herzegovina in recent years has fluctuated to about 20 percent of GDP. But official current account statistics suffer from several shortcomings. Possible sources of the savings required to achieve a fiscal position consistent with long-term fiscal sustainability is discussed. A theoretical model of the trade balance has been developed and used as the basis for estimating a quarterly regression model of Bosnia and Herzegovina’s trade balance. Effective fiscal coordination is essential in Bosnia and Herzegovina.
Keywords:
national government; exchange rate; debt dynamics; expenditures saving; government function; Trade balance; Credit; Bank credit; Africa; Europe; long-term debt dynamics; Policy implication; International Monetary Fund Washington; D.C.; publication policy; Outward remittances; Current account deficits; Current account; Eastern Europe; Global
Cover Policy Papers
Exchange Rates and Trade Balance Adjustment in Emerging Market Economies
International Monetary Fund
The paper finds that simple econometric specifications yield surprising rich and complex dynamics -- relative prices respond to the nominal exchange rate and pass-through effects, import and export volumes respond to relative price changes, and the trade balance responds to changes in import and export values.
Keywords:
PP; foreign currency; consumer price index; trade surplus; U.S. dollar; export price deflator; price elasticity; commodity exporter; import price; PPP terms; export volume; export deflator; Trade balance; Exchange rates; Exports; Depreciation; Currencies; Global
Cover IMF Working Papers
Trade Finance and Trade Flows: Panel Data Evidence From 10 Crises
Mr. Márcio Valério Ronci
This paper assesses the effect of constrained trade finance on trade flows in countries undergoing financial and balance of payments crises. Most of the countries that had a major crisis had a significant trade contraction, while trade-related finance declined sharply. However, trade may also be affected by other variables such as world demand, domestic demand, banking crises, changes in export and import prices, and real exchange rate depreciation. To estimate the effect of constrained trade finance on trade flows, we estimate import and export volume equations including explicitly trade financing as an explanatory variable in addition to the usual variables such as relative prices and income. We conclude that constrained trade finance is a factor in explaining both export and import volumes in the short-run. A fall in external trade finance explains a relatively small part of the trade loss during crises, while a fall in trade financing in connection with domestic banking crisis can lead to a substantial loss of trade.
Keywords:
WP; trade; financing; trade financing; import; Trade flows; trade finance; crisis; world trade volume index; trade indicator; import volume equation; constrained trade finance; trade contraction; processing trade; trade volume-to-trade finance elasticity; Exports; Imports; Trade balance; Banking crises; Global
Cover IMF Working Papers
Determinants of Argentina’s External Trade
Ms. Elisabetta Falcetti
and
Mr. Luis Catão
This paper presents new estimates of export and import equations for Argentina, using a broader set of variables than previous studies and distinguishing between intra- and extra-MERCOSUR trade. It measures the importance of relative price versus income effects in accounting for the higher trade deficit during the 1990s, and examines whether foreign trade elasticities have increased as a result of structural changes in the economy. It finds that the high income elasticity of imports and the responsiveness of exports to changes in world commodity prices, domestic absorption, and economic activity in Brazil have been key determinants of Argentina’s trade balance.
Keywords:
WP; exchange rate; price elasticity; foreign trade; income elasticity of imports; Argentina; Foreign Trade Elasticities; International Competitiveness; MERCOSUR; commodity export price; A. export supply equation; Argentina's export; export supply function; export equation; B. export supply; import function; aggregate import function; import demand; income elasticity; price indicator; Exports; Imports; Real exchange rates; Trade balance; Export prices; Western Hemisphere; South America
Cover The Global Effects of Fund-Supported Adjustment Programs
The Global Effects of Fund-Supported Adjustment Programs
Mr. Morris Goldstein

Abstract

This is the second of a group of papers dealing with various aspects of Fund-supported adjustment Programs.

Keywords:
OP; country; program; Fund; Fund program; developing country; program effect; program-country group; oil developing countries; adjustment program; Exports; Imports; Exchange rate adjustments; Exchange rates; Global; Western Hemisphere; Africa
Cover IMF Staff Papers
IMF Staff papers: Volume 24 No. 1
International Monetary Fund. Research Dept.
The purpose of the present study is to review these concepts and to estimate consistent series of potential output in manufacturing for Canada, the United States, Japan, France, the Federal Republic of Germany, Italy, the United Kingdom, and Sweden for the period 1955–1975. Potential output series are also projected for the medium term (1976–1978) based on forecasts of available resources. The production function method is selected as the best approach to derive potential output series. The function used in the paper is a modified Cobb–Douglas function that allows for economies of scale and cyclical variations in the intensity of use of employed labor and of the capital stock. The study concludes that the rate of growth of potential output in manufacturing is now lower in most industrial countries than it was in the late 1960s. However, the fall is not as large as is often claimed, so that the output gaps early in 1976 were extremely high in all the major industrial countries. The principal reasons for the slowdown in the rate of growth of potential output are the lower rate of capital accumulation and the reduction of the normal workweek, rather than the direct effect of the increase in the price of energy.
Keywords:
SP; deutsche mark; RPI measure; price level; dollar intervention; balance of payments account; full-employment labor force; guilder-deutsche mark rate; Exchange restrictions; Potential output; Trade balance; Credit; Currencies; Africa; Europe