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Asia and Pacific > Thailand

You are looking at 1 - 5 of 5 items for :

  • Type: Journal Issue x
  • Commodity Markets x
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Cover IMF Working Papers
Unveiling the Dance of Commodity Prices and the Global Financial Cycle
Luciana Juvenal
and
Ivan Petrella
We examine the impact of commodity price changes on the business cycles and capital flows in emerging markets and developing economies (EMDEs), distinguishing between their role as a source of shock and as a channel of transmission of global shocks. Our findings reveal that surges in export prices, triggered by commodity price shocks, boost domestic GDP, an effect further amplified by the endogenous decline of country spreads. However, the effects on capital flows appear muted. Shifts in U.S. monetary policy and global risk appetite drive the global financial cycle in EMDEs. Eased global credit conditions, attributed to looser U.S. monetary policy or lower global risk appetite, lead to a rise in export prices, higher output, a decrease in government borrowing costs, and stimulate greater capital flows. The endogenous response of export prices amplifies the output effects of a more accommodative U.S. monetary policy while country spreads magnify the impact of shifts in global risk appetite.
Keywords:
risk appetite; energy commodity; commodity channel; commodity price instrument; commodity event; impact of commodity price fluctuation; commodity export; fluctuations in commodity price; monetary policy shock; commodity prices to shock; interaction term; commodity prices to a BAA; commodity c; Commodity prices; Export prices; Capital flows; Commodity price shocks; Commodity price fluctuations; Global
Cover IMF Working Papers
Spillovers from China’s Growth Slowdown and Rebalancing to the ASEAN-5 Economies
Allan Dizioli
,
Mr. Jaime Guajardo
,
Mr. Vladimir Klyuev
,
Rui Mano
, and
Mr. Mehdi Raissi
After many years of rapid expansion, China’s growth is slowing to more sustainable levels and is rebalancing, with consumption becoming the main growth driver. This transition is likely to have negative effects on its trading partners in the near term. This paper studies the potential spillovers to the ASEAN-5 economies through trade, commodity prices, and financial markets. It finds that countries with closer trade linkages with China (Malaysia, Singapore, and Thailand) and net commodity exporters (Indonesia and Malaysia) would suffer the largest impact, with growth falling between 0.2 and 0.5 percentage points in response to a decline in China’s growth by 1 percentage point depending on the model used and the nature of the shock. The impact could be larger if China’s slowdown and rebalancing coincides with bouts of global financial volatility. There are also opportunities from China’s rebalancing, both in merchandise and services trade, and there is preliminary evidence that some ASEAN-5 economies are already benefiting from these trends.
Keywords:
WP; commodity price; growth slowdown; goods export; imports fall; policy shock; China’s slowdown and rebalancing; international business cycle; spillovers; Global VAR; Flexible System of Global Models (FSGM); ASEAN-5; service imports; commodity exporter; China's slowdown; trading partners; net commodity importer; Exports; Commodity prices; Imports; Global
Cover IMF Staff Country Reports
Indonesia: Selected Issues
International Monetary Fund
This paper takes an in-depth look into recent trade patterns to assess the extent of such concerns. It is found that (i) there is no strong evidence of Dutch Disease; (ii) weak performance in some sectors, so far, does not appear to be linked to the commodity boom; and (iii) although further reliance on commodities has increased Indonesia’s vulnerability to export price volatility, the terms of trade have actually been rather stable as import and export prices co-move markedly, mitigating such vulnerability.
Keywords:
ISCR; CR; price; commodity; export; commodity boom; term premium; price shock; commodity export; inflation risk premium; Inflation; Exports; Oil prices; Energy subsidies; Global
Cover IMF Working Papers
Real Exchange Rates and Commodity Prices
Dominique Yves Dupont
and
Mr. V. Hugo Juan-Ramon
This paper examines the relations between fluctuations in real exchange rates among the major currencies and fluctuations in real commodity prices. Increased exchange rate volatility calls for a better understanding of these relations. To the best of our knowledge, no systematic study of those effects has been performed on a wide range of commodities, although Sjaastad and Scacciavillani (1993) have done so for gold. We build on their approach and construct a supply and demand multi-country model, with world market clearing, which incorporates speculative and non-speculative demands for inventories and “static” and “rational” expectations. We estimate the model using several econometric methods on monthly data from January 1972 to January 1992 for 65 commodity prices. The paper finds that, for a small group of commodities, the dollar-denominated price is significantly influenced by the deutsche mark and the yen. The empirical results show that geographical proximity matters, and that supply and demand elasticities are important in determining the commodity price in world markets above and beyond the size of the share of those commodities in world trade.
Keywords:
WP; deutsche mark; excess demand; commodity price; soybean meal; market power; world demand; LTNCTAD commodity yearbook; long-terms elasticity; price expectation; commodity price in terms; commodity prices determination; dollar price of the commodity; price of the commodity; world price of a commodity; commodity world demand; Commodity prices; Agricultural commodities; Oil; Real exchange rates; Europe; dollar price
Cover IMF Staff Papers
IMF Staff Papers: Volume 1, No. 2
International Monetary Fund. Research Dept.
This paper focuses on various aspects of inflation in Latin America. Among short-run factors, World War II considerably affected the balance of payments of Latin American countries and thus indirectly their inflationary situation. Inflation in a greater or less degree has long been characteristic of many Latin American countries. A high propensity to consume implies either a high multiplier or a high propensity to import. In normal times, the latter was more usual, since the supply of consumers' goods in these countries was rather inelastic. In countries where controls over consumption and investment are strict and efficient, there is a tendency for inflation to give rise to substantial holdings of cash, bank deposits, and other relatively liquid assets in excess of those which would voluntarily be held by business and consumers. In countries such as those of Latin America, where controls have not been very effective, this tendency toward excess liquidity is noticeably smaller. Nevertheless, it is still a factor to reckon with, because involuntary hoarding may be the result of the impossibility of obtaining desired commodities or supplies, even though there is no rationing or similar system in operation. In Latin America during the war the inevitable curtailment of imports did in this way bring about a condition of latent inflation.
Keywords:
SP; import; rate; export