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Commodity terms of trade and individual countries' net barter terms of trade: Is there an empirical relationship?

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Author Info
Matthias G. Lutz (Institute of Economics, University of St. Gallen, Switzerland)

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Abstract

This paper examines the statistical relationship between aggregate commodity terms of trade and the net barter terms of trade of 66 non-oil developing countries. Stationarity of the estimated long-run equation is tested for each country using Engle-Granger ADF tests. Four different commodity terms of trade series are examined. For more than half the sample a stationary long-run relationship is detected. The responsiveness of the country terms of trade to the overall index varies considerably between countries. These findings suggest that the long-term trend in the overall terms of trade is still relevant to developing countries today. Copyright © 1999 John Wiley & Sons, Ltd.

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Publisher Info
Article provided by John Wiley & Sons, Ltd. in its journal Journal of International Development.

Volume (Year): 11 (1999)
Issue (Month): 6 ()
Pages: 859-870
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Handle: RePEc:wly:jintdv:v:11:y:1999:i:6:p:859-870

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Lutz, Matthias G, 1999. "A General Test of the Prebisch-Singer Hypothesis," Review of Development Economics, Blackwell Publishing, vol. 3(1), pages 44-57, February. [Downloadable!] (restricted)
  2. Newbold, Paul & Vougas, Dimitrios, 1996. "Drift in the Relative Price of Primary Commodities: A Case Where We Care about Unit Roots," Applied Economics, Taylor and Francis Journals, vol. 28(6), pages 653-61, June. [Downloadable!] (restricted)
  3. David Sapsford & V.N.Balasubramanyam, . "The Long-Run Behaviour of the Relative Price of Primary Commodities: Statistical Evidence and Policy Implications," Working Papers ec7/94, Department of Economics, University of Lancaster.
  4. Powell, Andrew, 1991. "Commodity and Developing Country Terms of Trade: What Does the Long Run Show?," Economic Journal, Royal Economic Society, vol. 101(409), pages 1485-96, November. [Downloadable!] (restricted)
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  5. James G. MacKinnon, 1995. "Numerical Distribution Functions for Unit Root and Cointegration Tests," Working Papers 918, Queen's University, Department of Economics. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Paul Cashin & Catherine Pattillo, 2006. "African terms of trade and the commodity terms of trade: close cousins or distant relatives?," Applied Economics, Taylor and Francis Journals, vol. 38(8), pages 845-859, May. [Downloadable!] (restricted)
  2. Paul Newbold & Stephan Pfaffenzeller & Anthony Rayner, 2005. "How well are long-run commodity price series characterized by trend components?," Journal of International Development, John Wiley & Sons, Ltd., vol. 17(4), pages 479-494. [Downloadable!]
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