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Fluctuaciones del Dólar, Precio del Cobre y Términos de Intercambio

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  • Jose De Gregorio
  • Hermann González
  • Felipe Jaque

Abstract

This paper examines the determinants of the copper price and the Chilean terms of trade, with special focus on the industrialized economies' real exchange rates. It also estimates the effects of world economic activity on the copper price and terms of trade. Empirical results show that, in the long run, a 10% real depreciation of the US dollar yields an 18% increase in the real copper price and a 12% increase in the terms of trade. Moreover, a 1% increase in world economic growth, generates increases of 0.14% in the real copper price and 0.24% in the terms of trade.

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Bibliographic Info

Paper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 310.

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Date of creation: Feb 2005
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Handle: RePEc:chb:bcchwp:310

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  1. Eduardo Borensztein & Carmen Reinhart, 1994. "The Macroeconomic Determinants of Commodity Prices," IMF Working Papers 94/9, International Monetary Fund.
  2. Rudiger Dornbusch, 1985. "Policy and Performance Links between LDC Debtors and Industrial Nations," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 16(2), pages 303-368.
  3. Pesaran, M. H. & Shin, Y. & Smith, R. J., 1996. "Testing for the 'Existence of a Long-run Relationship'," Cambridge Working Papers in Economics 9622, Faculty of Economics, University of Cambridge.
  4. repec:fth:inseep:9645 is not listed on IDEAS
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