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Co-integrating relationship between terms of trade, money and current account: the italian evidence

  • Giovanna Tagliabue


    (Institute of Economics and Statistics, Faculty of Law, The University of Milan, Italy)

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    The paper analyses long-run relationships between terms of trade, money and current account for Italy in the period from the first quarter of 1975 to the first quarter of 2001.

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    Article provided by Wroclaw University of Technology, Institute of Organization and Management in its journal Operations Research and Decisions.

    Volume (Year): 3-4 (2005)
    Issue (Month): ()
    Pages: 99-111

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    Handle: RePEc:wut:journl:v:3-4:y:2005:p:99-111
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    1. Persson, Torsten & Svensson, Lars E O, 1985. "Current Account Dynamics and the Terms of Trade: Harberger-Laursen-Metzler Two Generations Later," Journal of Political Economy, University of Chicago Press, vol. 93(1), pages 43-65, February.
    2. Paul Cashin & C. John McDermott, 1998. "Terms of Trade Shocks and the Current Account," IMF Working Papers 98/177, International Monetary Fund.
    3. Lucas, Robert Jr., 1982. "Interest rates and currency prices in a two-country world," Journal of Monetary Economics, Elsevier, vol. 10(3), pages 335-359.
    4. Eugene Kouassi & Bernard Decaluwe & Crispin Kapombe & Dale Colyer, 1999. "Temporal causality and the dynamic interactions between terms of trade and current account deficits in co-integrated VAR processes: further evidence from Ivorian time series," Applied Economics, Taylor & Francis Journals, vol. 31(1), pages 89-96.
    5. Ian R. Harper & G. C. Lim, 1989. "Is Monetary Policy Too Tight?," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 22(2), pages 15-24.
    6. Polly Reynolds Allen, 1972. "Money and Growth in Open Economies," Review of Economic Studies, Oxford University Press, vol. 39(2), pages 213-219.
    7. David K. Backus & Patrick J. Kehoe & Finn E. Kydland, 1992. "Dynamics of the trade balance and the terms of trade: the S-curve," Working Paper 9211, Federal Reserve Bank of Cleveland.
    8. Asraul Hoque, 1995. "Co-integrating relationship between terms of trade and current account deficit: the Australian evidence," Applied Economics Letters, Taylor & Francis Journals, vol. 2(4), pages 130-133.
    9. Maurice Obstfeld, 1982. "Aggregate Spending and the Terms of Trade: Is There a Laursen-Metzler Effect?," The Quarterly Journal of Economics, Oxford University Press, vol. 97(2), pages 251-270.
    10. Svensson, Lars E O & Razin, Assaf, 1983. "The Terms of Trade and the Current Account: The Harberger-Laursen-Metzler Effect," Journal of Political Economy, University of Chicago Press, vol. 91(1), pages 97-125, February.
    11. Rotemberg, Julio J., 1985. "Money and the terms of trade," Journal of International Economics, Elsevier, vol. 19(1-2), pages 141-160, August.
    12. Ramanathan, R, 1975. "Monetary Expansion, Balance of Trade and Economic Growth," The Economic Record, The Economic Society of Australia, vol. 51(133), pages 31-39, March.
    13. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
    14. Mohsen Bahmani-Oskooee & Ghiath Shabsigh, 1996. "On the effects of money on the terms of trade: an empirical investigation," Applied Economics Letters, Taylor & Francis Journals, vol. 3(11), pages 721-724.
    15. Dwyer, Jacqueline A. & Lewis, Philip E. T., 1991. "The price effects of monetary changes: The case of a small open economy," Journal of Macroeconomics, Elsevier, vol. 13(1), pages 117-131.
    16. Stockman, Alan C, 1980. "A Theory of Exchange Rate Determination," Journal of Political Economy, University of Chicago Press, vol. 88(4), pages 673-98, August.
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