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Central banks' interest rate and international trade in BRIC countries: Agriculture vs machinery industry?

  • Borodin, Konstantin
  • Strokov, Anton

The paper investigates interrelations between the dynamics of national central banks' interest rates and international trade within the BRIC countries. It shows that countries with lower interest rates experience growth of the share of machinery industry exports rather than agriculture and food products, and, on the contrary, in countries with higher interest rates the share of agriculture and food exports increases and the share of machinery industry products declines. The investigation has shown that a relative shift in the interest rate can affect the specialization of countries.

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File URL: http://econstor.eu/bitstream/10419/50792/1/670800821.pdf
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Paper provided by Leib­niz Institute of Agricultural Development in Central and Eastern Europe (IAMO) in its series IAMO Forum 2011: Will the "BRICs Decade" Continue? – Prospects for Trade and Growth with number 18.

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Date of creation: 2011
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Handle: RePEc:zbw:iamo11:18
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  1. Caballero, Ricardo J. & Farhi, Emmanuel & Gourinchas, Pierre-Olivier, 2008. "An Equilibrium Model of "Global Imbalances" and Low Interest Rates," Scholarly Articles 3229094, Harvard University Department of Economics.
  2. Aron, Janine & Muellbauer, John, 2002. "Interest Rate Effects on Output: Evidence from a GDP Forecasting Model for South Africa," CEPR Discussion Papers 3595, C.E.P.R. Discussion Papers.
  3. Albu, Lucian-Liviu, 2010. "Scenarios for post-crisis period based on a set of presumed changes in the interest rate – investment – GDP growth relationship," MPRA Paper 32753, University Library of Munich, Germany.
  4. Pablo A. Neumeyer & Fabrizio Perri, 2004. "Business cycles in emerging economies: the role of interest rates," Staff Report 335, Federal Reserve Bank of Minneapolis.
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