Macroeconomic Effects of the Terms of Trade Shocks: Evidence from OPEC
Publish place: International Economics Studies، Vol: 37، Issue: 2
Publish Year: 1390
نوع سند: مقاله ژورنالی
زبان: English
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شناسه ملی سند علمی:
JR_IESUI-37-2_004
تاریخ نمایه سازی: 31 فروردین 1400
Abstract:
This paper evaluates the impact of the positive terms of trade (TOT) Shock on macroeconomic variables, using panel data for the six OPEC major oil exporting countries during 1989-2005. The findings indicate that the positive TOT shocks have the small and negative impact on savings and on the trade balance. Nevertheless, it has a positive impact on investment (specifically private investment) and on consumption (specifically government consumption). Furthermore, since these countries are the prime importer of capital goods, the Dutch Disease effects in response to real exchange rate appreciations are weakening. JEL Classification : F41, F43
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Authors
Zahra Afshari
Tehran
Somayeh Sadeghi
University of Mazandaran, Babolsar