What should be the appropriate macroeconomic policy to minimize the volatility of output in a resource-based economy, i.e. in an economy that is highly dependent on export of resources with very volatile world prices? This paper examines the sources of volatility of output in Russia as compared to other countries and concludes that in 1994-2004 volatility of Russian growth rates was mostly asso...

Economists generally pay little attention to the effects of liberal trade policies on the internal geography of countries. This paper presents a fully operational interstate CGE model implemented for the Brazilian economy that examines how the distribution of the economic activity may change as the country opens up to foreign trade. Among the distinctive features embedded in the model, modeling...

This study aims to influence domestic beef prices, foreign prices and exchange rates on Indonesian imports. The data used in this is secondary from 1996-2020 obtained the World Bank, Central Statistics Agency Ministry of Agriculture. analysis method Multiple Linear Regression Analysis using Eviews Software. results prove that partially Domestic Beef Price has a significant effect Imports Indone...

W hether the United Kingdom (UK) should remain in the European Union (EU) or not has been a fiercely debated issue both before and after the referendum in the UK on June 23, 2016. The main purpose of this paper is to evaluate the pros and cons of the UK leaving the EU. It is concluded that if the UK leaves the EU, the resulting economic shock would risk adverse effects on macroecono...

This paper shows empirically that China’s trade balance is sensitive to fluctuations in the real effective exchange rate of the renminbi. However, the current size of the trade surplus is such that exchange rate policy alone will probably not be able to address the imbalance. The potential reduction in the trade surplus resulting from an increase in the renminbi exchange rate is limited mainly ...

We provide novel evidence of priced correlation risk in the foreign exchange market. Currencies that perform badly (well) during periods of high exchange rate correlation have high (low) average returns. We also show that high (low) interest rate currencies have high (low) correlation risk exposure, providing a risk-based justification for the carry trade. To address our empirical findings, we ...

This paper tests for the production complementarity between firms’ access to high-quality intermediate inputs and their skill composition joint impact on output quality. Using census data at firm-product level Ecuador 1997–2007, we exploit exogenous tariff changes Ecuador’s entry World Trade Organization show that input cuts allow firms upgrade Next, demonstrate by means of within-firm instrume...

This study investigates the real effects of exchange rate changes on exports with three key features; pricing in a dominant currency like US dollar, imported intermediary use production, and dependent major demanded countries. We test longitudinal rates using data set both gross value-added bilateral exports. The finding distinguishes positive panel effect dollar depreciation due to liquidity f...

How globalization and international trade affect sustainable development and environment has attracted worldwide attention. Associated with the import and export of primary commodities, ecologically important materials have been exchanged among regions and countries. China, having the largest population in the world and the highest economic growth rate in last decades, may have an important inf...