Taux de change des pays exportateurs de matières premières. L'importance des termes de l'échange et de la monnaie d'ancrage

Virginie Coudert (), Cécile Couharde () and Valérie Mignon ()

Revue économique, 2010, vol. 61, issue 3, 499-509

Abstract: The aim of this paper is to study the impact of terms of trade on real exchange rates for commodity exporters and oil exporters. To this end, we rely on panel cointegration techniques and estimate a long term relationship between the real effective exchange rate and economic fundamentals, including the commodity terms of trade, on the 1980-2007 period. Our findings show that there exists a long term relationship between real exchange rates and commodity prices, but that the former respond to oil price somewhat less than to commodity prices. Our results also indicate that the deviations of some pegged currencies to their equilibrium values mainly come from the wild fluctuations in the key currencies, on which they are anchored. Classification JEL : C23, F31, O13.

JEL-codes: C23 F31 O13 (search for similar items in EconPapers)
Date: 2010
References: Add references at CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://www.cairn.info/load_pdf.php?ID_ARTICLE=RECO_613_0499 (application/pdf)
http://www.cairn.info/revue-economique-2010-3-page-499.htm (text/html)
free

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cai:recosp:reco_613_0499

Access Statistics for this article

More articles in Revue économique from Presses de Sciences-Po
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().