Trends And Cycles In The Net Barter Terms Of Trade For Sub-Saharan Africa's Primary Commodity Exporters

Imhotep Alagidede ()

Journal of Developing Areas, 2012, vol. 46, issue 2, 213-229

Abstract: Globalization of the early 1990s is thought to have caused the loss of monetary-policy independence in India. I find that India's monetary-policy independence is anchored in the exchange-rate regime along with its state of foreign-exchange reserves, and not necessarily in globalization per se. India significantly followed US interest rates even in the absence of globalization in the 1960s when the country faced foreign-exchange constraints and maintained a fixed exchange rate. From the mid 1970s to the early 1990s, India exercised monetary-policy independence under a floating exchange-rate regime. The loss of monetary-policy independence since the early 1990s is not attributable to globalization per se, but mainly to the stable exchange-rate policy of India, which heavily resembles the policy of the 1960s.

Keywords: Terms of Trade; Sub-Saharan Africa; Trends; Cycles; Unobserved Components (search for similar items in EconPapers)
JEL-codes: C51 E32 Q11 (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:jda:journl:vol.46:year:2012:issue2:pp:213-229

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