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How Do World Commodity Prices Affect Asian Commodity Exporting Economies?: The Role of Financial Frictions

Shigeto Kitano ()

No DP2020-24, Discussion Paper Series from Research Institute for Economics & Business Administration, Kobe University

Abstract: This note examines how recent volatile fluctuations of world commodity prices due to the COVID-19 shock affect Asian commodity exporting economies. Our analysis shows that a drop in world commodity prices has a significant negative impact on output, consumption, and investment of sample countries. However, the impact on trade balance is positive in some countries and negative in others. The difference between these two groups is attributable to whether world commodity prices affect each country's interest rate spreads.

Keywords: Commodity prices; Asian emerging economies; Financial frictions; SVAR; COVID-19 shock (search for similar items in EconPapers)
JEL-codes: E32 E37 E44 F32 F36 F41 F44 F62 O16 Q43 (search for similar items in EconPapers)
Pages: 20 pages
Date: 2020-08, Revised 2021-02
New Economics Papers: this item is included in nep-int, nep-mac, nep-opm and nep-sea
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