tesis de maestría
Global conditions and asymmetric effects of commodity price shocks in emerging economies
Fecha
2021Registro en:
10.7764/tesisUC/ECO/63295
Autor
Herrera Manríquez, Vicente
Institución
Resumen
Emerging market economies, especially those considered commodity-exporters, are significantly influenced by shocks to commodity prices. While small open economy models have emphasized the link between commodity prices and financial conditions, none of the previous works has analyzed the potential non-linear effects induced by commodity price shocks. Using a non-linear panel fixed-effects local projections model, I show that emerging economies’ business cycles exhibit a sign-dependent asymmetry in response to commodity terms of trade shocks. Both global financial conditions and the state of the global economy are important to explain this asymmetric behavior.