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E-book
Author Cashin, Paul

Title Keynes, cocoa, and copper : in search of commodity currencies / Paul Cashin, Luis Céspedes, and Ratna Sahay
Published [Washington, D.C.] : International Monetary Fund, ©2002

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Description 1 online resource (63 pages) : illustrations
Series IMF working paper ; WP/02/223
IMF working paper ; WP/02/223.
Summary This paper examines whether the real exchange rates of commodity-exporting countries and the real prices of their commodity exports move together over time. Using IMF data on the world prices of 44 commodities and national commodity export shares, we construct new monthly indices of national commodity export prices for 58 countries over 1980-2002. A long-run relationship between real exchange rates and real commodity prices is found for about two-fifths of the commodity-exporting countries. Also, the behavior of the real exchange rate of commodity currencies is found to be independent of the nominal exchange rate regime. The average half-life of adjustment of real exchange rates to commodity-price-augmented purchasing power parity is found to be about eight months, which is much shorter than Rogoff's (1996) consensus estimate of three to five years, and provides an important missing piece of the PPP puzzle
Bibliography Includes bibliographical references (pages 59-63)
Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL
digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL
Print version record
Subject Foreign exchange rates -- Developing countries
Primary commodities -- Prices -- Developing countries
Purchasing power parity -- Developing countries
Foreign exchange rates
Primary commodities -- Prices
Purchasing power parity
Developing countries
Form Electronic book
Author Céspedes, Luis Felipe
Sahay, Ratna
International Monetary Fund. Research Department.
ISBN 1283515067
9781283515061