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The accommodation of terms of trade shocks under different exchange rate regimes
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Resumo(s)
Using a panel of 40 emerging economies along the period from 2000 to 2019, we assess whether
the short-term adjustment of per capita income to an estimated long-run path in response to a
terms of trade shock is conditional on the exchange rate regime. We find that countries under
crawling peg tend to be more affected by terms of trade shocks. Our findings are mixed, not
giving a clear support to the conventional wisdom that floating regimes provide a better
insulation of domestic output to terms of trade shocks than fixed exchange rate regimes. Our
model was estimated correcting for heteroskedasticity and autocorrelation.
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Palavras-chave
Exchange rate regimes Terms of trade Growth Emerging economies