| Titre : |
The Adjustment to Commodity Price Shocks in Chile, Colombia, and Peru |
| Type de document : |
document électronique |
| Auteurs : |
Francisco Roch, Auteur |
| Editeur : |
IMF |
| Année de publication : |
September 2017 |
| Collection : |
Working Paper num. 17/208 |
| Importance : |
25 p |
| Langues : |
Anglais (eng) |
| Tags : |
Prix des matières premières Fiscalité Commerce mondial Chili Colombie Pérou |
| Résumé : |
This paper presents a comparative analysis of the macroeconomic adjustment in Chile, Colombia, and Peru to commodity terms-of-trade shocks. The study is done in two steps: (i) an analysis of the impulse responses of key macroeconomic variables to terms-of-trade shocks and (ii) an event study of the adjustment to the recent decline in commodity prices. The experiences of these countries highlight the importance of flexible exchange rates to help with the adjustment to lower commodity prices, and staying vigilant in addressing depreciation pressures on inflation through tightening monetary policies. On the fiscal front, evidence shows that greater fiscal space, like in Chile and Peru, gives more room for accommodating terms-of-trade shocks. |
| En ligne : |
http://www.imf.org/en/Publications/WP/Issues/2017/09/29/The-Adjustment-to-Commod [...] |
The Adjustment to Commodity Price Shocks in Chile, Colombia, and Peru [document électronique] / Francisco Roch, Auteur . - [S.l.] : IMF, September 2017 . - 25 p. - ( Working Paper; 17/208) . Langues : Anglais ( eng)
| Tags : |
Prix des matières premières Fiscalité Commerce mondial Chili Colombie Pérou |
| Résumé : |
This paper presents a comparative analysis of the macroeconomic adjustment in Chile, Colombia, and Peru to commodity terms-of-trade shocks. The study is done in two steps: (i) an analysis of the impulse responses of key macroeconomic variables to terms-of-trade shocks and (ii) an event study of the adjustment to the recent decline in commodity prices. The experiences of these countries highlight the importance of flexible exchange rates to help with the adjustment to lower commodity prices, and staying vigilant in addressing depreciation pressures on inflation through tightening monetary policies. On the fiscal front, evidence shows that greater fiscal space, like in Chile and Peru, gives more room for accommodating terms-of-trade shocks. |
| En ligne : |
http://www.imf.org/en/Publications/WP/Issues/2017/09/29/The-Adjustment-to-Commod [...] |
|
Affiner la recherche
