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International trade and investment are key channels for closer economic integration and better material living standards. Empirical work has examined these links. Other work relates to the analysis and assessment of world trade and trade and payments relationships between the OECD and the rest of the world.
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06-Jul-2009
Brazil, like other natural resource exporting countries, has benefited from a sharp increase in commodity prices over the last few years. To investigate the possible impact of terms of trade gains on the real economy, this paper estimates normalised quadratic input demand and output supply functions for the Brazilian economy during 1997-2008.
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06-Jul-2009
The computation of non linear impulse response functions suggests that the system’s history, as well as the sign and magnitude of shocks, affect the current account’s responses to exogenous changes in income, government consumption and investment. In particular, responses to fiscal shocks depend on whether they are positive or negative and whether they follow periods of fiscal expansions or contractions.
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