Commodity Currencies and the Real Exchange Rate

Este documento examina si el tipo de cambio real de paises exportadores de commodities y el precio real de estas se mueven juntos a lo largo del tiempo. Usando informacion del FMI sobre los precios mundiales de 44 commodities y su participacion en las exportaciones totales de 58 paises exportadores de commodities se construyen nuevos indices mensuales para el precio de las exportaciones de estos paises en el periodo 1980-2002. Se encuentra evidencia de una relacion de largo plazo entre el tipo de cambio real y el precio de commodities para cerca de un tercio de los paises considerados. Para estos paises, el tipo de cambio real de largo plazo esta determinado principalmente por los movimientos en el precio real de las exportaciones de bienes primarios

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