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The aim of this paper is to investigate whether there exists a long‐run relationship between the real exchange rate and the commodity terms of trade in the so‐called Mediterranean or MENA countries. These economies are good candidates for this type of formulation, as are commodity exporting countries. Using cointegration techniques, we find long‐run relationships linking the real exchange rate and a commodity‐based measure of the terms of trade. Therefore, commodity terms of trade are a potential explanation for the apparent nonstationarity of MENA countries’ real exchange rates previously found in the empirical literature. 相似文献
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THE ECONOMICS OF CHAOS OR THE CHAOS OF ECONOMICS 总被引:1,自引:0,他引:1
THIS PAPER gives a simple account of non-linear dynamics, focussingon cycles and chaos. There is a survey of economic models whichinvolve chaos. The case where a chaotic system is subject toexogenous random shocks is discussed. 相似文献
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Many commentators purport to use the Kemp-Wan Theorem to discussthe effects of regional integration schemes on non-member countries,and to operationalize the theorem in terms of the share of membercountries' imports coming from non-members I show that Kempand Wan say nothing about changes in non-member welfare andthat the latter is more closely related to non-members' importsthan to their shares of members' markets I suggest that a newapproach to this issue is required 相似文献
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6月8日,大型交响诗画《我们珍爱海洋》,在充满敬意的掌声和欢呼声中落下帷幕。作为2011年世界海洋日暨全国海洋宣传日活动压轴戏,这台别具匠心的艺术晚会,带给人们潮汐一样的震撼和冲击。 相似文献