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UID:event-9975@amse-aixmarseille.fr
DTSTAMP:20260430T130820Z
CREATED:20260430T130820Z
LAST-MODIFIED:20260430T130820Z
STATUS:CONFIRMED
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SUMMARY:French-Japanese webinar - Erica Perego
DTSTART:20230421T080000Z
DTEND:20230421T090000Z
DESCRIPTION:With commodities becoming international financial securities\, 
 commodity prices are affected by the international financial cycle. With th
 is evidence in mind\, this paper reconsiders the macroeconomic adjustment o
 f developing commodity-exporting countries to changes in world interest rat
 es. We proceed by building a model of a small open economy that produces a 
 non-tradable good and a storable tradable commodity. The difference with st
 andard models of small open economies lies in the endogenous response of co
 mmodity prices which -due to commodity storage- adjust to variations in int
 ernational interest rates. We find that the endogenous response of commodit
 y prices amplifies the reaction of commodity exporting countries to interna
 tional monetary shocks. This suggests that commodity exporting countries ar
 e more vulnerable to unfavourable international monetary disturbances than 
 other small open economies. In particular\, through the commodity price cha
 nnel\, even those small open commodity-exporting economies that are disconn
 ected from international financial markets can be affected by the internati
 onal financial cycle.\\n\\nContact: Gilles Dufrénot: gilles.dufrenot[at]sc
 iencespo-aix.frKiyotaka Sato: sato[at]ynu.ac.jp\n\nPlus d'informations: ht
 tps://amse-aixmarseille.fr/en/events/erica-perego-2
URL;VALUE=URI:https://amse-aixmarseille.fr/en/events/erica-perego-2
CONTACT:Gilles Dufrénot: gilles.dufrenot[at]sciencespo-aix.frKiyotaka Sato
 :&nbsp\;sato[at]ynu.ac.jp
TRANSP:OPAQUE
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