In recent decades the weight of exports in economic activity has been increasing. Hence great importance is given to analysing the determinants of their behaviour. When such analysis is carried out, it often considers the determining variables to be only those that affect export demand, particularly competitiveness and external demand. Thus it does not take into account the factors that can inf...

This paper deals with an empirical analysis of international trade data from EUROSTAT where the export of red wine from France, Italy and Spain to Belgium, Denmark, Japan, The Netherlands, UK and USA is investigated. Using monthly data from 1993:1 to 1998:12, trade flows, measured in quantities of red wine, from France, Italy and Spain to the before-mentioned countries are compared. The wine tr...

In this paper, we analyze how lack of credibility and transparency of monetary and fiscal policies undermines the effectiveness of macroeconomic policies to isolate the economy from commodity price fluctuations. We develop a general equilibrium model for a commodity exporting economy where macro policies are conducted through rules. We show that the responses of output, aggregate demand, and in...

We assess the impact of the opium trade on the economies of colonial Malaya, Netherlands Indies, and China from 1873 to 1911 using a new database of stock and commodity prices, plus measures of government revenues, commodity exports, and immigration. Stock returns for a few Malayan industries related to international trade are significantly correlated with opium price changes, as are prices for...

Acute volatile movements in primary commodity prices have drawn enough interests from empirical researchers. Exports of these commodities account for the bulk of export earnings of developing countries. The traditional demand based framework has been unable to explain the marked deterioration in these prices during 1980s. This paper tries to ascertain the role played by real oil prices in expla...