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Discussion Paper
Global Remittances Cycle
Workers' remittances, the earnings sent home by migrant workers abroad, play a crucial role in supporting the economies of developing countries. Remittances enable lower-income households in developing nations to secure access to essential needs such as food, housing, education and healthcare services.
Discussion Paper
Commodity terms of trade uncertainty and economic activity in emerging economies
It has been extensively documented that medium and low-income countries tend to experience substantially more volatile business cycles than their more developed counterparts. Given their reliance on commodities, emerging economies are highly exposed to fluctuations in their terms of trade (the price of a country's export prices relative to its import prices). This note seeks to document and quantify the effects of time-varying uncertainty of commodity terms of trade on aggregate economic activity in developing countries.
Discussion Paper
Monetary Policy Stance and Commodity Cycles in Emerging Economies
Emerging market economies, particularly those that depend heavily on commodity exports, have long been characterized by more volatile and disruptive business-cycle dynamics than their advanced-economy counterparts. A large literature has studied the drivers of these fluctuations, including total factor productivity shocks, world interest rate shocks, and terms-of-trade disturbances.