Global Shocks and Emerging Economies: Disentangling the Commodity Roller Coaster

Detalhes bibliográficos
Autor(a) principal: Ferreira, Mauro Sayar
Data de Publicação: 2023
Outros Autores: Valério, André Cordeiro
Tipo de documento: Artigo
Idioma: por
Título da fonte: Revista Brasileira de Economia (Online)
Texto Completo: https://periodicos.fgv.br/rbe/article/view/82691
Resumo: Shocks in commodity prices are viewed as a major driver of emerging economies’ business cycle. We show this is not the case for Brazil, Chile, Colombia, and Peru when a structural vector autoregressive model accounts for macro-finance linkages at world and domestic levels. The presence of a global financial variable modifies established results as it endogenously influences commodity prices. Global demand shocks have been the main external driver of the business cycle in Brazil, Chile, and Peru, while global economic uncertainty shocks have been the main international driver of the Colombian GDP.
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spelling Global Shocks and Emerging Economies: Disentangling the Commodity Roller CoasterGlobal shocks in emerging economies: An empirical investigationglobal shocksbusiness cycleuncertaintycommodity pricesovereign spreadSVARShocks in commodity prices are viewed as a major driver of emerging economies’ business cycle. We show this is not the case for Brazil, Chile, Colombia, and Peru when a structural vector autoregressive model accounts for macro-finance linkages at world and domestic levels. The presence of a global financial variable modifies established results as it endogenously influences commodity prices. Global demand shocks have been the main external driver of the business cycle in Brazil, Chile, and Peru, while global economic uncertainty shocks have been the main international driver of the Colombian GDP.EGV EPGE2023-02-06info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionArticlesArtigosapplication/pdfhttps://periodicos.fgv.br/rbe/article/view/82691Revista Brasileira de Economia; Vol. 76 No. 3 (2022): JUL - SETRevista Brasileira de Economia; v. 76 n. 3 (2022): JUL - SET1806-91340034-7140reponame:Revista Brasileira de Economia (Online)instname:Fundação Getulio Vargas (FGV)instacron:FGVporhttps://periodicos.fgv.br/rbe/article/view/82691/83516Copyright (c) 2022 Revista Brasileira de Economiainfo:eu-repo/semantics/openAccessFerreira, Mauro SayarValério, André Cordeiro2023-02-24T18:44:20Zoai:ojs.periodicos.fgv.br:article/82691Revistahttps://periodicos.fgv.br/rbe/https://periodicos.fgv.br/rbe/oai||rbe@fgv.br1806-91340034-7140opendoar:2024-03-06T13:03:52.562371Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)true
dc.title.none.fl_str_mv Global Shocks and Emerging Economies: Disentangling the Commodity Roller Coaster
Global shocks in emerging economies: An empirical investigation
title Global Shocks and Emerging Economies: Disentangling the Commodity Roller Coaster
spellingShingle Global Shocks and Emerging Economies: Disentangling the Commodity Roller Coaster
Ferreira, Mauro Sayar
global shocks
business cycle
uncertainty
commodity price
sovereign spread
SVAR
title_short Global Shocks and Emerging Economies: Disentangling the Commodity Roller Coaster
title_full Global Shocks and Emerging Economies: Disentangling the Commodity Roller Coaster
title_fullStr Global Shocks and Emerging Economies: Disentangling the Commodity Roller Coaster
title_full_unstemmed Global Shocks and Emerging Economies: Disentangling the Commodity Roller Coaster
title_sort Global Shocks and Emerging Economies: Disentangling the Commodity Roller Coaster
author Ferreira, Mauro Sayar
author_facet Ferreira, Mauro Sayar
Valério, André Cordeiro
author_role author
author2 Valério, André Cordeiro
author2_role author
dc.contributor.author.fl_str_mv Ferreira, Mauro Sayar
Valério, André Cordeiro
dc.subject.por.fl_str_mv global shocks
business cycle
uncertainty
commodity price
sovereign spread
SVAR
topic global shocks
business cycle
uncertainty
commodity price
sovereign spread
SVAR
description Shocks in commodity prices are viewed as a major driver of emerging economies’ business cycle. We show this is not the case for Brazil, Chile, Colombia, and Peru when a structural vector autoregressive model accounts for macro-finance linkages at world and domestic levels. The presence of a global financial variable modifies established results as it endogenously influences commodity prices. Global demand shocks have been the main external driver of the business cycle in Brazil, Chile, and Peru, while global economic uncertainty shocks have been the main international driver of the Colombian GDP.
publishDate 2023
dc.date.none.fl_str_mv 2023-02-06
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Articles
Artigos
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://periodicos.fgv.br/rbe/article/view/82691
url https://periodicos.fgv.br/rbe/article/view/82691
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://periodicos.fgv.br/rbe/article/view/82691/83516
dc.rights.driver.fl_str_mv Copyright (c) 2022 Revista Brasileira de Economia
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2022 Revista Brasileira de Economia
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv EGV EPGE
publisher.none.fl_str_mv EGV EPGE
dc.source.none.fl_str_mv Revista Brasileira de Economia; Vol. 76 No. 3 (2022): JUL - SET
Revista Brasileira de Economia; v. 76 n. 3 (2022): JUL - SET
1806-9134
0034-7140
reponame:Revista Brasileira de Economia (Online)
instname:Fundação Getulio Vargas (FGV)
instacron:FGV
instname_str Fundação Getulio Vargas (FGV)
instacron_str FGV
institution FGV
reponame_str Revista Brasileira de Economia (Online)
collection Revista Brasileira de Economia (Online)
repository.name.fl_str_mv Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)
repository.mail.fl_str_mv ||rbe@fgv.br
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