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Google圖書搜尋
The Long-run Behaviour of the Terms of Trade Between Primary Commodities and Manufactures
Jesús G. Otero
Ana María Iregui-Bohórquez
其他書名
A Panel Data Approach
出版
WIDER
, 2011
ISBN
9292304380
9789292304386
URL
http://books.google.com.hk/books?id=tP2yzQEACAAJ&hl=&source=gbs_api
註釋
This study examines the Prebisch and Singer hypothesis using a panel of 24 commodity prices from 1900 to 2010. The modelling approach stems from the need to meet two key concerns: (1) the presence of cross-sectional dependence among commodity prices; and (2) the identification of potential structural breaks. To address these concerns, the Hadri and Rao test (2008) is employed. The findings suggest that all commodity prices exhibit a structural break at different locations across series, and that support for the Prebisch and Singer hypothesis is mixed. Once the breaks are removed from the underlying series, the persistence of commodity price shocks is shorter than that obtained in other studies using alternative methodologies. -- Prebisch and Singer hypothesis ; panel stationarity