International Macroeconomics

Argy, Victor

doi:10.4324/9780203086308

Cited by 7 publications

(7 citation statements)

References 11 publications

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“…Thus, it is a common consideration in other studies on regions or small countries within a common monetary area (Alberola & Marqués, 1999;Argy, 1994;Barro, 1997) that increases …”

Section: Reasons For the Shift In The Inflationary Patternmentioning

confidence: 98%

The land of “oenoeuros”. Wine as the source of regional inflation: the peculiar case of Rioja

Larreina

Gómez‐Bezares

2012

Journal of Wine Research

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How can wine affect the economy of a wine-producing region? Can it produce effects like those experienced in oil-producing countries? Those are the questions addressed in this paper, using Rioja as a case study. During the millennium period, while a structural change was taking place in Rioja wine cluster, Rioja's inflationary pattern also varied from its historical behaviour. While having less inflation than the Spanish average in the 1980s and early 1990s, the Rioja region became the most inflationary Spanish region in the millennium period. Simultaneously, the Riojan wine cluster enjoyed higher recognition in global markets, which encouraged new investments, the growth of the surface under vines and both a higher productivity and higher prices. This paper argues that the unprecedented growth of vinegrowing incomes in the period 1995-2007 determined the consumption made by grape producers' households, and consequently, they also influenced price dynamics in Rioja.

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“…Thus, it is a common consideration in other studies on regions or small countries within a common monetary area (Alberola & Marqués, 1999;Argy, 1994;Barro, 1997) that increases …”

Section: Reasons For the Shift In The Inflationary Patternmentioning

confidence: 98%

The land of “oenoeuros”. Wine as the source of regional inflation: the peculiar case of Rioja

Larreina

Gómez‐Bezares

2012

Journal of Wine Research

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“…The M-L condition states (Goldstein & Khan 1985;Argy 1994), that exchange rate volatility yields changes in a country's trade flows, ultimately affecting its current account balance, and the price elasticities of imports and exports are what determine the magnitude of the changes in the current account. The M-L condition is said to hold when the sum of the absolute values of these elasticities is greater than unity (Bahmani-Oskooee 1998).…”

Section: Literature Reviewmentioning

confidence: 99%

Real Exchange Rate Volatility on the Short- and Long-Run Trade Dynamics in Colombia

Cao-Alvira

2014

The International Trade Journal

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The short-and long-run implications of real exchange rate volatility on Colombian bilateral trade commodities and noncommodities with its major trade partners are analyzed from the perspectives of the Marshall-Lerner condition, a cointegration relation with other aggregate variables, and the J-curve hypothesis. Long-run equilibrium on the Colombian bilateral balance of trade with a country is more common when the trade volume is denominated in terms of one of the world's main currencies-as is the case of commodity trade and trade with a country whose national currency is one of these currencies. No evidence of the J-curve was found in any of the analyzed Colombian bilateral balances of trade. Opposite to the predictions of the J-curve hypothesis, more common are the scenarios of short-run improvements in the bilateral trade balances following a devaluation than are those with instantaneous declines. Improvements in the terms of trade are found to have a long-run deteriorating impact on the Colombian balance of trade, especially in the case of non-commodity trade. Policy makers should consider that continuous improvements in the Colombian terms of trade, as the ones recently observed, will ultimately be a detriment to the country's current balance of trade surplus.

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“…3 Since the curb market rate of interest is the true opportunity cost of the asset market, its movement relative to the world rate of interest determines the direction of capital flows (see Nag (2000)). Moreover, the expected rate of exchange rate depreciation has been assumed to be zero, just as a simplification, simply because in our model expectations are exogenous (see Argy (1994) for details).…”

Section: Figurementioning

confidence: 99%

“…Hence, the UMM rate of interest appears as an argument in both the aggregate demand and aggregate supply side of the model. Argy (1994). The basic structure of the economy can be laid out by considering four interrelated markets, namely, the labour, commodity, money and foreign exchange markets.…”

Section: The Modelmentioning

confidence: 99%

Financial liberalisation and inflationary dynamics in the context of a small open economy

Gupta

2014

SAJEMS

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This paper develops a short-term model of a small open financially repressed economy characterised by unorganised money markets, intermediate goods imports, capital mobility and flexible exchange rates. The analysis shows that financial liberalisation, in the form of increased rate of interest on deposits and tight monetary policy, causes deflation for an economy with a high degree of capital mobility. However, for economies with a low degree of capital mobility, the possibility of stagflation cannot be ruled out. These results suggest that financial liberalisation in the form of lower reserve requirements should be recommended for economies with restricted transactions in the capital account. JEL E31, E44, E52, F41

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International Macroeconomics

Cited by 7 publications

References 11 publications

The land of “oenoeuros”. Wine as the source of regional inflation: the peculiar case of Rioja

The land of “oenoeuros”. Wine as the source of regional inflation: the peculiar case of Rioja

Real Exchange Rate Volatility on the Short- and Long-Run Trade Dynamics in Colombia

Financial liberalisation and inflationary dynamics in the context of a small open economy

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