The effects of commodity price shocks on economic sectors: A comparative study of metal exporters = Efectos de los shocks de los precios de los comodities en los sectores de la economía: Un estudio comparativo de exportadores de metales

This study investigates the effect of commodity price volatility on sectoral production for three main metal exporters: Australia, Chile, and South Africa. Using quarterly data of the real value added per industry from 1994 to 2015, I perform a SVAR model to analyse the impulse response functions of...

Descripción completa

Detalles Bibliográficos
Autor Principal: Rocha Aponte, Fabián
Formato: Trabajo de grado (Bachelor Thesis)
Lenguaje:Desconocido (Unknown)
Publicado: 2016
Materias:
Acceso en línea:http://babel.banrepcultural.org/cdm/ref/collection/p17054coll23/id/859
id ir-p17054coll23-859
recordtype dspace
spelling ir-p17054coll23-8592017-12-19 The effects of commodity price shocks on economic sectors: A comparative study of metal exporters = Efectos de los shocks de los precios de los comodities en los sectores de la economía: Un estudio comparativo de exportadores de metales Rocha Aponte, Fabián This study investigates the effect of commodity price volatility on sectoral production for three main metal exporters: Australia, Chile, and South Africa. Using quarterly data of the real value added per industry from 1994 to 2015, I perform a SVAR model to analyse the impulse response functions of each industry to a 1% metal commodity price shock. The results show that each country behaves idiosyncratically with the greatest sectoral responses for the construction sector in South Africa, the trade sector in Chile, and the manufacturing sector in Australia. However, some patterns arise across the sample. First, there is no evidence of de-industrialization in the short run given a commodity boom. Second, services and trade sectors seem to benefit from commodity price shocks. Third, the short run impact of the mining sector reflects production capacity constraints and cost structure in the industry. Finally, the overall assessment of the sectoral impact argues against the resource curse hypothesis in the short run as most industries seem to improve their production given an external shock in commodity prices. The increase in each sector after a price shock could came by three channels: the interdependence of other industries with the mining sector, the increase on internal demand due to the increase in private consumption, and the increase of public spending. The results of this study could potentially inform economic policies that allow developing countries that rely on mining activities to shield themselves from price shocks. Commodity shocks; Metal exporters; Resource curse; Economic growth; Time series; Commodity shocks; Exportadores de metal; Maldición de los recursos naturales; Crecimiento economico; Series de tiempo Ciencias sociales; Ciencias sociales / Economía 2016 PDF Tesis ENG - Inglés Australia; Chile; Sudáfrica Colfuturo © Derechos reservados del autor http://babel.banrepcultural.org/cdm/ref/collection/p17054coll23/id/859
institution Biblioteca Virtual Banco de la República - Colecciones digitales
collection Custom
language Desconocido (Unknown)
topic Commodity shocks; Metal exporters; Resource curse; Economic growth; Time series; Commodity shocks; Exportadores de metal; Maldición de los recursos naturales; Crecimiento economico; Series de tiempo
Ciencias sociales; Ciencias sociales / Economía
spellingShingle Commodity shocks; Metal exporters; Resource curse; Economic growth; Time series; Commodity shocks; Exportadores de metal; Maldición de los recursos naturales; Crecimiento economico; Series de tiempo
Ciencias sociales; Ciencias sociales / Economía
Rocha Aponte, Fabián
The effects of commodity price shocks on economic sectors: A comparative study of metal exporters = Efectos de los shocks de los precios de los comodities en los sectores de la economía: Un estudio comparativo de exportadores de metales
description This study investigates the effect of commodity price volatility on sectoral production for three main metal exporters: Australia, Chile, and South Africa. Using quarterly data of the real value added per industry from 1994 to 2015, I perform a SVAR model to analyse the impulse response functions of each industry to a 1% metal commodity price shock. The results show that each country behaves idiosyncratically with the greatest sectoral responses for the construction sector in South Africa, the trade sector in Chile, and the manufacturing sector in Australia. However, some patterns arise across the sample. First, there is no evidence of de-industrialization in the short run given a commodity boom. Second, services and trade sectors seem to benefit from commodity price shocks. Third, the short run impact of the mining sector reflects production capacity constraints and cost structure in the industry. Finally, the overall assessment of the sectoral impact argues against the resource curse hypothesis in the short run as most industries seem to improve their production given an external shock in commodity prices. The increase in each sector after a price shock could came by three channels: the interdependence of other industries with the mining sector, the increase on internal demand due to the increase in private consumption, and the increase of public spending. The results of this study could potentially inform economic policies that allow developing countries that rely on mining activities to shield themselves from price shocks.
format Trabajo de grado (Bachelor Thesis)
author Rocha Aponte, Fabián
author_facet Rocha Aponte, Fabián
author_sort Rocha Aponte, Fabián
title The effects of commodity price shocks on economic sectors: A comparative study of metal exporters = Efectos de los shocks de los precios de los comodities en los sectores de la economía: Un estudio comparativo de exportadores de metales
title_short The effects of commodity price shocks on economic sectors: A comparative study of metal exporters = Efectos de los shocks de los precios de los comodities en los sectores de la economía: Un estudio comparativo de exportadores de metales
title_full The effects of commodity price shocks on economic sectors: A comparative study of metal exporters = Efectos de los shocks de los precios de los comodities en los sectores de la economía: Un estudio comparativo de exportadores de metales
title_fullStr The effects of commodity price shocks on economic sectors: A comparative study of metal exporters = Efectos de los shocks de los precios de los comodities en los sectores de la economía: Un estudio comparativo de exportadores de metales
title_full_unstemmed The effects of commodity price shocks on economic sectors: A comparative study of metal exporters = Efectos de los shocks de los precios de los comodities en los sectores de la economía: Un estudio comparativo de exportadores de metales
title_sort effects of commodity price shocks on economic sectors: a comparative study of metal exporters = efectos de los shocks de los precios de los comodities en los sectores de la economía: un estudio comparativo de exportadores de metales
publishDate 2016
url http://babel.banrepcultural.org/cdm/ref/collection/p17054coll23/id/859
_version_ 1682453367273553920
score 11,489418