A Structural Analysis of Commodity Price Fluctuations and Fiscal Performance - See more at: https://publications.iadb.org/handle/11319/9063#sthash.8pk0Pqna.dpuf

Hernaiz, Daniel

doi:10.18235/0001272

Cited by 2 publications

(6 citation statements)

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“…It appears that these responses are statistically significant except for the real exchange rate as reflected by the confidence intervals. Our results are in line with Hernaiz, Miller and Pedroni (2018) and Roch (2019) finding on GDP response to commodity price shocks. They are also in line with Medina (2010, 2016) and Chuku, Simpasa and Oduor (2018) findings on fiscal variables’ response to commodity price shocks.…”

Section: Results and Discussion: Impulse Responses Function Analysissupporting

confidence: 92%

“…We use a heterogeneous panel SVAR approach developed by Pedroni (2013) and applied in various works, including Mishra et al (2014), Verdugo-Yepes, Pedroni and Hu (2015), Bhattacharya et al (2018), and Roch (2019). Appendix 2 reports more details on this approach.…”

Section: Methodsmentioning

confidence: 99%

“…The heterogeneous panel SVAR approach exploits the orthogonality associated with VARs to decompose shocks at different levels of panel aggregation. The approach takes into account the heterogeneity of panel members’ dynamic responses and the cross-sectional dependence between panel members (Hernaiz, Miller and Pedroni 2018). Panel SVAR approach takes into account idiosyncratic versus common structural shock responses while allowing for full heterogeneity in response dynamics across members.…”

Section: Methodsmentioning

confidence: 99%

“…Panel SVAR approach takes into account idiosyncratic versus common structural shock responses while allowing for full heterogeneity in response dynamics across members. Our approach is similar to that of Hernaiz, Miller and Pedroni (2018) and Roch (2019). Thus, the artificial form of the heterogeneous panel structure is specified by Pedroni as follows: Where Equation (1) is essential to understand the heterogeneity introduced in the dynamic structure of the panel.…”

Section: Methodsmentioning

confidence: 99%

“…This dependence on the production and export of commodities makes African countries vulnerable to the instability of world commodity prices, which is a fact of our time. The fact that commodity prices are subject to potentially large changes at yearly and higher frequencies generates a challenge for African countries (Hernaiz, Miller and Pedroni 2018). In particular, fiscal spaces are thus subject to fluctuations in commodity prices.…”

Section: Introductionmentioning

confidence: 99%

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Effect of International Commodity Price Shocks on Public Finances in Africa

Diarra

2022

Public Finance Review

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This paper empirically investigates the macroeconomic responses to commodity price shocks with a focus on fiscal variables in a sample of thirty-three African commodity-dependent countries. Using the heterogeneous panel structural vector autoregressive (SVAR) approach developed by Pedroni, we find that government revenues as well as government expenditures react to commodity export prices shock. However, there is a large degree of heterogeneity across countries. Following country characteristics, we find that the response of fiscal variables is higher for countries dependent on extractive commodities than those dependent on agricultural ones. We also highlight the benefits of flexible exchange rate regimes for accommodating external shocks and ensuring macroeconomic stability, which in turn is beneficial to government revenue mobilization. Our results suggest that the African government should seize commodities as an opportunity and increase their efforts in revenue mobilization during price booms and make a productive investment to isolate their finances from commodity price collapses.

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Section: Results and Discussion: Impulse Responses Function Analysissupporting

confidence: 92%

Section: Methodsmentioning

confidence: 99%

Section: Methodsmentioning

confidence: 99%

Section: Methodsmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Effect of International Commodity Price Shocks on Public Finances in Africa

Diarra

2022

Public Finance Review

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Convergent evolution of giant size in eurypterids

Ruebenstahl,

Mongiardino Koch,

Lamsdell

et al. 2024

Proc. R. Soc. B.

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Eurypterids—Palaeozoic marine and freshwater arthropods commonly known as sea scorpions—repeatedly evolved to remarkable sizes (over 0.5 m in length) and colonized continental aquatic habitats multiple times. We compiled data on the majority of eurypterid species and explored several previously proposed explanations for the evolution of giant size in the group, including the potential role of habitat, sea surface temperature and dissolved sea surface oxygen levels, using a phylogenetic comparative approach with a new tip-dated tree. There is no compelling evidence that the evolution of giant size was driven by temperature or oxygen levels, nor that it was coupled with the invasion of continental aquatic environments, latitude or local faunal diversity. Eurypterid body size evolution is best characterized by rapid bursts of change that occurred independently of habitat or environmental conditions. Intrinsic factors played a major role in determining the convergent origin of gigantism in eurypterids.

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A Structural Analysis of Commodity Price Fluctuations and Fiscal Performance - See more at: https://publications.iadb.org/handle/11319/9063#sthash.8pk0Pqna.dpuf

Cited by 2 publications

References 0 publications

Effect of International Commodity Price Shocks on Public Finances in Africa

Effect of International Commodity Price Shocks on Public Finances in Africa

Convergent evolution of giant size in eurypterids

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