Las bolsas de productos básicos de los países desarrollados y las exportaciones de América Latina y el Caribe = The commodity exchange of the developed countries and Latin American and Caribbean exports

Incluye Bibliografía

La bolsa de café, azúcar y cacao y su incidencia en las exportaciones de América Latina y el Caribe = The coffee, sugar and cocoa exchange and its impact on exports from Latin America and the Caribbean

Incluye Bibliografía

Exchange and Cooperation Programme CELADE

El informe describe las actividades desarrolladas bajo el Programa de Intercambio y Cooperacion CELADE-Canada II (CCII) durante el periodo enero-marzo de 1989, en sus tres componentes: a) cooperacion tecnica, ensenanza e investigacion, centradas en encuestas demograficas nacionales, encuestas de migracion interna, uso y generacion de informacion en poblacion, estudios integrados sobre poblacion y desarrollo, cursos nacionales sobre la integracion de las variables demograficas en la planificacion, programas de estudios demograficos, cursos sobre tecnicas de analisis demografico, talleres, seminarios y publicaciones; b) intercambio, incluyendo el apoyo a estudiantes latinoamericanos en universidades canadienses, contratacion de personal canadiense y profesores visitantes; c) apoyo a programas, a traves de personal tecnico, servicios de computacion, materiales y equipos.

A first approach to the impact of the real exchange rate on industrial sectors in Colombia

Much has been said about possible symptoms of Dutch disease in Colombia in the wake of a marked upsurge in commodity prices and the significant real appreciation of the national currency. This paper examines whether the real effective exchange rate had an impact on industry during the period 2000-2010. Specifically, it evaluates the effect of the appreciation of the real exchange rate on the value added of 63 industrial sectors in Colombia using the Arellano and Bond (1991) generalized method of moments (gmm) estimator. Overall, our results confirm a negative relationship between real exchange rate appreciation and industry. The analysis showed that real exchange rate appreciation had a significant impact on the value added of 21 sectors: a negative effect for 18 sectors and a positive effect for 3 sectors.

Pricing and spread components at the Lima Stock Exchange

This paper analyses three aspects of the share market operated by the Lima Stock Exchange: (i) the short-term relationship between the pricing, direction and volume of order flows; (ii) the components of the spread and the equilibrium point of the limit order book per share, and (iii) the pricing, order direction and trading volume dynamic resulting from shocks in the same variables when lagged. The econometric results for intraday data from 2012 show that the short-run dynamic of the most and least liquid shares in the General Index of the Lima Stock Exchange is explained by the direction of order flow, whose price impact is temporary in both cases.

Exchange-rate variations and the rate of inflation in emerging economies

This paper develops a structural general equilibrium model to analyse the reactions of the nominal exchange rate and the domestic price level to three types of external shock in emerging economies that have limited access to world capital markets. Although the results depend crucially on the type of external shock, each of the two national balance-sheet parameters considered here —the risk premium and the ratio of external indebtedness— exacerbates the reactions of the two endogenous variables without altering the degree of exchange-rate pass-through (erpt). Moreover, flatter Phillips curves, as observed today in many economies, tend to increase erpt. On the basis of these results, the authorities of emerging economies seeking to stabilize markets and limit erpt are advised to minimize the two risk parameters by applying a flexible inflation-targeting regime.

Exchange rate pass-through and inflation targets in Chile

Using quarterly data on the Chilean economy from 1986 to 2009, this article looks at the effect of gradual implementation of an inflation-targeting regime on exchange rate pass-through to prices. Initially, the introduction of inflation-targeting contributes to substantial reductions in the pass-through coefficient. However, in the second phase of implementation, once the monetary authority extends the policy horizon and introduces greater flexibility into the exchange rate system, the pass-through coefficient rises sharply. The findings of this study show that exchange rate pass-through to prices, in addition to being sensitive to the inflationary environment, is closely tied to the rules of the game that shape the monetary policy framework.

Desorption of heavy metals from ion exchange resin with water and carbon dioxide

Adsorption and regeneration of ion exchange resins were studied using a subcritical solution of a CO₂-H₂O mixture and a fixed bed column. The commercial Amberlite IRC-50/IRC-86 cation exchange resins and Amberlite IRA-67 anion exchange resin were tested for heavy metals (Pb, Cu, Cd) adsorption from a solution with different initial metal concentrations at different temperatures. After adsorption, the loaded resins were regenerated with water and carbon dioxide at different temperatures and a pressure of 25 MPa. The efficiency of the IRC-50 resin was lower than that of the IRC-86 resin for the adsorption of metals like Cd, Cu and Pb. Results obtained for desorption of these metals indicated that the process could be used for Cd and in principle for Cu. Sorption of metal ions depended strongly on feed concentration. Mathematical modeling of the metal desorption process was carried out successfully as an extraction process. For this purpose, the VTII Model, which is applied to extraction from solids using supercritical solvents, was used in this work.