To Bet or Not to Bet : : Copper Price Uncertainty and Investment in Chile / / Fabio Comelli, Esther Perez Ruiz
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| Autore: |
Comelli Fabio
|
| Titolo: |
To Bet or Not to Bet : : Copper Price Uncertainty and Investment in Chile / / Fabio Comelli, Esther Perez Ruiz
|
| Pubblicazione: | Washington, D.C. : , : International Monetary Fund, , 2016 |
| Descrizione fisica: | 1 online resource (23 pages) : illustrations (some color), tables |
| Disciplina: | 338.23 |
| Soggetto topico: | Copper - Prices - Chile |
| Investments: Metals | |
| Foreign Exchange | |
| Investments: Options | |
| Macroeconomics | |
| Intertemporal Firm Choice and Growth, Investment, or Financing | |
| Investment | |
| Capital | |
| Intangible Capital | |
| Capacity | |
| 'Panel Data Models | |
| Spatio-temporal Models' | |
| Metals and Metal Products | |
| Cement | |
| Glass | |
| Ceramics | |
| Price Level | |
| Inflation | |
| Deflation | |
| Pension Funds | |
| Non-bank Financial Institutions | |
| Financial Instruments | |
| Institutional Investors | |
| Currency | |
| Foreign exchange | |
| Finance | |
| Investment & securities | |
| Metal prices | |
| Asset prices | |
| Exchange rates | |
| Options | |
| Copper | |
| Prices | |
| Financial institutions | |
| Commodities | |
| Metals | |
| Derivative securities | |
| Soggetto geografico: | Chile |
| Altri autori: |
Perez RuizEsther
|
| Nota di bibliografia: | Includes bibliographical references. |
| Sommario/riassunto: | A strand of research documents Chile’s copper dependence hence significant exposure to terms of trade shocks. Copper prices’ sharp decline and forecast uncertainty since the end of the commodity super-cycle has rekindled the debate on Chile’s adjustment capacity to external shocks. Following Malz (2014), this paper builds a time-varying measure of copper price uncertainty using options contracts. VAR analysis shows that the investment response to an uncertainty shock of average magnitude in the sample is strong and persistent: the cumulative fall in investment from trend at a one-year horizon ranges 2–5.8 percentage points; and it takes between 1½ and 2 years for investment to return to its trend level. Empirical ranges depend on alternative definitions for investment, uncertainty, and options’ maturing time. |
| Titolo autorizzato: | To Bet or Not to Bet |
| ISBN: | 1-4755-5389-7 |
| Formato: | Materiale a stampa  |
| Livello bibliografico | Monografia |
| Lingua di pubblicazione: | Inglese |
| Record Nr.: | 9910155013203321 |
| Lo trovi qui: | Univ. Federico II |
| Opac: | Controlla la disponibilità qui |
Serie:
IMF Working Papers; Working Paper ; ; No. 2016/218