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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: | 1-4755-5375-7 |
1-4755-5389-7 | |
Formato: | Materiale a stampa |
Livello bibliografico | Monografia |
Lingua di pubblicazione: | Inglese |
Record Nr.: | 9910155013203321 |
Lo trovi qui: | Univ. Federico II |
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