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b
Appendix C Country List
Developing Countries
Manufactured Goods Exporters
Hong Kong
Malta
Israel
Republic of Korea
Primary Non-Fuel Exporters
Argentina
Barbados
Benin
Bolivia
Botswana
Brazil
Burkina Faso
Cameroon
Central African Republic
Chile
Colombia
Costa Rica
Cyprus
Dominican Republic
El Salvador
Ethiopia
Fiji
Gambia, The
Ghana
Guatemala
Guyana
Haiti
Honduras
India
Jamaica
Jordan
Kenya
Lesotho
Madagascar
Malawi
Malaysia
Mali
Mauritania
Mauritius
Morocco
Nepal
Nicaragua
Niger
Pakistan
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Rwanda
Senegal
Sierra Leone
Singapore
Somalia
South Africa
Sudan
Tanzania
Thailand
Togo
Turkey
Uganda
Uruguay
Zaire
Zambia
Zimbabwe
Indonesia
Kuwait
Mexico
Nigeria
Saudi Arabia
Syrian Arab Republic
Trinidad and Tobago
Tunisia
United Arab Emirates
Venezuela
Fuel Exporters
Algeria
Congo
Ecuador
Egypt
Gabon
Industrial Countries
Manufactured Goods Exporters
Austria
Finland
France
Germany
Italy
Japan
Portugal
Spain
Sweden
Switzerland
United Kingdom
United States
Primary Non-Fuel Exporters
Australia
Canada
Denmark
Fuel Exporters
Norway
Greece
Iceland
Ireland
Netherlands
New Zealand
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Figure 1
Goods Prices vs. the Terms of Trade
Percentage deviation from trend (a)
United States
Japan
10
30
Terms of trade (lhs)
30
20
Terms of trade (lhs)
5
20
15
10
10
0
0
0
0
-5
-15
-10
-10
-30
-10
Relative price of manufactured
exports and commodity imports (rhs)
-15
1969 1971 1973 1975 1977 1979 1981 1983 1985 1987
Relative price of manufactured exports
and commodity imports (rhs)
-45
-20
1969
1971
1973
Germany
1975
1977
1979
1981
1983
1985
1987
-20
-30
Saudi Arabia
10
30
60
60
Terms of trade (lhs)
5
Terms of trade (lhs)
15
40
40
Relative price of fuel exports
and manufactured imports (rhs)
0
0
-5
-10
20
20
-15
0
0
-30
-20
-45
-40
30
30
-20
Relative price of manufactured exports
and commodity imports (rhs)
-15
1969
1971
1973
1975
1977
1979
1981
1983
1985
1987
1969
1971
1973
1975
Australia
1977
1979
1981
1983
1985
1987
Chile
20
39
Terms of trade (lhs)
Terms of trade (lhs)
15
23
Relative price of non-fuel
exports and manufactured
imports (rhs)
10
20
26
Relative price of non-fuel exports
manufactured imports (rhs)
15
5
8
0
0
-5
-8
-10
-15
10
13
0
0
-10
-15
-40
1969
1971
1973
1975
1977
1979
1981
1983
1985
1987
-23
-20
-13
1969
1971
1973
1975
1977
1979
1981
1983
1985
1987
-26
Notes:
(a) Authors calculations based on data from World Bank (1991). Data are Hodrick and Prescott (1997) filtered with a smoothing parameter of
10. The terms of trade and relative prices are logged prior to filtering.
@FedFRASER