Dauvin, Magali - Centre d'études prospectives et d'informations … - 2013
to oil prices, through the terms-of-trade. More specifically, when oil price variations are low, the real effective … exchange rates are not determined by terms-of-trade but by other usual fundamentals. Nevertheless, when the oil market is … highly volatile, currencies follow an "oil currency" regime, terms-of-trade becoming an important driver of the real exchange …