The Link between the U.S. Dollar Real Exchange Rate, Real Primary Commodity Prices, and LDCS' Terms of Trade
发现美元实际升值与初级商品价格下跌的关联，并不意味着商品生产国的贸易条件恶化；实证表明美元升值反而改善了这些国家的贸易条件。
The correlation between a real appreciation of the U.S. dollar and a decline in U.S. relative primary commodity prices does not imply that such an appreciation leads to a deterioration in the terms of trade of commodity producing LDCs. In fact, empirical results reported in this note suggest that the dollar appreciation has had a beneficial impact on these countries' terms of trade.