Maradiaga et. at., (2012).

Also a comparison of three types of volatility measures

(CV, M-STD and GARCH) is presented.

Other contributions include: an assessment of the risk faced by the BRICS

quarterly agricultural exports due to exchange rate volatility compared to total

exports, analysis which can also be extended to non-agricultural exports (agricultural-

total); an extensive comparison between sources of potential mixed results in past

works like different types of series (real and nominal); longer sample size, extended

time series since the end of Breton Woods system in 1973 to the first quarter of 2013

thanks to various data transformations;1 a modest update on the literature review since

the review article of Bahmani-Oskooee and Hegerty (2007); and a comparison

between the results of TYDL with quarterly data and bivariate-GARCH(1,1)-M using

monthly data.

The analysis is extended beyond the BRICS to include Turkey and Honduras.

Turkey is included because it is an emerging tiger with a strong agricultural sector.

Including Turkey as part of the analysis is a way to keep up with Jim O’Neil’s lexicon

and new acronym “MINT” in reference to Mexico, Indonesia, Nigeria, and Turkey.

Albeit not an emerging economy, Honduras was included to cover the expressed

necessity of more studies for Latin American countries (Arize et al., (2008)).

1
Actual World GDP is reported only as annually basis, while World GDP growth rates can
be obtained in quarterly basis, thereby increasing the number of observations..

12