Los precios de los commodities y su relacion con variables macroeconomicas y financieras en america latina.

In recent years, Latin american countries have greatly benefited from high commodity prices. as a matter of fact, commodities represent a significant share of total exports for the countries of the region. Therefore, fluctuations in its prices may affect the business cycle. Starting in 2000 Colombia had relatively high growth rates, while oil prices remained at record levels. This research aims to deepen the commodities market issue. First, we find out the international determinants of raw material prices, then, we search for the impact of commodity price fluctuations in the economic performance of Latin american countries. This investigation aims to contribute to the literature related to the "natural resource curse" in which countries with relative abundance in natural resources tend to grow slowly. according to this paradox, the curse occurs because of the countries dependence on commodity prices, the appreciation of the exchange rate in periods of boom and subsequent decline in the industrial production. The study of the main financial and macroeconomic variables that drives commodity prices internationally, and the impact of these price movements in the economies of the region allow to formulate economic policies that address the negative effects of sudden changes in the country's income.