Commodity Prices
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Commodity Prices
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Author : Mr.Peter Wickham
language : en
Publisher: International Monetary Fund
Release Date : 1994-01-01
Commodity Prices written by Mr.Peter Wickham and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994-01-01 with Business & Economics categories.
Primary commodities still account for the bulk of exports in many developing countries. However, real commodity prices have been declining almost continuously since the early 1980s and there is evidence of renewed weakness. The appropriate policy response to a terms of trade shock depends importantly on whether the shock is perceived to be temporary or permanent. Our results indicate that the recent weakness in commodity prices is mostly of a secular nature, stressing the need for commodity exporting countries to concentrate on export diversification and other structural policies. There is, however, scope for stabilization funds and the use of hedging strategies since the evidence also suggests commodity prices have become more volatile.
The Myth Of Comoving Commodity Prices
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Author : Mr.Paul Cashin
language : en
Publisher: International Monetary Fund
Release Date : 1999-12-01
The Myth Of Comoving Commodity Prices written by Mr.Paul Cashin and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-12-01 with Business & Economics categories.
There is a common perception that the prices of unrelated commodities move together. This paper re-examines this notion, using a measure of comovement of economic time series called concordance. Concordance measures the proportion of time that the prices of two commodities are concurrently in the same boom period or same slump period. Using data on the prices of several unrelated commodities, the paper finds no evidence of comovement in commodity prices. The results carry an important policy implication, as the study provides no support for earlier claims of irrational trading behavior by participants in world commodity markets.
The Long Term Behavior Of Commodity Prices
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Author : Pier Giorgio Ardeni
language : en
Publisher: World Bank Publications
Release Date : 1990
The Long Term Behavior Of Commodity Prices written by Pier Giorgio Ardeni and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Commodity futures categories.
Commodity Prices And Markets
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Author : Takatoshi Ito
language : en
Publisher: University of Chicago Press
Release Date : 2011-03
Commodity Prices And Markets written by Takatoshi Ito and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-03 with Business & Economics categories.
Fluctuations of commodity prices, most notably of oil, capture considerable attention and have been tied to important economic effects. This book advances our understanding of the consequences of these fluctuations, providing both general analysis and a particular focus on the countries of the Pacific Rim.
The Comovement In Commodity Prices
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Author : Mr.Ron Alquist
language : en
Publisher: International Monetary Fund
Release Date : 2013-06-05
The Comovement In Commodity Prices written by Mr.Ron Alquist and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-06-05 with Business & Economics categories.
We present a simple macroeconomic model with a continuum of primary commodities used in the production of the final good, such that the real prices of commodities have a factor structure. One factor captures the combined contribution of all aggregate shocks which have no direct effects on commodity markets other than through general equilibrium effects on output, while other factors represent direct commodity shocks. Thus, the factor structure provides a decomposition of underlying structural shocks. The theory also provides guidance on how empirical factors can be rotated to identify the structural factors. We apply factor analysis and the identification conditions implied by the model to a cross-section of real non-energy commodity prices. The theoretical restrictions implied by the model are consistent with the data and thus yield a structural interpretation of the common factors in commodity prices. The analysis suggests that commodity-related shocks have generally played a limited role in global business cycle fluctuations.
The Macroeconomic Determinants Of Commodity Prices
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Author : Mr.Eduardo Borensztein
language : en
Publisher: International Monetary Fund
Release Date : 1994-01-01
The Macroeconomic Determinants Of Commodity Prices written by Mr.Eduardo Borensztein and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994-01-01 with Business & Economics categories.
The “traditional structural approach” to the determination of real commodity prices has relied exclusively on demand factors as the fundamentals that explain the behavior of commodity prices. This framework, however, has been unable to explain the marked and sustained weakness in commodity prices during the 1980s and 1990s. This paper extends that framework in two important directions: First, it incorporates commodity supply in the analysis, capturing the impact on prices of the sharp increase in commodity exports of developing countries during the debt crisis of the 1980s. Second, we take a broader view of “world” demand that extends beyond the industrial countries and includes output developments in Eastern Europe and the former Soviet Union (FSU). The empirical results support these extensions, as both the fit of the model improves substantially and, more importantly, its ability to forecast increases markedly.
Commodity Prices As A Leading Indicator Of Inflation
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1988-10-03
Commodity Prices As A Leading Indicator Of Inflation written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988-10-03 with Business & Economics categories.
Commodity prices may be a leading indicator of inflation, because of the relative importance of flexible auction markets for the determination of these prices. Empirical tests using data for the large industrial countries as a group suggest that changes in commodity prices tend to lead those in consumer prices, and that the inclusion of commodity prices significantly improves the fit of regressions of a multi-country consumer price index. However, there does not appear to be a reliable long-run relationship between the level of commodity prices and the level of consumer prices.
Commodity Prices And Development
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Author : Roman Grynberg
language : en
Publisher: OUP Oxford
Release Date : 2007-11-01
Commodity Prices And Development written by Roman Grynberg and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-01 with Business & Economics categories.
More than 50 developing countries depend on three or fewer commodities for more than half of their exports and, in fact, many rely on a single commodity for a large share of export earnings. This reliance inevitability exposes countries to the risk of export earnings instability as a result of price shocks and, perhaps even more significantly, the falling purchasing power of exports over the long run due to declining real prices. Presenting for the first time a complete analysis of the issues surrounding commodity prices and development, this book is the culmination of three years of research commissioned by the Commonwealth Secretariat to look at various aspects of commodity prices. The problems faced by commodity dependent developing countries are formidable. Although diversification is the most appropriate response to the problem of the secular decline in commodity prices, long-term transformation in the economy can be a slow process and its success will depend on a host of factors such as the development of human resources, institutional capacity building, poverty alleviation, and appropriate domestic policy and environment. By granting increased aid flows and debt relief, and providing assistance to encourage production of non-traditional export items, the international community can play a proactive role in the development of the commodity dependent poor countries. Only concerted efforts both at the domestic fronts of these countries and via co-operation extended by the international community can help mitigate the problems of the world's most vulnerable economies.
Commodity Prices And The New Inflation
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Author : Barry P. Bosworth
language : en
Publisher: Brookings Institution Press
Release Date : 1982
Commodity Prices And The New Inflation written by Barry P. Bosworth and has been published by Brookings Institution Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982 with Business & Economics categories.
Modeling And Forecasting Primary Commodity Prices
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Author : Walter C. Labys
language : en
Publisher: Ashgate Publishing, Ltd.
Release Date : 2006
Modeling And Forecasting Primary Commodity Prices written by Walter C. Labys and has been published by Ashgate Publishing, Ltd. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business & Economics categories.
This book provides new insights into the modeling and forecasting of primary commodity prices by featuring comprehensive applications of the most recent methods of statistical time series analysis.