The Relative Volatility Of Commodity Prices
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| Author | : Mr.Rabah Arezki |
| Publisher | : International Monetary Fund |
| Total Pages | : 23 |
| Release | : 2011-12-01 |
| Genre | : Business & Economics |
| ISBN | : 1463925964 |
Download The Relative Volatility of Commodity Prices Book in PDF, Epub and Kindle
This paper studies the volatility of commodity prices on the basis of a large dataset of monthly prices observed in international trade data from the United States over the period 2002 to 2011. The conventional wisdom in academia and policy circles is that primary commodity prices are more volatile than those of manufactured products, even though most of the existing evidence does not actually attempt to measure the volatility of prices of individual goods or commodities. Rather the literature tends to focus on trends in the evolution and volatility of ratios of price indexes composed of multiple commodities and products. This approach can be misleading. Indeed, the evidence presented in this paper suggests that on average prices of individual primary commodities may be less volatile than those of individual manufactured goods.
| Author | : Arezki |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2013 |
| Genre | : |
| ISBN | : |
Download The Relative Volatility of Commodity Prices Book in PDF, Epub and Kindle
| Author | : Rabah Arezki |
| Publisher | : |
| Total Pages | : 31 |
| Release | : 2017 |
| Genre | : |
| ISBN | : |
Download The Relative Volatility of Commodity Prices Book in PDF, Epub and Kindle
This paper studies the volatility of commodity prices on the basis of a large dataset of monthly prices observed in international trade data from the United States over the period 2002 to 2011. The conventional wisdom in academia and policy circles is that primary commodity prices are more volatile than those of manufactured products, although most of the existing evidence does not actually attempt to measure the volatility of prices of individual goods or commodities. The literature tends to focus on trends in the evolution and volatility of ratios of price indexes composed of multiple commodities and products. This approach can be misleading. Indeed, the evidence presented in this paper suggests that on average prices of individual primary commodities are less volatile than those of individual manufactured goods. However, the challenges of managing terms of trade volatility in developing countries with concentrated export baskets remain.
| Author | : Ms.Hong Liang |
| Publisher | : International Monetary Fund |
| Total Pages | : 22 |
| Release | : 1998-12-01 |
| Genre | : Business & Economics |
| ISBN | : 1451980639 |
Download The Volatility of the Relative Price of Commodities In Terms of Manufactures Across Exchange Regimes Book in PDF, Epub and Kindle
This paper investigates the relationship between the nominal exchange rate regime and the volatility of relative commodity prices. The analysis shows that the relationship depends upon both the market structure and the economic agent’s perception about future exchange rate movements. When the markets for manufactured goods are less competitive than the markets for primary commodities, the volatility of relative commodity prices rises when exchange rate uncertainty increases. If demand for manufactured goods is intertemporally dependent, even a small increase in exchange rate uncertainty can result in potentially large costs in terms of increased relative commodity price instability.
| Author | : Mr.Rabah Arezki |
| Publisher | : International Monetary Fund |
| Total Pages | : 408 |
| Release | : 2012-10-24 |
| Genre | : Business & Economics |
| ISBN | : 1475545193 |
Download Commodity Price Volatility and Inclusive Growth in Low-Income Countries Book in PDF, Epub and Kindle
In the years following the global financial crisis, many low-income countries experienced rapid recovery and strong economic growth. However, many are now facing enormous difficulties because of rapidly rising food and fuel prices, with the threat of millions of people being pushed into poverty around the globe. The risk of continued food price volatility is a systemic challenge, and a failure in one country has been shown to have a profound impact on entire regions. This volume addresses the challenges of commodity price volatility for low-income countries and explores some macroeconomic policy options for responding to commodity price shocks. The book then looks at inclusive growth policies to address inequality in commodity-exporting countries, particularly natural resource rich countries. Perspectives from the Middle East and North Africa, sub-Saharan Africa, emerging Asia, and Mexico are presented and, finally, the role of the international donor community is examined. This volume is a must read for policymakers everywhere, from those in advanced, donor countries to those in countries with the poorest and most vulnerable populations.
| Author | : Matthias Kalkuhl |
| Publisher | : Springer |
| Total Pages | : 620 |
| Release | : 2016-04-12 |
| Genre | : Business & Economics |
| ISBN | : 3319282018 |
Download Food Price Volatility and Its Implications for Food Security and Policy Book in PDF, Epub and Kindle
This book provides fresh insights into concepts, methods and new research findings on the causes of excessive food price volatility. It also discusses the implications for food security and policy responses to mitigate excessive volatility. The approaches applied by the contributors range from on-the-ground surveys, to panel econometrics and innovative high-frequency time series analysis as well as computational economics methods. It offers policy analysts and decision-makers guidance on dealing with extreme volatility.
| Author | : Hong Liang |
| Publisher | : |
| Total Pages | : 21 |
| Release | : 1998 |
| Genre | : |
| ISBN | : |
Download The volatility of the relative price of commodities in term of manufactures across exchange regimes Book in PDF, Epub and Kindle
| Author | : Mr.Ron Alquist |
| Publisher | : International Monetary Fund |
| Total Pages | : 63 |
| Release | : 2013-06-05 |
| Genre | : Business & Economics |
| ISBN | : 1484378148 |
Download The Comovement in Commodity Prices Book in PDF, Epub and Kindle
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.
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 45 |
| Release | : 2012-01-01 |
| Genre | : Business & Economics |
| ISBN | : 146395476X |
Download Commodity Price Volatility and the Sources of Growth Book in PDF, Epub and Kindle
This paper studies the impact of the level and volatility of the commodity terms of trade on economic growth, as well as on the three main growth channels: total factor productivity, physical capital accumulation, and human capital acquisition. We use the standard system GMM approach as well as a cross-sectionally augmented version of the pooled mean group (CPMG) methodology of Pesaran et al. (1999) for estimation. The latter takes account of cross-country heterogeneity and cross-sectional dependence, while the former controls for biases associated with simultaneity and unobserved country-specific effects. Using both annual data for 1970-2007 and five-year non-overlapping observations, we find that while commodity terms of trade growth enhances real output per capita, volatility exerts a negative impact on economic growth operating mainly through lower accumulation of physical capital. Our results indicate that the negative growth effects of commodity terms of trade volatility offset the positive impact of commodity booms; and export diversification of primary commodity abundant countries contribute to faster growth. Therefore, we argue that volatility, rather than abundance per se, drives the "resource curse" paradox.
| Author | : Takatoshi Ito |
| Publisher | : University of Chicago Press |
| Total Pages | : 346 |
| Release | : 2011-03 |
| Genre | : Business & Economics |
| ISBN | : 0226386899 |
Download Commodity Prices and Markets Book in PDF, Epub and Kindle
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.
