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Author : Paul Kofman
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.3/5 ( download)
Download or read book Primary Commodity Prices and Exchange Rate Volatility written by Paul Kofman and published by . This book was released on 1989 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ms.Hong Liang
Publisher : International Monetary Fund
ISBN 13 : 1451980639
Total Pages : 22 pages
Book Rating : 4.4/5 (519 download)
Download or read book The Volatility of the Relative Price of Commodities In Terms of Manufactures Across Exchange Regimes written by Ms.Hong Liang and published by International Monetary Fund. This book was released on 1998-12-01 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Paul Kofman
Publisher :
ISBN 13 :
Total Pages : 27 pages
Book Rating : 4.:/5 (119 download)
Download or read book Primary Commodity Prices and Exchange Rate Volatility written by Paul Kofman and published by . This book was released on with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Rabah Arezki
Publisher : International Monetary Fund
ISBN 13 : 1463925964
Total Pages : 23 pages
Book Rating : 4.4/5 (639 download)
Download or read book The Relative Volatility of Commodity Prices written by Mr.Rabah Arezki and published by International Monetary Fund. This book was released on 2011-12-01 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Mr.Rabah Arezki
Publisher : International Monetary Fund
ISBN 13 : 1475505167
Total Pages : 19 pages
Book Rating : 4.4/5 (755 download)
Download or read book Commodity Prices and Exchange Rate Volatility written by Mr.Rabah Arezki and published by International Monetary Fund. This book was released on 2012-06-01 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the relationship between South African Rand and gold price volatility using monthly data for the period 1980-2010. Our main findings is that prior to capital account liberalization the causality runs from South African Rand to gold price volatility but the causality runs the other way around for the post-liberalization period. These findings suggest that gold price volatility plays a key role in explaining both the excessive exchange rate volatility and current disproportionate share of speculative (short-run) inflows that South Africa has been coping with since the opening up of its capital account.
Author : L. Alan Winters
Publisher : Cambridge University Press
ISBN 13 : 9780521385503
Total Pages : 0 pages
Book Rating : 4.3/5 (855 download)
Download or read book Primary Commodity Prices written by L. Alan Winters and published by Cambridge University Press. This book was released on 1990-03-08 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Commodity markets are of considerable interest and importance to economists, econometricians and dealers. This book reports the proceedings of a major international conference on Primary Commodity Prices: Economic Models and Policy, held in London under the auspices of the Centre for Economic Policy Research in March 1989. A range of papers by leading international authorities cover topics such as expectations formation in econometric commodity market models; price determination in the market for aluminium; the estimation of dynamic disequilibrium models with rational expectations; the prices of perennial crops; modeling the effects of foreign and domestic policies on agricultural prices; exchange rate volatility and commodity prices; long-run influences on petroleum prices; price stabilization versus financing in commodity policy; and a comparison of forward markets and buffer stocks as commodity earnings stabilizers. A key feature of this book is its development of the policy implications of recent theoretical and empirical work in the field of commodity economics. Most papers are accompanied by discussants' comments to draw out their technical and policy implications, and the editors also provide a detailed policy introduction.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 146395476X
Total Pages : 45 pages
Book Rating : 4.4/5 (639 download)
Download or read book Commodity Price Volatility and the Sources of Growth written by International Monetary Fund and published by International Monetary Fund. This book was released on 2012-01-01 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
ISBN 13 : 0226386899
Total Pages : 346 pages
Book Rating : 4.2/5 (263 download)
Download or read book Commodity Prices and Markets written by Takatoshi Ito and published by University of Chicago Press. This book was released on 2011-03 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Isabelle Piot-Lepetit
Publisher : Springer Science & Business Media
ISBN 13 : 1441976345
Total Pages : 238 pages
Book Rating : 4.4/5 (419 download)
Download or read book Methods to Analyse Agricultural Commodity Price Volatility written by Isabelle Piot-Lepetit and published by Springer Science & Business Media. This book was released on 2011-06-10 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the issue of price volatility in agricultural commodities markets and how this phenomenon has evolved in recent years. The factors underlying the price spike of 2007-08 appear to be global and macroeconomic in nature, including the rapid growth in demand by developing countries, the international financial crisis, and exchange rate movements. Some of these factors are new, appearing as influences on price volatility only in the last decade. Although volatility has always been a feature of agricultural commodity markets, the evidence suggests that volatility has increased in certain commodity markets. A growing problem is that agricultural price shocks and volatility disrupt agricultural markets, economic incentives and incomes. With increased globalization and integration of financial and energy markets with agricultural commodity markets, the relationships between markets are expanding and becoming more complex. When a crisis such as a regional drought, food safety scare or a financial crisis hits a particular market, policy-makers often do not know the extent to which it will impact on other markets and affect producer, consumer and trader decisions. Including contributions from experts at the World Bank, the Food and Agriculture Organization of the United Nations, the USDA, and the European Commission, the research developed throughout the chapters of this book is based on current methodologies that can be used to analyze price volatility and provide directions for understanding this volatility and the development of new agricultural policies. The book highlights the challenges facing policy makers in dealing with the changing nature of agricultural commodities markets, and offers recommendations for anticipating price movements and managing their consequences. It will be a practical guide for both present and future policy-makers in deciding on potential price-stabilizing interventions, and will also serve as a useful resource for researchers and students in agricultural economics.
Author : Paul Kofman
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.3/5 ( download)
Download or read book A Two-country Rational Expectations Model of Joint Exchange Rate and Commodity Price Determination written by Paul Kofman and published by . This book was released on 1992 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Takatoshi Ito
Publisher : University of Chicago Press
ISBN 13 : 0226386902
Total Pages : 346 pages
Book Rating : 4.2/5 (263 download)
Download or read book Commodity Prices and Markets written by Takatoshi Ito and published by University of Chicago Press. This book was released on 2011-02-15 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fluctuations of commodity prices, most notably of oil, capture considerable attention and have been tied to important economic effects, such as inflation and low rates of economic growth. Commodity Prices and Markets 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 volume addresses three distinct subjects: the difficulties in forecasting commodity prices, the effects of exogenous commodity price shocks on the domestic economy, and the relationship between price shocks and monetary policy. The ability to forecast commodity prices is difficult but of great importance to businesses and governments, and this volume will be invaluable to professionals and policy makers interested in the field.
Author : John T. Cuddington
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (318 download)
Download or read book Will the Emergence of the Euro Affect World Commodity Prices? written by John T. Cuddington and published by . This book was released on 2000 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Theodosios B. Palaskas
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 57 pages
Book Rating : 4./5 ( download)
Download or read book Primary Commodity Prices and Macroeconomic Variables written by Theodosios B. Palaskas and published by World Bank Publications. This book was released on 1989 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Meher Manzur
Publisher : Edward Elgar Publishing
ISBN 13 : 9781840648430
Total Pages : 0 pages
Book Rating : 4.6/5 (484 download)
Download or read book Exchange Rates, Interest Rates, and Commodity Prices written by Meher Manzur and published by Edward Elgar Publishing. This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the key issues relating to links between exchange rate instability and domestic inflation, including real exchange rate and interest rate manifestations, and the co-variability of exchange rates and commodity prices. The common theme throughout is the behaviour of asset prices and interest rates in international markets. A number of interrelated questions regarding the interactions of exchange rates, interest rates and commodity prices are posed: Why is purchasing power parity invariably controversial? Despite overwhelming evidence that sterilised central bank interventions are impotent, why do major industrialised countries (such as the G-7) continue to look for accords to stem exchange rate volatility? Why are the currencies of resource-based economies depreciating when the commodity prices are holding up? Has the link between exchange rates and commodity prices collapsed? In a world of increasing globalisation, why are interest rate movements so poorly correlated across countries? New insights to these and other fundamental questions in international finance are provided by way of empirical analyses. Whilst there remains much that is little understood, the conclusions concerning the validity of the theory of purchasing power parity are becoming more and more reliable. This book is a must-read for graduate students, researchers and lecturers interested in finance, economics or business. Exchange Rates, Interest Rates and Commodity Prices will also appeal to policymakers.
Author : Walter C. Labys
Publisher : Routledge
ISBN 13 : 1351917080
Total Pages : 247 pages
Book Rating : 4.3/5 (519 download)
Download or read book Modeling and Forecasting Primary Commodity Prices written by Walter C. Labys and published by Routledge. This book was released on 2017-03-02 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent economic growth in China and other Asian countries has led to increased commodity demand which has caused price rises and accompanying price fluctuations not only for crude oil but also for the many other raw materials. Such trends mean that world commodity markets are once again under intense scrutiny. 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. The latter utilize econometric methods concerned with structural breaks, unobserved components, chaotic discovery, long memory, heteroskedasticity, wavelet estimation and fractional integration. Relevant tests employed include neural networks, correlation dimensions, Lyapunov exponents, fractional integration and rescaled range. The price forecasting involves structural time series trend plus cycle and cyclical trend models. Practical applications focus on the price behaviour of more than twenty international commodity markets.
Author : Jacob A. Frenkel
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.0/5 ( download)
Download or read book Exchange Rate Volatility and Misalignment written by Jacob A. Frenkel and published by . This book was released on 1989 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we analyze several proposals for reducing the volatility and/or misalignment of key-currency exchange rates. The proposals examined are a system of target zones, the imposition of controls or taxes on international capital flows, and a strengthening of international coordination over economic policies. We also review key characteristics of the behavior of major-currency exchange rates over the period of floating rates and examine the various criteria or standards for drawing inferences about excess volatility and misalignment. In evaluating exchange rate volatility, attention is directed toward the influence of the exchange rate regime, to the behavior of fundamentals, to the volatility of both goods prices and other asset prices, to the costs of exchange rate volatility, and to the nature of shocks facing the economy. Turning to misalignment, we examine the strengths and weaknesses of the purchasing-power-parity approach, of the underlying balance approach, and of the sustainability approach. We argue that inferences about excess exchange rate volatility and misalignment are subject to wide margins of error and that the exchange rate experience of the past 15 years is subject to multiple interpretations.
Author : C. L. Gilbert
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (431 download)
Download or read book The Response of Primary Commodity Prices to Exchange Rate Changes written by C. L. Gilbert and published by . This book was released on 1990 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
