The relative volatility of commodity prices: a re-appraisal
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...
| Päätekijät: | , , |
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| Aineistotyyppi: | Working paper |
| Julkaistu: |
University of Oxford
2011
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| _version_ | 1826279527962116096 |
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| author | Arezki, R Lederman, D Zhao, H |
| author_facet | Arezki, R Lederman, D Zhao, H |
| author_sort | Arezki, R |
| collection | OXFORD |
| description | 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. |
| first_indexed | 2024-03-07T00:00:04Z |
| format | Working paper |
| id | oxford-uuid:75a0996c-59f8-4039-aa2d-0a80a6f21f20 |
| institution | University of Oxford |
| last_indexed | 2024-03-07T00:00:04Z |
| publishDate | 2011 |
| publisher | University of Oxford |
| record_format | dspace |
| spelling | oxford-uuid:75a0996c-59f8-4039-aa2d-0a80a6f21f202022-03-26T20:10:33ZThe relative volatility of commodity prices: a re-appraisalWorking paperhttp://purl.org/coar/resource_type/c_8042uuid:75a0996c-59f8-4039-aa2d-0a80a6f21f20Symplectic ElementsBulk import via SwordUniversity of Oxford2011Arezki, RLederman, DZhao, HThis 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. |
| spellingShingle | Arezki, R Lederman, D Zhao, H The relative volatility of commodity prices: a re-appraisal |
| title | The relative volatility of commodity prices: a re-appraisal |
| title_full | The relative volatility of commodity prices: a re-appraisal |
| title_fullStr | The relative volatility of commodity prices: a re-appraisal |
| title_full_unstemmed | The relative volatility of commodity prices: a re-appraisal |
| title_short | The relative volatility of commodity prices: a re-appraisal |
| title_sort | relative volatility of commodity prices a re appraisal |
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