The Volatility of the Relative Price of Commodities In Terms of Manufactures Across Exchange Regimes

The Volatility of the Relative Price of Commodities In Terms of Manufactures Across Exchange Regimes
Title The Volatility of the Relative Price of Commodities In Terms of Manufactures Across Exchange Regimes PDF eBook
Author Ms.Hong Liang
Publisher International Monetary Fund
Pages 22
Release 1998-12-01
Genre Business & Economics
ISBN 1451980639

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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.

Commodity Prices and Markets

Commodity Prices and Markets
Title Commodity Prices and Markets PDF eBook
Author Takatoshi Ito
Publisher University of Chicago Press
Pages 346
Release 2011-03
Genre Business & Economics
ISBN 0226386899

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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.

Exchange Rate Volatility and Trade Flows--Some New Evidence

Exchange Rate Volatility and Trade Flows--Some New Evidence
Title Exchange Rate Volatility and Trade Flows--Some New Evidence PDF eBook
Author International Monetary Fund
Publisher International Monetary Fund
Pages 132
Release 2004-05-19
Genre Business & Economics
ISBN 1498330282

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World Economic Outlook, April 2012

World Economic Outlook, April 2012
Title World Economic Outlook, April 2012 PDF eBook
Author International Monetary Fund. Research Dept.
Publisher International Monetary Fund
Pages 299
Release 2012-04-17
Genre Business & Economics
ISBN 1475507038

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The April 2012 issue of the World Economic Outlook assesses the prospects for the global economy, which has gradually strengthened after a major setback during 2011. The threat of a sharp global slowdown eased with improved activity in the United States and better policies in the euro area. Weak recovery will likely resume in the major advanced economies, and activity will remain relatively solid in most emerging and developing economies. However, recent improvements are very fragile. Policymakers must calibrate policies to support growth in the near term and must implement fundamental changes to achieve healthy growth in the medium term. Chapter 3 examines how policies directed at real estate markets can accelerate the improvement of household balance sheets and thus support otherwise anemic consumption. Chapter 4 examines how swings in commodity prices affect commodity-exporting economies, many of which have experienced a decade of good growth. With commodity prices unlikely to continue growing at the recent elevated pace, however, these economies may have to adapt their fiscal and other policies to lower potential output growth in the future.

Currencies, Commodities and Consumption

Currencies, Commodities and Consumption
Title Currencies, Commodities and Consumption PDF eBook
Author Kenneth W. Clements
Publisher Cambridge University Press
Pages 401
Release 2013-01-31
Genre Business & Economics
ISBN 110701476X

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Discusses economic issues associated with exchange rates, commodity prices, the economic size of countries and alternatives to PPP exchange rates.

Dominant Currency Paradigm: A New Model for Small Open Economies

Dominant Currency Paradigm: A New Model for Small Open Economies
Title Dominant Currency Paradigm: A New Model for Small Open Economies PDF eBook
Author Camila Casas
Publisher International Monetary Fund
Pages 62
Release 2017-11-22
Genre Business & Economics
ISBN 1484330609

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Most trade is invoiced in very few currencies. Despite this, the Mundell-Fleming benchmark and its variants focus on pricing in the producer’s currency or in local currency. We model instead a ‘dominant currency paradigm’ for small open economies characterized by three features: pricing in a dominant currency; pricing complementarities, and imported input use in production. Under this paradigm: (a) the terms-of-trade is stable; (b) dominant currency exchange rate pass-through into export and import prices is high regardless of destination or origin of goods; (c) exchange rate pass-through of non-dominant currencies is small; (d) expenditure switching occurs mostly via imports, driven by the dollar exchange rate while exports respond weakly, if at all; (e) strengthening of the dominant currency relative to non-dominant ones can negatively impact global trade; (f) optimal monetary policy targets deviations from the law of one price arising from dominant currency fluctuations, in addition to the inflation and output gap. Using data from Colombia we document strong support for the dominant currency paradigm.

Food Price Volatility and Its Implications for Food Security and Policy

Food Price Volatility and Its Implications for Food Security and Policy
Title Food Price Volatility and Its Implications for Food Security and Policy PDF eBook
Author Matthias Kalkuhl
Publisher Springer
Pages 620
Release 2016-04-12
Genre Business & Economics
ISBN 3319282018

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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.