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| Tekijä: | Borensztein, E. Reinhart, C. |
| Otsikko: | The macroeconomic determinants of commodity prices |
| Lehti: | Staff Papers
1994 : JUN, VOL. 41:2, p. 236-261 |
| Asiasana: | COMMODITY PRICES MACROECONOMICS EUROPE |
| Kieli: | eng |
| Tiivistelmä: | The "traditional structural approach" to determining 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 these prices during the 1980s and 1990s. This paper extends that framework in two important directions. 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. |
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