Download Commodities in Crisis: The Commodity Crisis of the 1980s and by Alfred Maizels, World Institute for Development Economics PDF

By Alfred Maizels, World Institute for Development Economics Research

With the dramatic alterations within the worldwide political scene, many constructing international locations are re-evaluating their financial and political priorities. This reappraisal scrutinizes their dependence on particular commodities and the drawback into which this industry has been thrown within the final decade. This paintings relates the most theoretical and empirical concerns within the cave in in commodity costs because 1980--a significant reason behind the 3rd international monetary crises--to perceived conflicts of curiosity among built and constructing international locations. Maizels maintains his learn through discussing the weather of a brand new method of an efficient commodity coverage for the longer term. He comprises insurance of such significant difficulties because the effect of commodity instability at the international financial system, marketplace constitution, in addition to synthetics and diversification. This learn could be of curiosity to lecturers and scholars of improvement economics and foreign alternate in addition to to policymakers in constructing nations.

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Extra resources for Commodities in Crisis: The Commodity Crisis of the 1980s and the Political Economy of International Commodity Policies (W I D E R Studies in Development Economics)

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1). From 1985 to 1988, the corresponding increase in the prices of manufactures amounted to 44 per cent. Two other monetary factors may also have had an impact on commodity price trends in the 1980s. One such factor is the level of real interest rates, which rose sharply in the early 1980s and which substantially raised the cost of holding commodity stocks, and thereby reduced demand for commodities. An analysis by Dornbusch (1985) showed a significant negative association between a measure of the real interest rate and United States real commodity prices.

The empirical evidence suggests that developing countries shifted the burden 12 13 The well-known two-gap theory of growth was first elaborated by Chenery and Strout, 1966. The monetary reserves of these countries rose further in 1989. 5. Indices of trade volumes, terms of trade, and purchasing power of exports of commodity-dependent countries, 1980 to 1985 and 1988 (1980 = 100) Africa 1985 Export volume Commodities Total Terms of trade Purchasing power of exportsc Import volume 100 103 92 93 105 Asia 1988 105 137 78 108 139 1985 109 155 87 135 117 1988 Latin America Totala 1985 1988 1985 1988 108 123 88 113 150 87 107 101 129 120 124 212 88 187 147 113 108 83 91 79 109 103 86 89 77 a Including commodity-dependent developing countries in Europe and Oceania.

For the Asian commodity-exporters, by contrast, import volume has risen at a considerably lower rate than export purchasing power, reflecting in the main the sharp rise in debt service payments by these countries noted earlier. 5). The empirical evidence suggests that developing countries shifted the burden 12 13 The well-known two-gap theory of growth was first elaborated by Chenery and Strout, 1966. The monetary reserves of these countries rose further in 1989. 5. Indices of trade volumes, terms of trade, and purchasing power of exports of commodity-dependent countries, 1980 to 1985 and 1988 (1980 = 100) Africa 1985 Export volume Commodities Total Terms of trade Purchasing power of exportsc Import volume 100 103 92 93 105 Asia 1988 105 137 78 108 139 1985 109 155 87 135 117 1988 Latin America Totala 1985 1988 1985 1988 108 123 88 113 150 87 107 101 129 120 124 212 88 187 147 113 108 83 91 79 109 103 86 89 77 a Including commodity-dependent developing countries in Europe and Oceania.

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