Commodity Prices and Development

Hardcover | November 1, 2007

EditorRoman Grynberg, Samantha Newton

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More than 50 developing countries depend on three or fewer commodities for more than half of their exports and, in fact, many rely on a single commodity for a large share of export earnings. This reliance inevitability exposes countries to the risk of export earnings instability as a result ofprice shocks and, perhaps even more significantly, the falling purchasing power of exports over the long run due to declining real prices. Presenting for the first time a complete analysis of the issues surrounding commodity prices and development, this book is the culmination of three years ofresearch commissioned by the Commonwealth Secretariat to look at various aspects of commodity prices.The problems faced by commodity dependent developing countries are formidable. Although diversification is the most appropriate response to the problem of the secular decline in commodity prices, long-term transformation in the economy can be a slow process and its success will depend on a host offactors such as the development of human resources, institutional capacity building, poverty alleviation, and appropriate domestic policy and environment. By granting increased aid flows and debt relief, and providing assistance to encourage production of non-traditional export items, theinternational community can play a proactive role in the development of the commodity dependent poor countries. Only concerted efforts both at the domestic fronts of these countries and via co-operation extended by the international community can help mitigate the problems of the world's mostvulnerable economies.

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More than 50 developing countries depend on three or fewer commodities for more than half of their exports and, in fact, many rely on a single commodity for a large share of export earnings. This reliance inevitability exposes countries to the risk of export earnings instability as a result ofprice shocks and, perhaps even more signifi...

Roman Grynberg is Manager of the Economic Governance Programme, Pacific Islands Forum. Prior to this he was the Deputy Director of Trade and Regional Integration at the Commonwealth Secretariat (2000-2005). He has also held positions with the Commodity Futures Trading Commission and UNCTAD, as well as acting as an economic adviser to...
Format:HardcoverDimensions:368 pages, 9.21 × 6.14 × 0.83 inPublished:November 1, 2007Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199234701

ISBN - 13:9780199234707

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Table of Contents

Roman Grynberg and Samantha Newton: IntroductionThe Issue of Declining Commodity Prices1. Mohammad A. Razzaque, Philip Osafa-Kwaako, and Roman Grynberg: The Problems of Commodity Dependence2. Mohammad A. Razzaque, Philip Osafa-Kwaako, and Roman Grynberg: Secular Decline in Relative Commodity Prices: A Brief Review of the Literature3. Mohammad A. Razzaque, Philip Osafa-Kwaako, and Roman Grynberg: Long-run Trend in the Relative Price: Empirical Estimation for Individuals and Commodities4. Euan Fleming, Prasada Rao, and Pauline Fleming: Analysis of Movements in the Productivity and Prices of Selected Tropical Commodities in Developing Countries, 1970-20025. Jaya Choraria: Commodity Value Chains Compression- Coffee, Cocoa, and SugarThe Implications of Declining Commodity Prices6. Mohammad A. Razzaque, Philip Osafa-Kwaako, and Roman Grynberg: Estimating Foreign Exchange Loss Dut to Declining Commodity Prices7. Bijit Bora, Roman Grynberg, and Mohammad A. Razzaque: Marginalisation of LDCs and Small Vunerable States in World TradeMitigating the Impacts of Commodity Dependent Countries8. Mohammad A. Razzaque, Philip Osafa-Kwaako, and Roman Grynberg: Instruments for Addressing Commodity Price Behaviour9. Mohammad A. Razzaque, Philip Osafa-Kwaako, and Roman Grynberg: Commodity Prices and Debt Relief Initiative10. Mohammad A. Razzaque, Philip Osafa-Kwaako, and Roman Grynberg: Aid Flows and Commodity Prices