Primary Commodity Prices : Economic Models and Policy

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Primary Commodity Prices : Economic Models and Policy

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  • 製本 Hardcover:ハードカバー版
  • 言語 ENG,ENG
  • 商品コード 9780521385503
  • DDC分類 332.6328

Full Description

Commodity markets are of considerable interest and importance to economists, econometricians and dealers. This book reports the proceedings of an international conference on 'Primary Commodity Prices: Economic Models and Policy', held in London under the auspices of the Centre for Economic Policy Research in March 1989. A range of papers by leading international authorities covers topics such as expectations formation in econometric commodity market models; price determination in the market for aluminium; the estimation of dynamic disequilibrium models with rational expectations; and a comparison of forward markets and buffer stocks as commodity earnings stabilizers. A key feature of this stock is its development of the policy implications of theoretical and empirical work in the field of commodity economics. Most papers are accompanied by discussant's comments to draw out their technical and policy implications. The book's readership will include commodity economists, commodity market practitioners and policy analysis, as well as professionals and advanced students interested in the fields of applied econometrics, economic development and international trade.

Table of Contents

List of figures
List of tables
List of conference participants
1. Primary commodity prices: an introduction to
the major policy and modelling challenges L.
Alan Winters and David Sapsford
Part I. Econometric Analysis: 2. Estimation of
dynamic disequilibrium models with rational
expectations: the case of commodity markets G.
S. Maddala
3. Modelling expectations formation in primary
commodity markets Christopher L. Gilbert and
Theodosios B. Palaskas
4. The prices of perennial crops: the role of
rational expectations and commodity stocks
Pravin K. Trivedi
Part II. Sectoral Studies: Foods, Materials and
Energy: 5. Modelling the interactive effects of
alternative sets of policies on agricultural
prices Richard E. Just
6. Price determination in the market for
aluminium Anthony Bird
7. Long-run factors in oil price formation
Marian Radetzki
Part III. Stabilization Schemes: 8. The role of
future markets as stabilizers of commodity
earnings Andrew J. Hughes Hallett and Prathap
9. Primary commodity prices and exchange-rate
volatility Paul Kofman, Jean Marie Viaene and
Casper G. de Vries
10. Commodity policy: price stabilization
versus financing Roland Herrmann, Kees Burger
and Hidde P. Smit