Commodity Prices over Two Centuries: Trends, Volatility, and Impact
AbstractDoes trade raise growth rates of commodity exporters less than those of industrial goods exporters? Do industrial countries gain more from trade? Do world trade booms over the past two centuries help account for the widening gap between rich and poor countries because of some asymmetric growth impact? These old questions can now be answered with hard evidence, and the answer is yes to all three. World trade booms have always been associated with commodity price booms and thus with terms-of-trade improvements favoring the commodity exporter. But whereas commodity exporters' GDP levels increased—that is, they gained from trade—their growth rates either did not increase or increased by much less than did rates of their industrial trading partners. This survey reports these results for the period 1800–1939, but it also shows how this so-called resource curse history has changed in recent decades.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Annual Reviews in its journal Annual Review of Resource Economics.
Volume (Year): 4 (2012)
Issue (Month): 1 (08)
Contact details of provider:
Postal: Annual Reviews 4139 El Camino Way Palo Alto, CA 94306, USA
Web page: http://www.annualreviews.org
Find related papers by JEL classification:
- F1 - International Economics - - Trade
- N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
- O1 - Economic Development, Technological Change, and Growth - - Economic Development
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Robert E. Lucas, 2009.
"Trade and the Diffusion of the Industrial Revolution,"
American Economic Journal: Macroeconomics,
American Economic Association, vol. 1(1), pages 1-25, January.
- Robert E. Lucas, Jr., 2007. "Trade and the Diffusion of the Industrial Revolution," NBER Working Papers 13286, National Bureau of Economic Research, Inc.
- Anderson, Kym & Strutt, Anna, 2013.
"Emerging Economies, Productivity Growth, and Trade with Resource-Rich Economies by 2030,"
2013 Conference (57th), February 5-8, 2013, Sydney, Australia
152134, Australian Agricultural and Resource Economics Society.
- Kym Anderson & Anna Strutt, 2013. "Emerging Economies, Productivity Growth, and Trade with Resource-Rich Economies by 2030," Departmental Working Papers 2013-17, The Australian National University, Arndt-Corden Department of Economics.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (http://www.annualreviews.org).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.