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Long-Run Trends in the Relative Price of Primary Commodities and in the Terms of Trade of Developing Countries

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Author Info
Bleaney, Michael F
Greenaway, David

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Abstract

The long-run trend in the ratio of primary product prices to those of manufactured goods is examined in the context of an error correction model. The ratio was approximately stable from 1925 to 1980, after which there was a significant drop. However, the separate component series (metals, food, nonfood 'soft'commodities) display marked dissimilarities. This casts doubt on generalizations about the relative price of primary products as a group and helps to explain disagreement amongst previous authors. The relationship between relative prices and the terms of trade of developing countries is examined and the policy implications discussed. Copyright 1993 by Royal Economic Society.

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Publisher Info
Article provided by Oxford University Press in its journal Oxford Economic Papers.

Volume (Year): 45 (1993)
Issue (Month): 3 (July)
Pages: 349-63
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Handle: RePEc:oup:oxecpp:v:45:y:1993:i:3:p:349-63

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  1. Philip Borkin, 2006. "Past, Present and Future Developments in New Zealand’s Terms of Trade," Treasury Working Paper Series 06/09, New Zealand Treasury. [Downloadable!]
  2. Surajit Deb, 2003. "Terms of Trade and Supply Response of Indian Agriculture: Analysis in Cointegration Framework," Working papers 115, Centre for Development Economics, Delhi School of Economics. [Downloadable!]
  3. José Antonio Ocampo & María Angela Parra, 2004. "The commodity terms of trade and their strategic implications for development," International Trade 0403001, EconWPA. [Downloadable!]
  4. Christopher Blattman & Jason Hwang & Jeffrey G. Williamson, 2003. "The Terms of Trade and Economic Growth in the Periphery 1870-1938," NBER Working Papers 9940, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Paul Cashin & Catherine Pattillo, 2006. "African terms of trade and the commodity terms of trade: close cousins or distant relatives?," Applied Economics, Taylor and Francis Journals, vol. 38(8), pages 845-859, May. [Downloadable!] (restricted)
  6. Jose Antonio Ocampo & Maria Angela Parra, 2004. "The Terms Of Trade For Commodities In The Twentieth Century," International Trade 0402006, EconWPA. [Downloadable!]
  7. Geuna,Aldo, 1996. "European universities : an interpretative history," Research Memoranda 008, Maastricht : MERIT, Maastricht Economic Research Institute on Innovation and Technology. [Downloadable!]
  8. Ziesemer ,Thomas, 1996. "Dissent on convergence : the role of public factors, international trade and path dependence," Research Memoranda 004, Maastricht : MERIT, Maastricht Economic Research Institute on Innovation and Technology. [Downloadable!]
  9. Kersti Berge & Trevor Crowe, . "The Terms of Trade Facing South Korea with Respect to Its Trade with LDCs and DMEs," QEH Working Papers qehwps12, Queen Elizabeth House, University of Oxford. [Downloadable!]
  10. Mario Crucini & Prasad Bidarkota, 1997. "Commodity Prices and the Terms of Trade," Working Papers 98-01, Ohio State University, Department of Economics. [Downloadable!]
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  11. John Bower & Nawal Kamel, 2005. "Commodity Price Insurance:A Keynesian Idea Revisited," Others 0504012, EconWPA. [Downloadable!]
  12. Jörg Mayer, 2003. "The Fallacy Of Composition: A Review Of The Literature," UNCTAD Discussion Papers 166, United Nations Conference on Trade and Development. [Downloadable!]
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  13. Kausik Chaudhuri, 2000. "Long Run Prices of Primary Commodities and Oil Prices," Working Papers 2000-2, University of Sydney, Department of Economics. [Downloadable!]
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