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Commodity Price Volatility, Vulnerability and Development

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Author Info

  • Patrick GUILLAUMONT

    ()
    (Centre d'Etudes et de Recherches sur le Développement International)

  • Jean-Louis COMBES

    ()
    (Centre d'Etudes et de Recherches sur le Développement International)

Abstract

This paper examines the meaning and consequences of the developing countries economic vulnerability to the volatility of commodity prices. It first considers how to define and measure this vulnerability, which has three components, shocks, exposure and resilience, and focuses on the two first ones in order to identify the structural vulnerability, distinct from the vulnerability linked to the policy. Second, the main channels through which the vulnerability to commodity prices influences economic growth are presented on the basis of several previous cross-sectional growth regression, supplemented by a test given in an annex. Finally, policy implications are drawn related to development aid, its allocation and its design as well.

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File URL: http://publi.cerdi.org/ed/2000/2000.15.pdf
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Bibliographic Info

Paper provided by CERDI in its series Working Papers with number 200015.

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Length: 21
Date of creation: 2000
Date of revision:
Publication status: Published in Development Policy Review, March 2002, pages 25-39
Handle: RePEc:cdi:wpaper:142

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Cited by:
  1. Samba Mbaye, 2012. "Beggar-thy-Neighbor Effects of Currency Undervaluation: Is China the Tip of the Iceberg?," Working Papers halshs-00761380, HAL.
  2. Francesco Aiello, 2009. "Experiences With Traditional Compensatory Finance Schemes And Lessons From Flex," Working Papers 200912, Università della Calabria, Dipartimento di Economia, Statistica e Finanza (Ex Dipartimento di Economia e Statistica).
  3. Jean-Louis Combes & Tahsin Saadi-Sedik, 2006. "How Does Trade Openness Influence Budget Deficits in Developing Countries?," IMF Working Papers 06/3, International Monetary Fund.
  4. Maurice, Noemie & Davis, Junior, 2011. "Unravelling the underlying causes of price volatility in world coffee and cocoa commodity markets," MPRA Paper 43813, University Library of Munich, Germany, revised 2012.
  5. Patrick Guillaumont, 2010. "Assessing the Economic Vulnerability of Small Island Developing States and the Least Developed Countries," Working Papers id:2625, eSocialSciences.
  6. Bacon, Chris, 2004. "Confronting the Coffee Crisis: Can Fair Trade, Organic, and Specialty Coffees Reduce Small-Scale Farmer Vulnerability in Northern Nicaragua?," Center for Global, International and Regional Studies, Working Paper Series qt0xn3f86t, Center for Global, International and Regional Studies, UC Santa Cruz.
  7. Ian Bannon & Paul Collier, 2003. "Natural Resources and Violent Conflict : Options and Actions," World Bank Publications, The World Bank, number 15047, October.
  8. Guillaumont, Patrick, 2008. "An Economic Vulnerability Index: Its Design and Use for International Development Policy," Working Paper Series RP2008/99, World Institute for Development Economic Research (UNU-WIDER).
  9. Lee Robinson & Alice Nicole Sindzingre, 2012. "China’s Ambiguous Impacts on Commodity-Dependent Countries: the Example of Sub-Saharan Africa (with a Focus on Zambia)," EconomiX Working Papers 2012-39, University of Paris West - Nanterre la Défense, EconomiX.
  10. Aiello, Francesco Aiello, 2010. "Experiences with Traditional Compensatory Finance Scheme and Lessons from FLEX - Esperienze dei tradizionali sistemi di compensazione finanziaria e lezioni dal caso FLEX," Economia Internazionale / International Economics, Camera di Commercio di Genova, vol. 63(1), pages 1-52.

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