The Terms Of Trade For Commodities In The Twentieth Century
AbstractThis paper looks at the evolution of the terms of trade between commodities and manufactures in the twentieth century. A statistical analysis of the relative price series for 24 commodities and of eight indices reveals a significant deterioration in their barter terms of trade over the course of the twentieth century. This decline was neither continuous, nor was it distributed evenly among individual products, however. The data show that the far-reaching changes that the world economy underwent around 1920 and again around 1980 led to a stepwise deterioration which, over the long term, was reflected in a decline of nearly 1% per year in aggregate real prices for raw materials.
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Bibliographic InfoPaper provided by EconWPA in its series International Trade with number 0402006.
Length: 35 pages
Date of creation: 17 Feb 2004
Date of revision:
Note: Type of Document - pdf; prepared on Win98; to print on ECLAC Review, 79, April 2003; pages: 35; figures: 5
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Commodity prices; terms of trade;
Find related papers by JEL classification:
- F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies; Fragmentation
- Q00 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - General
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