Volatilité des prix des produits primaires, vulnérabilité et développement
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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