Commodity Markets : Evolution, Challenges and Policies

Commodity markets are integral to the global economy. Understanding what drives developments of these markets is critical to the design of policy frameworks that facilitate the economic objectives of sustainable growth, inflation stability, poverty reduction, food security, and the mitigation of cli...

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Bibliographic Details
Main Authors:	Baffes, John, Nagle, Peter
Format:	Book
Published:	Washington, DC: World Bank 2022
Subjects:	COMMODITY PRICE FLUCTUATION FISCAL POLICY COMMODITY PRICES OIL PRICES ENERGY MARKETS OPEC
Online Access:	http://hdl.handle.net/10986/37404

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spelling	okr-10986-374042022-05-12T05:10:34Z Commodity Markets : Evolution, Challenges and Policies Baffes, John Nagle, Peter COMMODITY PRICE FLUCTUATION FISCAL POLICY COMMODITY PRICES OIL PRICES ENERGY MARKETS OPEC Commodity markets are integral to the global economy. Understanding what drives developments of these markets is critical to the design of policy frameworks that facilitate the economic objectives of sustainable growth, inflation stability, poverty reduction, food security, and the mitigation of climate change. This study is the first comprehensive analysis examining market and policy developments for all commodity groups, including energy, metals, and agriculture, over the past century. It finds that, while the quantity of commodities consumed has risen enormously, driven by population and income growth, the relative importance of commodities has shifted over time, as technological innovation created new uses for some materials and facilitated substitution among commodities. The study also shows that commodity markets are heterogeneous in terms of their drivers, price behavior, and macroeconomic impact on emerging markets and developing economies, and that the relationship between economic growth and commodity demand varies widely across countries, depending on their stage of economic development. Policy frameworks that enable countercyclical macroeconomic responses have become increasingly common—and beneficial. Other policy tools have had mixed outcomes. 2022-05-06T16:12:07Z 2022-05-06T16:12:07Z 2022-05-12 Book http://hdl.handle.net/10986/37404 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC: World Bank World
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
topic	COMMODITY PRICE FLUCTUATION FISCAL POLICY COMMODITY PRICES OIL PRICES ENERGY MARKETS OPEC
spellingShingle	COMMODITY PRICE FLUCTUATION FISCAL POLICY COMMODITY PRICES OIL PRICES ENERGY MARKETS OPEC Baffes, John Nagle, Peter Commodity Markets : Evolution, Challenges and Policies
geographic_facet	World
description	Commodity markets are integral to the global economy. Understanding what drives developments of these markets is critical to the design of policy frameworks that facilitate the economic objectives of sustainable growth, inflation stability, poverty reduction, food security, and the mitigation of climate change. This study is the first comprehensive analysis examining market and policy developments for all commodity groups, including energy, metals, and agriculture, over the past century. It finds that, while the quantity of commodities consumed has risen enormously, driven by population and income growth, the relative importance of commodities has shifted over time, as technological innovation created new uses for some materials and facilitated substitution among commodities. The study also shows that commodity markets are heterogeneous in terms of their drivers, price behavior, and macroeconomic impact on emerging markets and developing economies, and that the relationship between economic growth and commodity demand varies widely across countries, depending on their stage of economic development. Policy frameworks that enable countercyclical macroeconomic responses have become increasingly common—and beneficial. Other policy tools have had mixed outcomes.
format	Book
author	Baffes, John Nagle, Peter
author_facet	Baffes, John Nagle, Peter
author_sort	Baffes, John
title	Commodity Markets : Evolution, Challenges and Policies
title_short	Commodity Markets : Evolution, Challenges and Policies
title_full	Commodity Markets : Evolution, Challenges and Policies
title_fullStr	Commodity Markets : Evolution, Challenges and Policies
title_full_unstemmed	Commodity Markets : Evolution, Challenges and Policies
title_sort	commodity markets : evolution, challenges and policies
publisher	Washington, DC: World Bank
publishDate	2022
url	http://hdl.handle.net/10986/37404
_version_	1764487109940346880

Commodity Markets : Evolution, Challenges and Policies

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