Oil Spills on Other Commodities

This paper examines the effect of crude oil prices on the prices of 35 internationally traded primary commodities for the 1960-2005 period. It finds that the pass-through of crude oil price changes to the overall non-energy commodity index is 0.16....

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Main Author:	Baffes, John
Format:	Policy Research Working Paper
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	AGRICULTURAL COMMODITIES AGRICULTURAL COMMODITY AUCTIONS AVERAGE PRICE BARTER BORROWING COUNTRIES COAL COMMODITY COMMODITY AGREEMENTS COMMODITY BOOM COMMODITY BOOMS COMMODITY EXCHANGE COMMODITY INDEX COMMODITY MARKET COMMODITY MARKETS COMMODITY PRICE COMMODITY PRICE INDEX COMMODITY PRICE INDICES COMMODITY PRICES CORPORATE FINANCE CRUDE OIL CRUDE OIL PRICE DATA MINING DEBT DEMAND FUNCTION DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPMENT FINANCE DISPOSABLE INCOME ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ELECTRICITY EMERGING ECONOMIES END-USERS ENERGY COSTS ENERGY OUTLOOK ENERGY PRICES ENERGY USE EQUILIBRIUM PRICE ETHANOL ETHANOL PRODUCTION EXCHANGE RATES EXPENDITURES FOOD COMMODITIES FUEL GAS PRICE GLOBAL ECONOMY GLOBAL ENERGY DEMAND GLOBALIZATION HYDROELECTRIC POWER ICO INDUSTRIAL COUNTRIES INDUSTRIAL PRODUCTION INFLATION INFLATIONARY PRESSURES INTEREST RATES INTERNATIONAL COMMODITY AGREEMENTS MARGINAL COST MARKET PRICE MARKET SHARE MIDDLE EASTERN NATURAL GAS NEW TECHNOLOGY NITROGEN NITROGEN FERTILIZER OIL OIL IMPORTING COUNTRIES OIL PRICES OIL PRODUCING OIL PRODUCING COUNTRIES OIL SPILLS OILS OUTPUT PETROLEUM PETROLEUM PRICES PRICE BEHAVIOR PRICE CHANGE PRICE CHANGES PRICE INCREASES PRICE INDEX PRICE INDICES PRICE MOVEMENTS PRICE OF OIL PRICE SPIKES PRIMARY COMMODITIES PRIMARY COMMODITY PRODUCTIVITY RAW MATERIAL RAW MATERIALS RESULT RESULTS RSS SALE SETTLEMENT PRICE SOURCE OF ENERGY SOUTH AMERICAN SOYBEAN MEAL SOYBEAN OIL SUBSTITUTE SUBSTITUTES SYNTHETIC RUBBER TECHNOLOGICAL CHANGE TRADED COMMODITIES USES WEB WORLD ECONOMY WORLD TRADE
Online Access:	http://documents.worldbank.org/curated/en/2007/08/8185009/oil-spills-other-commodities http://hdl.handle.net/10986/7319

id	okr-10986-7319
recordtype	oai_dc
spelling	okr-10986-73192021-04-23T14:02:34Z Oil Spills on Other Commodities Baffes, John AGRICULTURAL COMMODITIES AGRICULTURAL COMMODITY AUCTIONS AVERAGE PRICE BARTER BORROWING COUNTRIES COAL COMMODITY COMMODITY AGREEMENTS COMMODITY BOOM COMMODITY BOOMS COMMODITY EXCHANGE COMMODITY INDEX COMMODITY MARKET COMMODITY MARKETS COMMODITY PRICE COMMODITY PRICE INDEX COMMODITY PRICE INDICES COMMODITY PRICES CORPORATE FINANCE CRUDE OIL CRUDE OIL PRICE DATA MINING DEBT DEMAND FUNCTION DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPMENT FINANCE DISPOSABLE INCOME ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ELECTRICITY EMERGING ECONOMIES END-USERS ENERGY COSTS ENERGY OUTLOOK ENERGY PRICES ENERGY USE EQUILIBRIUM PRICE ETHANOL ETHANOL PRODUCTION EXCHANGE RATES EXPENDITURES FOOD COMMODITIES FUEL GAS PRICE GLOBAL ECONOMY GLOBAL ENERGY DEMAND GLOBALIZATION HYDROELECTRIC POWER ICO INDUSTRIAL COUNTRIES INDUSTRIAL PRODUCTION INFLATION INFLATIONARY PRESSURES INTEREST RATES INTERNATIONAL COMMODITY AGREEMENTS MARGINAL COST MARKET PRICE MARKET SHARE MIDDLE EASTERN NATURAL GAS NEW TECHNOLOGY NITROGEN NITROGEN FERTILIZER OIL OIL IMPORTING COUNTRIES OIL PRICES OIL PRODUCING OIL PRODUCING COUNTRIES OIL SPILLS OILS OUTPUT PETROLEUM PETROLEUM PRICES PRICE BEHAVIOR PRICE CHANGE PRICE CHANGES PRICE INCREASES PRICE INDEX PRICE INDICES PRICE MOVEMENTS PRICE OF OIL PRICE SPIKES PRIMARY COMMODITIES PRIMARY COMMODITY PRODUCTIVITY RAW MATERIAL RAW MATERIALS RESULT RESULTS RSS SALE SETTLEMENT PRICE SOURCE OF ENERGY SOUTH AMERICAN SOYBEAN MEAL SOYBEAN OIL SUBSTITUTE SUBSTITUTES SYNTHETIC RUBBER TECHNOLOGICAL CHANGE TRADED COMMODITIES USES WEB WORLD ECONOMY WORLD TRADE This paper examines the effect of crude oil prices on the prices of 35 internationally traded primary commodities for the 1960-2005 period. It finds that the pass-through of crude oil price changes to the overall non-energy commodity index is 0.16. At a more disaggregated level, the fertilizer index had the highest pass-through (0.33), followed by agriculture (0.17), and metals (0.11). The prices of precious metals also exhibited a strong response to the crude oil price. In terms of individual commodities, the estimates of the food group exhibited remarkable similarity while those of raw materials and metals gave a mixed picture. The implication is that if crude oil prices remain high for some time, as most analysts expect, then the recent commodity price boom is likely to last much longer than earlier booms, at least for food commodities. The other commodities, however, are likely to follow diverging paths. On the methodological side, the results show that price indices, while providing useful summary statistics, need to be supplemented by individual commodity analysis. 2012-06-06T19:33:44Z 2012-06-06T19:33:44Z 2007-08 http://documents.worldbank.org/curated/en/2007/08/8185009/oil-spills-other-commodities http://hdl.handle.net/10986/7319 English Policy Research Working Paper; No. 4333 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	AGRICULTURAL COMMODITIES AGRICULTURAL COMMODITY AUCTIONS AVERAGE PRICE BARTER BORROWING COUNTRIES COAL COMMODITY COMMODITY AGREEMENTS COMMODITY BOOM COMMODITY BOOMS COMMODITY EXCHANGE COMMODITY INDEX COMMODITY MARKET COMMODITY MARKETS COMMODITY PRICE COMMODITY PRICE INDEX COMMODITY PRICE INDICES COMMODITY PRICES CORPORATE FINANCE CRUDE OIL CRUDE OIL PRICE DATA MINING DEBT DEMAND FUNCTION DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPMENT FINANCE DISPOSABLE INCOME ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ELECTRICITY EMERGING ECONOMIES END-USERS ENERGY COSTS ENERGY OUTLOOK ENERGY PRICES ENERGY USE EQUILIBRIUM PRICE ETHANOL ETHANOL PRODUCTION EXCHANGE RATES EXPENDITURES FOOD COMMODITIES FUEL GAS PRICE GLOBAL ECONOMY GLOBAL ENERGY DEMAND GLOBALIZATION HYDROELECTRIC POWER ICO INDUSTRIAL COUNTRIES INDUSTRIAL PRODUCTION INFLATION INFLATIONARY PRESSURES INTEREST RATES INTERNATIONAL COMMODITY AGREEMENTS MARGINAL COST MARKET PRICE MARKET SHARE MIDDLE EASTERN NATURAL GAS NEW TECHNOLOGY NITROGEN NITROGEN FERTILIZER OIL OIL IMPORTING COUNTRIES OIL PRICES OIL PRODUCING OIL PRODUCING COUNTRIES OIL SPILLS OILS OUTPUT PETROLEUM PETROLEUM PRICES PRICE BEHAVIOR PRICE CHANGE PRICE CHANGES PRICE INCREASES PRICE INDEX PRICE INDICES PRICE MOVEMENTS PRICE OF OIL PRICE SPIKES PRIMARY COMMODITIES PRIMARY COMMODITY PRODUCTIVITY RAW MATERIAL RAW MATERIALS RESULT RESULTS RSS SALE SETTLEMENT PRICE SOURCE OF ENERGY SOUTH AMERICAN SOYBEAN MEAL SOYBEAN OIL SUBSTITUTE SUBSTITUTES SYNTHETIC RUBBER TECHNOLOGICAL CHANGE TRADED COMMODITIES USES WEB WORLD ECONOMY WORLD TRADE
spellingShingle	AGRICULTURAL COMMODITIES AGRICULTURAL COMMODITY AUCTIONS AVERAGE PRICE BARTER BORROWING COUNTRIES COAL COMMODITY COMMODITY AGREEMENTS COMMODITY BOOM COMMODITY BOOMS COMMODITY EXCHANGE COMMODITY INDEX COMMODITY MARKET COMMODITY MARKETS COMMODITY PRICE COMMODITY PRICE INDEX COMMODITY PRICE INDICES COMMODITY PRICES CORPORATE FINANCE CRUDE OIL CRUDE OIL PRICE DATA MINING DEBT DEMAND FUNCTION DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPMENT FINANCE DISPOSABLE INCOME ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ELECTRICITY EMERGING ECONOMIES END-USERS ENERGY COSTS ENERGY OUTLOOK ENERGY PRICES ENERGY USE EQUILIBRIUM PRICE ETHANOL ETHANOL PRODUCTION EXCHANGE RATES EXPENDITURES FOOD COMMODITIES FUEL GAS PRICE GLOBAL ECONOMY GLOBAL ENERGY DEMAND GLOBALIZATION HYDROELECTRIC POWER ICO INDUSTRIAL COUNTRIES INDUSTRIAL PRODUCTION INFLATION INFLATIONARY PRESSURES INTEREST RATES INTERNATIONAL COMMODITY AGREEMENTS MARGINAL COST MARKET PRICE MARKET SHARE MIDDLE EASTERN NATURAL GAS NEW TECHNOLOGY NITROGEN NITROGEN FERTILIZER OIL OIL IMPORTING COUNTRIES OIL PRICES OIL PRODUCING OIL PRODUCING COUNTRIES OIL SPILLS OILS OUTPUT PETROLEUM PETROLEUM PRICES PRICE BEHAVIOR PRICE CHANGE PRICE CHANGES PRICE INCREASES PRICE INDEX PRICE INDICES PRICE MOVEMENTS PRICE OF OIL PRICE SPIKES PRIMARY COMMODITIES PRIMARY COMMODITY PRODUCTIVITY RAW MATERIAL RAW MATERIALS RESULT RESULTS RSS SALE SETTLEMENT PRICE SOURCE OF ENERGY SOUTH AMERICAN SOYBEAN MEAL SOYBEAN OIL SUBSTITUTE SUBSTITUTES SYNTHETIC RUBBER TECHNOLOGICAL CHANGE TRADED COMMODITIES USES WEB WORLD ECONOMY WORLD TRADE Baffes, John Oil Spills on Other Commodities
relation	Policy Research Working Paper; No. 4333
description	This paper examines the effect of crude oil prices on the prices of 35 internationally traded primary commodities for the 1960-2005 period. It finds that the pass-through of crude oil price changes to the overall non-energy commodity index is 0.16. At a more disaggregated level, the fertilizer index had the highest pass-through (0.33), followed by agriculture (0.17), and metals (0.11). The prices of precious metals also exhibited a strong response to the crude oil price. In terms of individual commodities, the estimates of the food group exhibited remarkable similarity while those of raw materials and metals gave a mixed picture. The implication is that if crude oil prices remain high for some time, as most analysts expect, then the recent commodity price boom is likely to last much longer than earlier booms, at least for food commodities. The other commodities, however, are likely to follow diverging paths. On the methodological side, the results show that price indices, while providing useful summary statistics, need to be supplemented by individual commodity analysis.
format	Publications & Research :: Policy Research Working Paper
author	Baffes, John
author_facet	Baffes, John
author_sort	Baffes, John
title	Oil Spills on Other Commodities
title_short	Oil Spills on Other Commodities
title_full	Oil Spills on Other Commodities
title_fullStr	Oil Spills on Other Commodities
title_full_unstemmed	Oil Spills on Other Commodities
title_sort	oil spills on other commodities
publisher	World Bank, Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/2007/08/8185009/oil-spills-other-commodities http://hdl.handle.net/10986/7319
_version_	1764402329544556544

Oil Spills on Other Commodities

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