Chapter

Long‐Run Trend in the Relative Price: Empirical Estimation for Individual Commodities

Mohammad A. Razzaque, Philip Osafa‐Kwaako and Roman Grynberg

in Commodity Prices and Development

Published in print October 2007 | ISBN: 9780199234707
Published online January 2008 | e-ISBN: 9780191715488 | DOI: https://dx.doi.org/10.1093/acprof:oso/9780199234707.003.0004
Long‐Run Trend in the Relative Price: Empirical Estimation for Individual Commodities

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This chapter details an empirical investigation to quantify the trend decline in relative prices of a number of individual commodities, and the impact of declining commodity prices on the balance of payments of LDCs, SVS, and HIPCs. The empirical evidence presented points to the presence of a statistically significant declining trend in the relative price of most individual commodities, the results highlighting the magnitude of the deterioration of the relative commodity prices during the recent past.

Keywords: balance of payments; commodity prices; declining trend; relative price

Chapter.  11347 words.  Illustrated.

Subjects: Economic Development and Growth

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