Commodity Prices and Development

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Roman Grynberg (Manager, Economic Governance programme, Pacific Islands Forum) Samantha Newton (Consultant, Economic Affairs Division, Commonwealth Secretariat)

Commodity Prices and Development

Roman Grynberg (Manager, Economic Governance programme, Pacific Islands Forum), Samantha Newton (Consultant, Economic Affairs Division, Commonwealth Secretariat)

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English

Oxford University Press
01 October 2007

Development studies; International trade; Development economics; Environmental economics; Commodities

More than 50 developing countries depend on three or fewer commodities for more than half of their exports and, in fact, many rely on a single commodity for a large share of export earnings. This reliance inevitability exposes countries to the risk of export earnings instability as a result of price shocks and, perhaps even more significantly, the falling purchasing power of exports over the long run due to declining real prices.

Presenting for the first time a complete analysis of the issues surrounding commodity prices and development, this book is the culmination of three years of research commissioned by the Commonwealth Secretariat to look at various aspects of commodity prices.

The problems faced by commodity dependent developing countries are formidable.

Although diversification is the most appropriate response to the problem of the secular decline in commodity prices, long-term transformation in the economy can be a slow process and its success will depend on a host of factors such as the development of human resources, institutional capacity building, poverty alleviation, and appropriate domestic policy and environment.

By granting increased aid flows and debt relief, and providing assistance to encourage production of non-traditional export items, the international community can play a proactive role in the development of the commodity dependent poor countries.

Only concerted efforts both at the domestic fronts of these countries and via co-operation extended by the international community can help mitigate the problems of the world's most vulnerable economies.

Edited by: Roman Grynberg (Manager Economic Governance programme Pacific Islands Forum), Samantha Newton (Consultant, Economic Affairs Division, Commonwealth Secretariat)
Imprint: Oxford University Press
Country of Publication: United Kingdom
Dimensions: Height: 240mm, Width: 165mm, Spine: 21mm
Weight: 1g
ISBN: 9780199234707
ISBN 10: 0199234701
Pages: 366
Publication Date: 01 October 2007
Audience: Professional and scholarly , Undergraduate
Format: Hardback
Publisher's Status: Active

Roman Grynberg and Samantha Newton: Introduction The Issue of Declining Commodity Prices 1: Mohammad A. Razzaque, Philip Osafa-Kwaako, and Roman Grynberg: The Problems of Commodity Dependence 2: Mohammad A. Razzaque, Philip Osafa-Kwaako, and Roman Grynberg: Secular Decline in Relative Commodity Prices: A Brief Review of the Literature 3: Mohammad A. Razzaque, Philip Osafa-Kwaako, and Roman Grynberg: Long-run Trend in the Relative Price: Empirical Estimation for Individuals and Commodities 4: Euan Fleming, Prasada Rao, and Pauline Fleming: Analysis of Movements in the Productivity and Prices of Selected Tropical Commodities in Developing Countries, 1970-2002 5: Jaya Choraria: Commodity Value Chains Compression- Coffee, Cocoa, and Sugar The Implications of Declining Commodity Prices 6: Mohammad A. Razzaque, Philip Osafa-Kwaako, and Roman Grynberg: Estimating Foreign Exchange Loss Dut to Declining Commodity Prices 7: Bijit Bora, Roman Grynberg, and Mohammad A. Razzaque: Marginalisation of LDCs and Small Vunerable States in World Trade Mitigating the Impacts of Commodity Dependent Countries 8: Mohammad A. Razzaque, Philip Osafa-Kwaako, and Roman Grynberg: Instruments for Addressing Commodity Price Behaviour 9: Mohammad A. Razzaque, Philip Osafa-Kwaako, and Roman Grynberg: Commodity Prices and Debt Relief Initiative 10: Mohammad A. Razzaque, Philip Osafa-Kwaako, and Roman Grynberg: Aid Flows and Commodity Prices

Roman Grynberg is Manager of the Economic Governance Programme, Pacific Islands Forum. Prior to this he was the Deputy Director of Trade and Regional Integration at the Commonwealth Secretariat (2000-2005). He has also held positions with the Commodity Futures Trading Commission and UNCTAD, as well as acting as an economic adviser to the Pacific Islands Forum and the Prime Minister of Papua New Guinea. Samantha Newton is a Consultant for the Economic Affairs Division of the Commonwealth Secretariat. Prior to joining the Commonwealth Secretariat, she was Assistant Secretary at the Ministry of Labour Commerce and Industry in Kingdom of Tonga from 2002 - 2004.