Commodity Prices and Development

Author: Roman Grynberg; Samantha Newton
Publisher: Oxford University Press
ISBN: 9780199234707
Published In: November 2007
Format: Hardback , 368 pages
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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Contents
Author

Details
- Addresses one of the most important issues facing developing countries
- First complete analysis of the issues surrounding commodity prices and development
- Looks at what countries and the international community can do to help mitigate the impact of earnings instability
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.

Readership: Advanced students and researchers of economics, development and agriculture. Policymakers and NGOs with an interest in development issues.
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
Edited by Roman Grynberg, Manager, Economic Governance programme, Pacific Islands Forum, and Samantha Newton, Consultant, Economic Affairs Division, Commonwealth Secretariat

Contributors:
Bijit Bora. World Trade Organisation, Geneva, Switzerland
Jaya Choraria, Commonwealth Secretariat, London
Euan Fleming, The University of New England, Armidale, Australia
Pauline Fleming, The University of New England, Armidale, Australia
Roman Grynberg, Manager, Economic Governance programme, Pacific Islands Forum
Samantha Newton, Commonwealth Secretariat, London
Philip Osafa-Kwaako, Commonwealth Secretariat, London
Prasada Rao, University of Queensland, Australia.
Mohammad A. Razzaque, University of Dhaka, Dhaka, Bangladesh