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Publication Details

Commodity Prices and Development  
Roman Grynberg (Author), Samantha Newton (Author)

Size: unspecified
Categories: Economic Affairs: Trade, Economic Development

ISBN No: 978-0-19-923470-7

Format: Hardback

Publication Date: 11-2007
Number of Pages: 352

Status: In stock

Price: £ 88.00    [Currency converter]  


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.


Published by Oxford University Press.


List of Figures

List of Tables

Notes on Contributors



Roman Grynberg and Samantha Newton


PART I: The Issue of Declining Commodity Prices

1.   The Problems of Commodity Dependence

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

2.   The Secular Decline of Relative Commodity Prices: A Brief Review of the Literature

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

3.   Long-Run Trend in the Relative Price: Empirical Estimation for Individual Commodities

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

4.   Analysis of Movements in the Productivity and Prices of Selected Tropical Commodities in Developing Countries

      Euan Fleming, Prasade Rao, and Pauline Fleming

5.   Commodity Value Chains Compression – Coffee, Cocoa and Sugar

      Jaya Choraria


PART II: The Implications of Declining Commodity Prices

6.   Estimating Foreign Exchange Loss due to Declining Commodity Prices

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

7.   Marginalization of LCDs and Small Vulnerable States in World Trade

Bijit Bora, Roman Grynberg, and Mohammad A. Razzaque


PART III: Mitigating the Impacts for Commodity Dependent Countries

8.   Instruments for Addressing Commodity Price Behaviour

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

9.   Commodity Prices and the Debt Relief Initiative

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

10. Aid Flows and Commodity Prices

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