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Commodity Terms of Trade

Author: Bertrand Gruss; Suhaib Kebhaj
Publisher: Washington, D.C. : International Monetary Fund, 2019.
Edition/Format:   eBook : Document : English
Summary:
This paper presents a comprehensive database of country-specific commodity price indices for 182 economies covering the period 1962-2018. For each country, the change in the international price of up to 45 individual commodities is weighted using commodity-level trade data. The database includes a commodity terms-of-trade index-which proxies the windfall gains and losses of income associated with changes in world  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Gruss, Bertrand.
Commodity Terms of Trade.
Washington, D.C. : International Monetary Fund, ©2019
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Bertrand Gruss; Suhaib Kebhaj
ISBN: 9781484396476 1484396472
OCLC Number: 1085180790
Description: 1 online resource (39 pages)
Contents: Cover; Contents; 1 Introduction; 2 Previous Literature; 3 Data; 3.1 World Commodity Prices; 3.2 Trade Data; 4 A Set of Country-Specific Commodity Price Indices; 4.1 Commodity terms-of-trade index; 4.1.1 Stylized facts; 4.1.2 Commodity terms of trade and macroeconomic outcomes; 4.1.3 The exogenous price assumption; 4.2 Alternative commodity price indices; 4.3 Time-varying and fixed weights; 5 Concluding Remarks; References; A Data; List of Figures; 1 Countries with Missing Trade Data; 2 Gross versus Net Commodity Export Shares; 3 Annual Growth Rate of Commodity Terms of Trade 4 Commodity Terms of Trade-Selected Economies, 1970-20185 Cross-Country Correlation of Commodity Terms of Trade Growth Rates; 6 Correlation of Commodity and Standard Terms-of-Trade indices; 7 Market Share of Individual Countries in World Commodity Markets; 8 Alternative Commodity Terms-of-Trade Indices, Selected Countries; 9 Alternative Commodity Price Indices, Selected Countries; 10 Correlation between Growth Rate of Commodity Export and Terms-of-Trade Indices; 11 Weight of Individual Commodities for Selected Countries, 1970-2015; 12 Variability in Share of Selected Commodities, 1962-2015 13 Commodity Terms-of-Trade Indices Based on Alternative Weights-Selected Countries14 Correlation of Commodity Terms-of-Trade Indices Based on Alternative Weights; List of Tables; 1 Response of Macroeconomic Aggregates to Terms-of-Trade Shocks; 2 Granger Causality Tests-P-values; 3 Weights of Alternative Commodity Price Indices; A1 Sample of Economies; A2 List of Commodities and Price Sources; A3 Gaps in Trade Data

Abstract:

This paper presents a comprehensive database of country-specific commodity price indices for 182 economies covering the period 1962-2018. For each country, the change in the international price of up to 45 individual commodities is weighted using commodity-level trade data. The database includes a commodity terms-of-trade index-which proxies the windfall gains and losses of income associated with changes in world prices-as well as additional country-specific series, including commodity export and import price indices. We provide indices that are constructed using, alternatively, fixed weights (based on average trade flows over several decades) and time-varying weights (which can account for time variation in the mix of commodities traded and the overall importance of commodities in economic activity). The paper also discusses the dynamics of commodity terms of trade across country groups and their influence on key macroeconomic aggregates.

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