Commodity Markets

Before World War II

Food

TC Trend

RMSE

Author (year) Structural shoks Endogenous variables

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Commodity Markets

Published on Dec 22, 2022

World Bank Publications

"Commodity markets are integral to the global economy. Understanding what drives developments of these markets is critical to the design of policy frameworks that facilitate the economic objectives of sustainable growth, inflation stability, poverty reduction, food security, and the mitigation of climate change. This study is the first comprehensive analysis examining market and policy developments for all commodity groups, including energy, metals, and agriculture, over the past century. It finds that, while the quantity of commodities consumed has risen enormously, driven by population and income growth, the relative importance of commodities has shifted over time, as technological innovation created new uses for some materials and facilitated substitution among commodities. The study also shows that commodity markets are heterogeneous in terms of their drivers, price behavior, and macroeconomic impact on emerging markets and developing economies, and that the relationship between economic growth and commod

Articles inside

Commodity Markets

Author (year) Structural shoks Endogenous variables

Articles inside

4.10 Contribution of shocks to base metal price growth

4.13 Impact of metal price shocks on EMDE output growth

4B.1 Sign restrictions on impulse responses

4.14 Impact of copper price shocks on EMDE output growth

4.12 Impact of oil price shocks on EMDE output growth

4.11 Oil and metal price shocks

4.9 Contribution of shocks to commodity price variability and oil price growth

4.8 Impact of supply shocks on oil and base metal price growth

B1.4.1 Nonoil commodity management schemes

1.14 Production and consumption shares: Export commodities

Bl.4.2 Impact of collapse of supply management schemes on commodity prices

1.11 Real agricultural commodity prices since 1900

World War II

Bl.2.3 Consumption of industrial commodities per capita and income per capita

B1.2.2 Commodity demand during major industrialization periods

1.15 Demand for agricultural commodities

1.10 Consumption of metals since 1900

Bl.2.1 Changes in the composition and intensity of industrial commodity demand

1.9 Production of metals since 1900

1.7 Drivers of metal prices since 1900

1.5 Natural gas

1.8 Real metal prices

Bl.1.2 Effects of price shocks on production and consumption

Bl.1.1 Market responses to price shocks

1.6 Nuclear and renewables

1.4 Coal

1.3 Crude oil: Developments since 2000

1.1 Energy markets

O.5 Commodity demand

1.2 Crude oil: Historical developments

O.2 Real prices of key commodities

O.4 Evolution of commodity markets

O.I Overview

O.6 Evolution of commodity price cycles

O.3 Policy improvements in recent years