| Description |
1 online resource (35 pages) |
| Series |
IMF Working Paper ; WP/11/1 |
|
IMF Working Papers
|
| Contents |
Cover Page; Title Page; Copyright Page; Contents; I. Introduction; 1. Crude Oil and Fine Wine Prices; II. Developments in the Oil Market; 2. Global Crude Oil Supply and Demand; 3. Global Wine Production and Consumption; III. Developments in the Wine Market; IV. Data; V. Modeling Crude Oil and Fine Wine Prices; 1A. Results for Real Oil Prices (1998-2010); 1B. Results for Real Wine Prices (1998-2010); 2. Results for Real Oil Prices (1990-2010); 3. Results for Real Oil Prices (1990-1997); 4. Average Coefficients for Real Oil Prices; VII. Conclusion; VI. Interpreting Empirical Results |
|
1. Stationary TestsReferences; Footnotes |
| Summary |
This paper investigates the causes of extreme fluctuations in commodity prices from 1990 to 2010. Analyzing two very distinct commodities-crude oil and fine wine, we find that macroeconomic factors are the main determinants of commodity prices. Although supply constraints have the expected effect, aggregate demand growth is the key factor. The empirical results show that while advanced economies account for more than half of global consumption, emerging economies make up the bulk of the incremental change in demand, thereby having a greater weight in commodity price formation. The results also |
| Bibliography |
Includes bibliographical references |
| Notes |
English |
|
Print version record |
|
Online resource; title from PDF title page (ebrary, viewed September 24, 2014) |
| Subject |
Petroleum products -- Prices.
|
|
Wine -- Prices
|
|
Petroleum products -- Prices
|
|
Wine -- Prices
|
| Form |
Electronic book
|
| Author |
Saadi-Sedik, Tahsin, author
|
|
International Monetary Fund.
|
| ISBN |
1462396089 |
|
9781462396085 |
|
1455235725 |
|
9781455235728 |
|
1283564491 |
|
9781283564496 |
|
9786613876942 |
|
6613876941 |
|
1455214922 |
|
9781455214921 |
|
9781455211791 |
|
1455211796 |
|
