IMF paper investigates drivers of extreme commodity price movements
Research published by the IMF in January attempts to uncover the causes of extreme fluctuations in commodity prices over the past two decades.
The research looks at price movements for crude oil and fine wine from 1990 to 2010 and finds that macroeconomic factors are the main determinants of commodity prices. Although supply constraints have the expected effect, aggregate demand growth is considered to be the key factor.
The results further suggest that - though advanced economies account for
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