Fluctuations of commodity prices, most notably of oil, capture considerable attention and have been tied to important economic effects. This book advances our u

Primary commodities represent more than one-half of the export earnings of many developing countries. The large fluctuations that can occur in the prices of suc

The early 21st century has seen a prolonged price boom in non-fuel commodities, coupled with a volatile performance in fuel prices. This new collection presents

The recent global financial crisis exposed the serious limitations of existing economic and financial models. Not only did macro models fail to predict the cris

We compile a historical dataset covering nearly 40 years of booms and busts in the commodity terms of trade of over 150 countries. We discuss the characteristic