01833cas a2200253 a 4500 AALejournalIMF004297 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451842371 1018-5941 BD-DhAAL BD-DhAAL Wickham, Peter. Commodity Prices : Cyclical Weakness or Secular Decline? / Peter Wickham, Carmen Reinhart. Washington, D.C. : International Monetary Fund, 1994. 1 online resource (58 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Primary commodities still account for the bulk of exports in many developing countries. However, real commodity prices have been declining almost continuously since the early 1980s and there is evidence of renewed weakness. The appropriate policy response to a terms of trade shock depends importantly on whether the shock is perceived to be temporary or permanent. Our results indicate that the recent weakness in commodity prices is mostly of a secular nature, stressing the need for commodity exporting countries to concentrate on export diversification and other structural policies. There is, however, scope for stabilization funds and the use of hedging strategies since the evidence also suggests commodity prices have become more volatile. Mode of access: Internet Reinhart, Carmen. IMF Working Papers; Working Paper ; No. 1994/007 Full text available on IMF http://elibrary.imf.org/view/journals/001/1994/007/001.1994.issue-007-en.xml IMF e-Library