Commodity Terms of Trade: A New Database
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Summary:
This paper presents a comprehensive database of country-specific commodity price indices for 182 economies covering the period 1962-2018. For each country, the change in the international price of up to 45 individual commodities is weighted using commodity-level trade data. The database includes a commodity terms-of-trade index—which proxies the windfall gains and losses of income associated with changes in world prices—as well as additional country-specific series, including commodity export and import price indices. We provide indices that are constructed using, alternatively, fixed weights (based on average trade flows over several decades) and time-varying weights (which can account for time variation in the mix of commodities traded and the overall importance of commodities in economic activity). The paper also discusses the dynamics of commodity terms of trade across country groups and their influence on key macroeconomic aggregates.
Series:
Working Paper No. 2019/021
Subject:
Commodities Commodity price indexes Commodity prices Exports International trade Prices Trade balance
English
Publication Date:
January 24, 2019
ISBN/ISSN:
9781484393857/1018-5941
Stock No:
WPIEA2019021
Pages:
38
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