a r t i c l e i n f o The main purpose of this paper is to identify the effects of exogenous factors, which have been somewhat controversial , on the price links between the energy and agricultural commodity markets. Our study differs from other studies by employing multivariate normal mixture models to capture the structural properties of the price dependencies in the underlying states. This p...

Using the longest dataset publicly available (The Economist’s index of industrial commodity prices), we analyze the behavior of real commodity prices over the period 1862–1999 and have two main findings. First, while there has been a downward trend in real commodity prices of about 1 percent per year over the last 140 years, little support is found for a break in the long-run trend decline in c...

Trade in agricultural commodity has significantly played a vital role in world’s economic growth and development. Drawing its strength from the agricultural industry, such important roles include contribution to quality food production, job creation, foreign exchange earnings, and industrial inputs. The objective of the article was to examine trade competitiveness and revealed comparative advan...

This paper establishes a very general result on the existence of competitive equilibria for exchange economies (with a finite number of agents) with an infinite-dimensional commodity space. The commodity spaces treated are Banach lattices, but no interiority assumptions on the positive cone are made; thus, the commodity spaces covered by this result include most of the spaces considered in econ...

In this paper, we investigate cross-correlations between crude oil and agricultural commodity markets. Based on a popular statistical test proposed by Podobnik et al. (2009), we find that the linear return cross-correlations are significant at larger lag lengths and the volatility cross-correlations are highly significant at all of the lag lengths under consideration. Using a detrended cross-co...

Strengthening institutions in spot and derivative markets for commodities is a necessary ingredient of the liberalisation process in agriculture, and can impact upon the lives of millions. In this paper, we describe the existing market design prevalent on both the spot and the futures markets. We show some evidence on the role played by the nascent futures markets in price discovery. We documen...

It is a pleasure to be invited to discuss this rich paper by Jeffrey Frankel and Andrew Rose. After the events of the past few years, with a range of commodity prices exhibiting great volatility, it is not hard to motivate Frankel and Rose’s choice of topic, seen from either a longor medium-term perspective. The authors use annual data, mainly in a panel context, to examine the relationship bet...

abstract this study uses gravity model to examine the most important determinants of was agricultural trade. to this aim, import and export statistics of iran agricultural products for the period 1380 to 1387 was provided from iran customs organization and other information was obtained from different internet bases. random effects estimating and hausman test ratio result in fixed effects model...