Tag: commodity

  • Oil Market Dynamics through the Lens of the 2002-2009 Price Cycle

    By: Bassam Fattouh

    During the period 2002 to 2008, the oil market experienced a sustained increase in prices with the annual average price rising year-on-year for seven consecutive years. This boom, however, ended with a spectacular collapse towards the end of 2008. These sharp price movements captured public and political attention and raised concerns within both major consumers […]

  • Commodity Price Insurance: A Keynesian Idea Revisited

    By: J. Bower , Nawal Kamel

    Keynes proposed that a ‘Commod Control’ agency be created after the Second World War to stabilise spot prices of key internationally traded commodities by systematically buying and selling physical buffer stocks. In this paper, the creation of a new Global Commodity Insurer (GCr) is discussed that would operate an international Commodity Price Insurance (CPQ scheme […]

  • Political Dimensions of the Gulf Crisis

    By: Robert Mabro

    The Middle East holds a very Iarge proportion of the world’s proven oil reserves. More importantly, the region has been the major potential source of incremental supplies since the 1940s, and will retain this role in the foreseeable future. Other oil regions that played this roIe in the past, such as the North Sea and […]

  • The Recycling of Oil Revenues: Some Theoretical Aspects

    By: Y. Stournaras

    The purpose of this paper is to investigate the stability properties of a non-titonnement price and a monetary adjustment mechanism involving two countries: one oil-exporting and one oil-importing. Its distinguishing characteristic is that it brings together some elements of the theory of exhaustible resources and  the modern balance-of-payments theory using a Bicksian, temporary equilibrium framework.

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