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The Price is Not Always Right : On the Impacts of (Commodity) Prices on Households (and Countries) / Lederman, Daniel
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View onlineWorld Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- Lederman, Daniel
- Series:
- Policy research working papers.
- World Bank e-Library.
- Language:
- English
- Subjects (All):
- Access to Markets.
- Commodity Prices.
- Economic Theory & Research.
- Emerging Markets.
- Household Welfare.
- International Economics & Trade.
- Labor Policies.
- Macroeconomics and Economic Growth.
- Markets & Market Access.
- Price Transmission.
- Private Sector Development.
- Local Subjects:
- Access to Markets.
- Commodity Prices.
- Economic Theory & Research.
- Emerging Markets.
- Household Welfare.
- International Economics & Trade.
- Labor Policies.
- Macroeconomics and Economic Growth.
- Markets & Market Access.
- Price Transmission.
- Private Sector Development.
- Physical Description:
- 1 online resource (41 pages)
- Other Title:
- Price is Not Always Right
- Place of Publication:
- Washington, D.C., The World Bank, 2014
- System Details:
- data file
- Summary:
- This paper provides an overview of the impact of once-and-for-all changes in commodity prices and other prices on household welfare. It begins with a collection of stylized facts related to commodities based on household survey data from Latin America and Africa. The data uncover strong commodity dependence in both continents: households typically allocate a large fraction of their budget to commodities and they often depend on commodities to earn their income. This income and expenditure dependency suggests sizable impacts and adjustments following commodity-price shocks. The paper explores these effects with a review of the literature. It studies consumption and income responses, labor-market responses, and spillovers across sectors. It ends up providing evidence on the relative magnitudes of various mechanisms through which commodity prices affect household (and national) welfare in developing economies.
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