Determinantes de los precios reales de las materias primas agrícolas. El papel de los inventarios y de los factores macroeconómicos (1960-2010)

Determinantes de los precios reales de las materias primas agrícolas. El papel de los inventarios y de los factores macroeconómicos (1960-2010)

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In recent years, there has been an extraordinary increase in international commodity prices, such as fossil fuels (oil) and agricultural products. This paper analyzes the behavior of real prices of major agricultural commodities (wheat, corn, soybeans and rice) using SVAR models, with short-term res...

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Bibliographic Details
Main Author: Luis N. Lanteri
Format: Article
Language:English
Published: Universidad de Antioquia 2012-12-01
Series:Lecturas de Economía
Subjects:
real prices of agricultural commodities
inventories
macroeconomic factors
estructural VAR models
Online Access:http://aprendeenlinea.udea.edu.co/revistas/index.php/lecturasdeeconomia/article/view/14774/12933
Description
Summary:In recent years, there has been an extraordinary increase in international commodity prices, such as fossil fuels (oil) and agricultural products. This paper analyzes the behavior of real prices of major agricultural commodities (wheat, corn, soybeans and rice) using SVAR models, with short-term restrictions, and annual data covering the period 1960-2010. The results suggest that the prices of these commodities increase with improvements in industrial growth, easy monetary policy, dollar depreciation, and inventory reductions. There is an inverse relation between the ratios inventories/consumption and the real prices of grains.
ISSN:0120-2596

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