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This paper reviews Nigeria’s non-oil export performance during the period 1970-90, analyzes the factors underlying the dismal performance, and estimates the supply-price elasticity of the exports for both the short and long run. A distinguishing feature of the analysis is the incorporation of the effect of domestic demand in the export supply equation for agricultural commodity exports--a feature usually reserved for the manufactured goods where it is generally assumed that domestic demand competes with export demand. The results provide evidence of the adverse effects of restrictive government policies on exports and underscore the utility of pricing policy in eliciting export supply.
Agricultural commodities --- Agricultural exports --- Agriculture: General --- Commodities --- Deflation --- Empirical Studies of Trade --- Export performance --- Export prices --- Exports and Imports --- Exports --- Farm produce --- Inflation --- International economics --- International trade --- Investment & securities --- Investments: Commodities --- Macroeconomics --- Price Level --- Prices --- Trade: General --- Nigeria
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This paper provides a theoretical model to address the issue of how industrialization affects the structure of international trade. Considering both horizontal and vertical product differentiation, the model shows that intra-industry trade increases when product quality improvement emerges in a developing country and when a difference in relative factor endowments between a developed and a developing countries shrinks. To promote understanding of the conclusions of the model, the paper also uses actual trade data between Japan and Indonesia and between Japan and Korea.
Investments: Commodities --- Exports and Imports --- Economic Development --- Industries: Manufacturing --- Models of Trade with Imperfect Competition and Scale Economies --- Empirical Studies of Trade --- Industry Studies: Manufacturing: General --- Agriculture: General --- Trade: General --- Industrialization --- Manufacturing and Service Industries --- Choice of Technology --- Manufacturing industries --- Investment & securities --- International economics --- Development economics & emerging economies --- Manufacturing --- Agricultural commodities --- Exports --- Imports --- Economic sectors --- Commodities --- Development --- International trade --- Farm produce --- Indonesia
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The critical role of agricultural commodities in the growth of low-income countries is examined. A combination of factors has resulted in declining agricultural prices, necessitating further increasing volumes by developing countries to maintain export earnings. But low growth in factor productivity in Africa compared to competitors caused declining export shares in African countries. A broad-based smallholder strategy based on producing commodities in which a country enjoys comparative advantage needs to be supported by productivity enhancing innovations in food and export commodities, a stable price environment, availability of infrastructure and access to credit. Such an environment requires partnership between government and private agents.
Agribusiness --- Agricultural commodities --- Agricultural economics --- Agricultural exports --- Agricultural industries --- Agricultural sector --- Agriculture: General --- Commercial products --- Commodities --- Commodity Markets --- Economic Growth of Open Economies --- Economic sectors --- Exports and Imports --- Exports --- Farm produce --- International economics --- International trade --- Investment & securities --- Investments: Commodities --- National Government Expenditures and Related Policies: General --- Structure and Scope of Government: General --- Trade: General --- Kenya
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The “traditional structural approach” to the determination of real commodity prices has relied exclusively on demand factors as the fundamentals that explain the behavior of commodity prices. This framework, however, has been unable to explain the marked and sustained weakness in commodity prices during the 1980s and 1990s. This paper extends that framework in two important directions: First, it incorporates commodity supply in the analysis, capturing the impact on prices of the sharp increase in commodity exports of developing countries during the debt crisis of the 1980s. Second, we take a broader view of “world” demand that extends beyond the industrial countries and includes output developments in Eastern Europe and the former Soviet Union (FSU). The empirical results support these extensions, as both the fit of the model improves substantially and, more importantly, its ability to forecast increases markedly.
Commercial products --- Commodities --- Commodity exchanges --- Commodity Markets --- Commodity markets --- Commodity prices --- Currency --- Finance --- Finance: General --- Financial markets --- Foreign Exchange --- Foreign exchange --- General Financial Markets: General (includes Measurement and Data) --- Industrial production --- Industries --- Industries: General --- International Finance: Other --- Investment & securities --- Investments: Commodities --- Macroeconomics --- Macroeconomics: Production --- Prices --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- Production --- Real exchange rates --- United States
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There has been considerable interest in recent years in the possibility of hardening the SDR, motivated by the desire for an international yardstick of monetary stability. This paper explores various ideas aimed at hardening the SDR in the light of the previous debate on the valuation of the SDR. The paper shows that the construction and implementation of a “hard” SDR which would preserve its purchasing power over goods and services is technically feasible and illustrates this by monthly computations covering the period from July 1974 to July 1993.
Aggregate Factor Income Distribution --- Capacity --- Capital --- Commercial products --- Commodities --- Commodity Markets --- Currencies --- Deflation --- Depreciation --- Government and the Monetary System --- Income --- Inflation --- Intangible Capital --- International Monetary Arrangements and Institutions --- Investment & securities --- Investment --- Investments: Commodities --- Investments: General --- Macroeconomics --- Monetary economics --- Monetary Systems --- Money and Monetary Policy --- Money --- National accounts --- Payment Systems --- Price Level --- Prices --- Purchasing power --- Regimes --- Saving and investment --- Standards --- United Kingdom
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This paper investigates the income distributional implications of different value-added tax (VAT) schemes in Bangladesh. The results indicate that a revenue-neutral uniform VAT is regressive in its impact on the income of different households. This paper explores an alternative policy package, consisting of a basic rate of VAT with exemptions for certain commodity groups, chosen on the basis of their distributional characteristics. The welfare consequences of the alternative package are found to be superior to those of the uniform VAT.
Investments: Commodities --- Public Finance --- Taxation --- Taxation and Subsidies: Incidence --- Taxation and Subsidies: Externalities --- Redistributive Effects --- Environmental Taxes and Subsidies --- Business Taxes and Subsidies --- National Government Expenditures and Related Policies: General --- Agriculture: General --- Commodity Markets --- Public finance & taxation --- Investment & securities --- Excise taxes --- Value-added tax --- Expenditure --- Agricultural commodities --- Commodities --- Excises --- Taxes --- Consumption taxes --- Spendings tax --- Expenditures, Public --- Farm produce --- Commercial products --- Excise tax --- Bangladesh
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Primary commodities still account for the bulk of exports in many developing countries. However, real commodity prices have been declining almost continuously since the early 1980s and there is evidence of renewed weakness. The appropriate policy response to a terms of trade shock depends importantly on whether the shock is perceived to be temporary or permanent. Our results indicate that the recent weakness in commodity prices is mostly of a secular nature, stressing the need for commodity exporting countries to concentrate on export diversification and other structural policies. There is, however, scope for stabilization funds and the use of hedging strategies since the evidence also suggests commodity prices have become more volatile.
Agricultural commodities --- Agriculture: General --- Cement --- Ceramics --- Commercial products --- Commodities --- Commodity Markets --- Commodity price fluctuations --- Commodity prices --- Diffusion Processes --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Farm produce --- Glass --- Investment & securities --- Investments: Commodities --- Investments: Energy --- Macroeconomics --- Metals and Metal Products --- Metals --- Policy Coordination --- Policy Designs and Consistency --- Policy Objectives --- Prices --- Time-Series Models --- United States
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This paper describes economic developments in Ethiopia during 1990–94. In 1992/93, there was a significant recovery in the economy, which was reflected in virtually all sectors, with real GDP rebounding by an exceptional 12.3 percent. Although the improved security situation in the country and, subsequently, the emergence of a favorable economic and political climate set the stage for the recovery, a number of additional factors contributed to this outcome. In the agricultural sector, good weather conditions, coupled with increases in land under cultivation and greater fertilizer usage, led to a bumper crop.
Investments: Commodities --- Exports and Imports --- Foreign Exchange --- Macroeconomics --- Money and Monetary Policy --- Agriculture: General --- Trade: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Nonprofit Organizations and Public Enterprise: General --- Currency --- Foreign exchange --- Investment & securities --- International economics --- Monetary economics --- Public ownership --- nationalization --- Agricultural commodities --- Exports --- Currencies --- Public enterprises --- Commodities --- International trade --- Money --- Economic sectors --- Farm produce --- Government business enterprises --- Ethiopia, The Federal Democratic Republic of --- Nationalization
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In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Investments: Commodities --- Money and Monetary Policy --- Public Finance --- Taxation --- Agriculture: General --- Tax Law --- Taxation, Subsidies, and Revenue: General --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Public finance & taxation --- Investment & securities --- Taxation & duties law --- Monetary economics --- Agricultural commodities --- Tax law --- Revenue administration --- Income and capital gains taxes --- Credit --- Commodities --- Tax policy --- Taxes --- Money --- Farm produce --- Law and legislation --- Revenue --- Income tax --- Burkina Faso
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This report analyzes economic developments in St. Vincent and the Grenadines in the first half of the 1990s. Real GDP increased at an average annual rate of 5 percent in 1988–93, reflecting sustained growth in most sectors except for agriculture and manufacturing, which showed some volatility. In 1993, economic growth slowed to 1.4 percent as a sharp decline in agricultural production and in manufacturing activity only partly offset growth in the construction and tourism sectors.
Banks and Banking --- Investments: Commodities --- Exports and Imports --- Money and Monetary Policy --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Trade: General --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Agriculture: General --- Banking --- International economics --- Monetary economics --- Investment & securities --- Finance --- Commercial banks --- Exports --- Credit --- Agricultural commodities --- Loans --- Financial institutions --- International trade --- Commodities --- Money --- Banks and banking --- Farm produce --- St. Vincent and the Grenadines
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