TY - BOOK ID - 84542906 TI - A Barrel of Oil or a Bottle of Wine : How Do Global Growth Dynamics Affect Commodity Prices? AU - Saadi Sedik, Tahsin. AU - Cevik, Serhan. AU - International Monetary Fund. PY - 2011 SN - 1462396089 1455235725 1283564491 9786613876942 1455214922 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Petroleum products KW - Wine KW - Petroleum KW - Petroleum industry and trade KW - Prices. KW - Prices KW - Investments: Energy KW - Finance: General KW - Macroeconomics KW - Agriculture: Aggregate Supply and Demand Analysis KW - Nonrenewable Resources and Conservation: Other KW - Energy: Demand and Supply KW - Energy and the Macroeconomy KW - Energy: General KW - Commodity Markets KW - General Financial Markets: General (includes Measurement and Data) KW - Portfolio Choice KW - Investment Decisions KW - Investment & securities KW - Finance KW - Oil KW - Commodity prices KW - Oil prices KW - Emerging and frontier financial markets KW - Excess liquidity KW - Commodities KW - Financial markets KW - Asset and liability management KW - Financial services industry KW - Liquidity KW - Economics KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:84542906 AB - This paper investigates the causes of extreme fluctuations in commodity prices from 1990 to 2010. Analyzing two very distinct commodities-crude oil and fine wine, we find that macroeconomic factors are the main determinants of commodity prices. Although supply constraints have the expected effect, aggregate demand growth is the key factor. The empirical results show that while advanced economies account for more than half of global consumption, emerging economies make up the bulk of the incremental change in demand, thereby having a greater weight in commodity price formation. The results also show that the shift in the composition of aggregate commodity demand is a recent phenomenon. ER -