After a decade of infatuation, investors have suddenly turned their backs on emerging markets. In the BRIC countries – Brazil, Russia, India and China – growth rates have quickly fallen and current-account balances have deteriorated.1 The surprise is not that the romance is over but that it could have lasted for so long.
The BRICs party is over
Anders Åslund, 4 September 2013
Commodities: The end of the Holy Grail
Anne-Laure Delatte, Claude Lopez, 4 August 2013
Commodities are usually advertised as the ‘orthogonal asset class’ by the financial industry,1 based on the findings of several academic studies. Among the first, Gorton and Rouwenhorst (2005) show that commodity future contracts have the same average returns as equities along with a negative correlation, but present less volatile returns.
What explains the recent rise in non-traditional reserve currencies?
Roland Beck, Arnaud Mehl, 26 July 2013
The International Monetary Fund just published data for the first time in its history on the importance of the Australian and the Canadian dollar in global foreign exchange reserves.1 The new data were strikingly clear.
Four decades of terms-of-trade booms
Gustavo Adler, Nicolas Magud, 4 July 2013
Throughout history, commodity exporters have been blessed and cursed by the boom-and-bust nature of commodity-price and demand swings (see Spatafora and Tytell 2009).
The financialisation of commodities
Ke Tang, Wei Xiong, 30 November 2010
Crude oil, copper, cotton, soybeans, and live cattle – a seemingly unrelated set of commodities – went through a synchronised boom and bust cycle between 2006 and 2008 (see Figure 1).
Figure 1. Commodity prices
Food Prices and Rural Poverty
M. Ataman Aksoy, Bernard Hoekman, 8 October 2010
Food Prices and Rural Poverty is available to order from the CEPR website at http://www.cepr.org/pubs/books/cepr/booklist.asp?cvno=P212
Growth, democracy and conflict: when the poor go to war
Antonio Ciccone, 7 January 2008
Between 1945 and 1999, there were approximately 127 civil wars. These conflicts are estimated to have directly resulted in at least 16.2 million total casualties, with many more killed or disabled by war-induced diseases. Since the end of World War II, civil wars have killed more people than wars between countries.
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- The ECB’s stealth bailoutSinn
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
Adelman, 28 October 2013