NDLI: Commodity Funds. How To Fix Them?.

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Measuring Governance

How to Spend It: Commodity and Non-Commodity Sovereign Wealth Funds

To Benefit from Plenty: Lessons from Chile and Norway

Making the Most of Aid: Challenges for Africa's Agribusiness

Building Public Awareness of Development. Communicators, Educators and Evaluation.

Banking on Development. Private Financial Actors and Donors in Developing Countries

New Actors in Health Financing. Implications for a Donor Darling.

Commodity Funds. How To Fix Them?.

After Gleneagles. What Role for Loans in ODA?.

Policies for Migration and Development. A European Perspective.

Natural Disaster and Vulnerability

Migration, Aid and Trade. Policy Coherence for Development.

Changing Social Institutions to Improve the Status of Women in Developing Countries

Policy Coherence Towards East Asia. Development Challenges for OECD Countries.

Which Policies Can Reduce the Cost of Capital in Southern Africa ?

Innovative Approaches to Funding the Millennium Development Goals

Corporate Governance in Developing, Transition and Emerging-Market Economies

Strengthening Participation in Public Expenditure Management. Policy Recommendations for Key Stakeholders.

Beyond Johannesburg. Policies and Finance for Climate-friendly Development.

The New Regionalism in Sub-Saharan Africa. More than Meets the Eye?.

Health, Education and Poverty Reduction

Multilateral Tariff Liberalisation and the Developing Countries

Participatory Governance. The Missing Link for Poverty Reduction.

After the Great Asian Slump. Towards a Coherent Approach to Global Capital Flows.

Pension Reform. Lessons from Latin America.

Biotechnology Policy for Developing Country Agriculture

The Political Feasibility of Adjustment

Policies for Economic Take-Off

The Policy Challenges of Globalisation and Regionalisation

What Institutional Framework for the Informal Sector?

Pension Fund Investment from Ageing to Emerging Markets

The Disarmament Dividend. Challenges for Development Policy.

Employment Creation and Development Strategy

Towards Sustainable Development in Rural Africa

Trade Liberalisation. What's at Stake?.

Towards Capital Account Convertibility

The Privatisation in Developing Countries. Reflections on a Panacea.

Managing the Environment in Developing Countries

Adjustment and Equity

Commodity Funds. How To Fix Them?.

Content Provider	OECD iLibrary
Author	Cohen, Daniel Fally, Thibault Villemot, Sébastien
Abstract	Poor countries are and will remain for some time vulnerable to external shocks, whether to export prices or from natural disasters. The lowest-income countries have a higher incidence of shocks than other developing countries and tend to suffer larger damages when shocks occur. For the poorest countries, the average number of disasters between 1997 and 2001 has been one every 2.5 years. Commodity price shocks are also more severe for poor countries. Low-income countries experience this type of shock on average every 3.3 years. About 26 highly-indebted countries have an export concentration of more than 50 per cent in three or fewer commodities, while 62 per cent of the total exports of the least developed countries are unprocessed primary commodities. Exogenous shocks on commodity prices have significant direct adverse effects on growth and the multiplier effects of negative terms of trade shocks can also be large. Collier and Sewn (2001) show, for a sample of cases where the direct income loss averaged 6.8 per cent of GDP, the total correlated loss of income amounted to about twice that much, to 14 per cent of GDP. Research shows that these negative shocks increase the incidence of poverty. The shocks also have a significant impact on fiscal and external balances. An IMF study shows that terms-of-trade shocks and adverse weather conditions have played an important role in exacerbating debt problems3.
Language	English
Publisher	OECD Publishing
Publisher Date	2007-02-01
Access Restriction	Open
Subject Keyword	Development
Content Type	Text
Resource Type	Article

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