China's Impacton World Commodity Markets
Electronic Access:
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Summary:
Shocks to aggregate activity in China have a significant and persistent short-run impact on the price of oil and some base metals. In contrast, shocks to apparent commodity-specific consumption (in part reflecting inventory demand) have no effect on commodity prices. China’s impact on world commodity markets is rising but, perhaps surprisingly, remains smaller than that of the United States. This is mainly due to the dynamics of real activity growth shocks in the U.S, which tend to be more persistent and have larger effects on the rest of the world.
Series:
Working Paper No. 2012/115
Subject:
Commodities Commodity markets Commodity prices Consumption Financial markets Industrial production National accounts Prices Production
English
Publication Date:
May 1, 2012
ISBN/ISSN:
9781475503364/1018-5941
Stock No:
WPIEA2012115
Pages:
24
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