{
  "title": "Commodity Terms of Trade: A New Database",
  "publication": "IMF Working Papers, January 24, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2019/01/24/commodity-terms-of-trade-a-new-database-46522",
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  "summary": "This paper presents a comprehensive database of country-specific commodity price indices for 182 economies covering the period 1962-2018. For each country, the change in the international price of up to 45 individual commodities is weighted using commodity-level trade data.",
  "sections": [
    {
      "heading": "Overview and purpose",
      "content": "- Presents a comprehensive database of country-specific commodity price indices for 182 economies covering the period 1962-2018.\n- Purpose: to construct commodity terms-of-trade indices that proxy windfall gains and losses of income associated with changes in world prices and to provide additional country-specific series for analysis."
    },
    {
      "heading": "Data coverage and construction",
      "content": "- Country coverage: 182 economies.\n- Time span: 1962-2018.\n- Commodity coverage: change in the international price of up to 45 individual commodities per country.\n- Weighting approaches:\n  - Fixed weights: based on average trade flows over several decades.\n  - Time-varying weights: account for time variation in the mix of commodities traded and the overall importance of commodities in economic activity.\n- Additional series provided: commodity export price indices and commodity import price indices.\n- Weighting uses commodity-level trade data to combine commodity price changes into country-specific indices."
    },
    {
      "heading": "Indices and measures",
      "content": "- Primary index: commodity terms-of-trade index (proxy for windfall income gains and losses from world price changes).\n- Complementary indices: commodity export price index; commodity import price index.\n- Both fixed-weight and time-varying-weight indices are available to support alternative empirical strategies."
    },
    {
      "heading": "Analytical focus and applications",
      "content": "- Discusses the dynamics of commodity terms of trade across country groups.\n- Examines the influence of commodity terms of trade on key macroeconomic aggregates.\n- Suitable for cross-country empirical research on commodity price shocks, trade balance effects, and income volatility linked to world commodity prices.\n\n---\n\n Content in this bundle\n\n- Commodity Terms of Trade: A New Database, WP/19/21, January 2019\n  - Commodity Terms of Trade: A New Database, WP/19/21, January 2019 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Commodity Terms of Trade: A New Database, WP/19/21, January 2019 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2019/01/24/commodity-terms-of-trade-a-new-database-46522"
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    "Authors: Bertrand Gruss, Suhaib Kebhaj",
    "Published: January 24, 2019",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781484393857.001",
    "Presents a comprehensive database of country-specific commodity price indices for 182 economies covering the period 1962-2018.",
    "Purpose: to construct commodity terms-of-trade indices that proxy windfall gains and losses of income associated with changes in world prices and to provide additional country-specific series for analysis.",
    "Country coverage: 182 economies.",
    "Time span: 1962-2018.",
    "Commodity coverage: change in the international price of up to 45 individual commodities per country.",
    "Weighting approaches:",
    "Additional series provided: commodity export price indices and commodity import price indices.",
    "Weighting uses commodity-level trade data to combine commodity price changes into country-specific indices.",
    "Primary index: commodity terms-of-trade index (proxy for windfall income gains and losses from world price changes).",
    "Complementary indices: commodity export price index; commodity import price index.",
    "Both fixed-weight and time-varying-weight indices are available to support alternative empirical strategies.",
    "Discusses the dynamics of commodity terms of trade across country groups.",
    "Examines the influence of commodity terms of trade on key macroeconomic aggregates.",
    "Suitable for cross-country empirical research on commodity price shocks, trade balance effects, and income volatility linked to world commodity prices.",
    "**Commodity Terms of Trade: A New Database, WP/19/21, January 2019**"
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