Managing Commodity Booms--and Busts
In developing countries dependent on a few commodities for their exports, booming commodity markets can be beneficial or detrimental depending how they manage the windfalls. Two key problems need to be addressed: the fluctuations in income, and transitory bonanzas in foreign exchange earnings. This second effect, in particular, is likely to cause the exchange rate to appreciate above its long-term sustainable level. - Foreword.
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agricultural Analysis Unit benefits boom ends booming commodity booming sector booms and busts capital controls central bank claimants cocoa cocoa prices coffee boom coffee exporters Colombia Commodity boom bonds commodity exports Commodity Policy commodity-exporting countries copper prices costs Côte d'Ivoire current US dollars developing countries domestic financial Dutch disease effects export commodity export revenues export taxes external debt farmers financial markets fiscal policies fluctuations foreign exchange inflows foreign reserves government revenues Groundnut oil import restrictions income International Economics Department investment LEARNING FROM EXPERIENCE manage booms manage commodity ments Metals and minerals monetary base monetary policies nonbooming oil prices options palm oil percent Policy and Analysis policymakers price declines price rises primary commodity prices private sector problems production programs real exchange rate reduced foreign debt Revenue stabilization funds risk management rubber savings in foreign short-term price Sub-Saharan Africa swaps Tanzania trade windfall gains windfall profit tax windfall revenues World Bank
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