Managing Commodity Booms--and Busts

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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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