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Commodity Price Volatility and Inclusive Growth in Low-Income Countries »
Series: Books
Author(s): Rabah Arezki , Catherine Pattillo , Marc Quintyn , and Min Zhu
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 24 October 2012
DOI: http://dx.doi.org/10.5089/9781616353797.071
ISBN: 9781616353797
Keywords: hedging, fiscal policy, inflation, terms of trade, food prices
In the years following the global financial crisis, many low-income countries experienced rapid recovery and strong economic growth. However, many are now facing enormous difficulties because of rapidly rising food...

Chapter 13. Inclusive Growth in Sub-Saharan Africa: Evidence from Six Countries during the Recent High-Growth Period »
Source: Commodity Price Volatility and Inclusive Growth in Low-Income Countries
Series: Books
Author(s): Rabah Arezki , Catherine Pattillo , Marc Quintyn , and Min Zhu
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 24 October 2012
ISBN: 9781616353797
Keywords: hedging, fiscal policy, inflation, terms of trade, food prices
Introduction Most countries in sub-Saharan Africa experienced a period of high economic growth beginning in the mid-1990s, leading to renewed optimism about the region’s development...

Chapter 10. Inequality and Unsustainable Growth: Two Sides of the Same Coin? »
Source: Commodity Price Volatility and Inclusive Growth in Low-Income Countries
Series: Books
Author(s): Rabah Arezki , Catherine Pattillo , Marc Quintyn , and Min Zhu
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 24 October 2012
ISBN: 9781616353797
Keywords: hedging, fiscal policy, inflation, terms of trade, food prices
Introduction In the long term, sustained growth is central to poverty reduction. The rapid growth seen in much of the world over the past few decades—notably, but not only, in China...

Chapter 18. The Role of Transparency and Civil Society in Managing Commodities for Inclusive Growth and Development »
Source: Commodity Price Volatility and Inclusive Growth in Low-Income Countries
Series: Books
Author(s): Rabah Arezki , Catherine Pattillo , Marc Quintyn , and Min Zhu
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 24 October 2012
ISBN: 9781616353797
Keywords: hedging, fiscal policy, inflation, terms of trade, food prices
Introduction In 2008, aid flow to sub-Saharan Africa reached US$36 billion per year. Natural resource rents, by contrast, stood at US$240 billion. Over three-quarters of Africa’s sub...

Essays on Commodity Price Volatility and Inclusive Growth »
Source: Commodity Price Volatility and Inclusive Growth in Low-Income Countries
Series: Books
Author(s): Rabah Arezki , Catherine Pattillo , Marc Quintyn , and Min Zhu
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 24 October 2012
ISBN: 9781616353797
Keywords: hedging, fiscal policy, inflation, terms of trade, food prices
Josette Sheeran We all remember 2008, when global food and fuel prices went through the roof, when we saw food riots in 35 countries, and when more than 115 million were added to the...

Chapter 3. The Political Economy of Petroleum Wealth in Low-Income Countries: Some Policy Alternatives »
Source: Commodity Price Volatility and Inclusive Growth in Low-Income Countries
Series: Books
Author(s): Rabah Arezki , Catherine Pattillo , Marc Quintyn , and Min Zhu
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 24 October 2012
ISBN: 9781616353797
Keywords: hedging, fiscal policy, inflation, terms of trade, food prices
Introduction The problems created by abundant mineral wealth—commonly referred to as the natural resource curse—are mostly political, not economic. If low-income countries were gover...

Chapter 1. Introduction »
Source: Commodity Price Volatility and Inclusive Growth in Low-Income Countries
Series: Books
Author(s): Rabah Arezki , Catherine Pattillo , Marc Quintyn , and Min Zhu
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 24 October 2012
ISBN: 9781616353797
Keywords: hedging, fiscal policy, inflation, terms of trade, food prices
Four years after the onset of the global financial crisis, low-income countries (LICs), especially those that have benefited from high commodity prices, have begun to register strong economic growth. However...

Chapter 2. The Natural Resource Curse: A Survey of Diagnoses and Some Prescriptions »
Source: Commodity Price Volatility and Inclusive Growth in Low-Income Countries
Series: Books
Author(s): Rabah Arezki , Catherine Pattillo , Marc Quintyn , and Min Zhu
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 24 October 2012
ISBN: 9781616353797
Keywords: hedging, fiscal policy, inflation, terms of trade, food prices
Oil, minerals, and agricultural resources can bring great riches to those who possess them. Yet countries that are abundantly endowed with such natural resources often encounter pitfalls that interfere with...

Chapter 4. Commodity Price Volatility: Impact and Policy Challenges for Low-Income Countries »
Source: Commodity Price Volatility and Inclusive Growth in Low-Income Countries
Series: Books
Author(s): Rabah Arezki , Catherine Pattillo , Marc Quintyn , and Min Zhu
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 24 October 2012
ISBN: 9781616353797
Keywords: hedging, fiscal policy, inflation, terms of trade, food prices
Introduction The roller-coaster experience of recent years has highlighted the fact that commodity price fluctuations are an integral part of the global economy. 1...

Chapter 5. How Should Emerging Market and Low-Income Country Central Banks Respond to Commodity Price Shocks? »
Source: Commodity Price Volatility and Inclusive Growth in Low-Income Countries
Series: Books
Author(s): Rabah Arezki , Catherine Pattillo , Marc Quintyn , and Min Zhu
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 24 October 2012
ISBN: 9781616353797
Keywords: hedging, fiscal policy, inflation, terms of trade, food prices
Introduction Over the last two decades, inflation targeting (IT)—in either an explicit or an implicit form—has become the monetary policy framework of choice for most advanced econom...