Ubilava, David - School of Economics, Faculty of Arts and Social Sciences - 2014
internationally traded commodities. This research examines the effect of a particular climate phenomenon, El Nino Southern Oscillation … positive ENSO shock, i.e. El Nino, reduces wheat prices, while a negative ENSO shock, i.e. La Nina, increases wheat prices. The … to La Nina is of a larger magnitude as compared to the price decrease due to El Nino. Moreover, price responses to ENSO …