The decline in commodity prices that began with metals and agriculture four years ago—joined by crude oil in mid-2014—continued in 2015Q1 (Figure 1). Energy, metals, and agricultural prices were down 28, 11, and 5 percent, respectively, from the previous quarter. Increasing supplies, bumper...

The twelfth Zambia economic brief with a focus on how Zambia can harness its renewable resources to promote sustainable growth. This brief is part of a series of short economic updates produced twice a year by the World Bank

This is a companion to the Global Economic Prospects 2010. Most commodity prices reached historical highs in mid-2008, giving rise to the longest and broadest commodity boom of the post-WWII period. Apart from strong and sustained economic growth, the boom was fueled by numerous factors...

Food price inflation has increased persistently in recent years in Turkey with a widening divergence from international food price inflation. The study analyzes the main inefficiencies in the Turkish agricultural sector through the lens of food price formation and discusses the policy actions...

This article investigates the modelling of the convenience yield in the European carbon market by using daily and intradaily measures of volatility. The convenience yield stems from differences in spot and futures prices, and can explain why firms hold inventories. The main findings are that (i)...

This article explains the role of the convenience yield in the relationships linking spot and futures prices in commodity derivatives markets. First, this variable restores the non arbitrage relationship between the prices of the underlying asset and the derivative instrument. Second, it allows...

This article emphasises that the information provided by term structures of commodity prices has an influence on the real option value and on the investment decision. We exhibit first of all the analysis framework: the evaluation of an oil field. We suppose that a single source of uncertainty -...