Merener, Nicolas; Steglich, Maria - 2021
diversification efforts. Less noticed has been the importance of commodity correlations, and their increase after 2006, in the risk …' output. In a sample of 56 countries producing 26 commodities we find that diversification and correlations strongly explain … correlation was 8% and diversification was very effective. In the 2007-2012 period, correlations averaged 26% and output …