The commodity terms of trade and their strategic implications for development

José Antonio Ocampo and Maria Angela Parra ()
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José Antonio Ocampo: UN-DESA

International Trade from EconWPA

Abstract: Although the empirical literature is not unanimous about the existence of a continuous long-term deterioration in the terms of trade for commodities (the original and most common formulation of the Prebisch- Singer hypothesis) and, hence, about the possibility of inferring their future behaviour on this basis, there is a consensus as to the sharp drop in the barter terms of trade, especially from the 1920s on. This paper presents a critical review of the theoretical and empirical literature on the subject and the implications for development strategies.

Keywords: Terms of trade; Economic development (search for similar items in EconPapers)
JEL-codes: F1 F2 (search for similar items in EconPapers)
Date: Written 2004-03-03
Note: Type of Document - pdf; prepared on Win 98; to print on SEPHIS; pages: 31; figures: 4 tables, 3 figures
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