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Understanding world metals prices--Returns, volatility and diversification

Mei-Hsiu Chen

Resources Policy, 2010, vol. 35, issue 3, 127-140

Abstract: In recent times, the prices of internationally traded metals have reached record highs and there is considerable uncertainty regarding their future. This phenomenon is partially driven by strong demand from a small number of emerging economies, such as China and India. This paper uses a long time-series (1900-2007) on 21 metals prices to investigate their properties, and presents unique features of their volatility, including a decomposition into within- and between-group components. If most volatility is commodity-specific rather than "global", then metals-exporting dependent economies can smooth income via diversification.

Keywords: Metals; prices; World; economy; Volatility (search for similar items in EconPapers)
Date: 2010
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