Edited by David Greenaway, Pro-Vice Chancellor and Professor of Economics and C.W. Morgan, Lecturer in Economics and CREDIT Fellow, University of Nottingham, UK

• Contents: Acknowledgements • IntroductionPart I: Terms of Trade of Primary Products1. R. Prebisch (1950), The Economic Development of Latin America and its Principal Problems2. H.W. Singer (1950), ‘The Distribution of Gains Between Investing and Borrowing Countries’3. John Spraos (1980), ‘The Statistical Debate on the Net Barter Terms of Trade Between Primary Commodities and Manufactures’4. D. Sapsford (1985), ‘The Statistical Debate on the Net Barter Terms of Trade Between Primary Commodities and Manufactures: A Comment and Some Additional Evidence’5. Enzo R. Grilli and Maw Cheng Yang (1988), ‘Primary Commodity Prices, Manufactured Goods Prices, and the Terms of Trade of Developing Countries: What the Long Run Shows’6. Pier Giorgio Ardeni and Brian Wright (1992), ‘The Prebisch-Singer Hypothesis: A Reappraisal Independent of Stationarity Hypotheses’7. Michael Bleaney and David Greenaway (1993), ‘Long-run Trends in the Relative Price of Primary Commodities and in the Terms of Trade of Developing Countries’Part II: Commodity Price Instability8. Alasdair I. Macbean (1966), ‘The Prima Facie Case’9. Robert S. Pindyck and Julio J. Rotemberg (1990), ‘The Excess Co-Movement of Commodity Prices’10. Angus Deaton and Guy Laroque (1992), ‘On the Behaviour of Commodity Prices’11. Alfred Maizels (1992), ‘The Commodity Price Collapse of the 1980s’ and The Impact on the Developing Countries’12. S.J. Leybourne, T.A. Lloyd and G.V. Reed (1994), ‘The Excess Co-movement of Commodity Prices Revisited’Part III: Stabilization Programmes 13. J.M. Keynes (1938), ‘The Policy of Government Storage of Food-Stuffs and Raw Materials’14. Richard Just, Ernst Lutz, Andrew Schmitz and Stephen Turnovsky (1978), ‘The Distribution of Welfare Gains from Price Stabilization: An International Perspective’15. David M.G. Newbery and Joseph E. Stiglitz (1981), ‘Summary of Findings’16. S.M. Ravi Kanbur (1984), ‘How to Analyse Commodity Price Stabilisation? A Review Article’17. Christopher L. Gilbert (1996), ‘International Commodity Agreements: An Obituary Notice’18. Brian D. Wright and Jeffrey C. Williams (1982), ‘The Economic Role of Commodity Storage’Part IV: Trade Shocks19. W.M. Corden (1984), ‘Booming Sector and Dutch Disease Economics: Survey and Consolidation’20. Wilfred Beckerman and Tim Jenkinson (1986), ‘What Stopped the Inflation? Unemployment or Commodity Prices?’21. Christopher L. Gilbert (1990), ‘Primary Commodity Prices and Inflation’22. David Bevan, Paul Collier and Jan Willem Gunning (1993), ‘Trade Shocks in Developing Countries: Consequences and Policy Responses’Part V: Futures Markets23. Ronald I. McKinnon (1967), ‘Futures Markets, Buffer Stocks, and Income Stability for Primary Producers’24. Christopher L. Gilbert (1985), ‘Futures Trading and the Welfare Evaluation of Commodity Price Stabilisation’25. Gordon Gemmill (1985), ‘Forward Contracts or International Buffer Stocks? A Study of their Relative Efficiencies in Stabilising Commodity Export Earnings’Part VI: Sectoral Studies26. Takamasa Akiyama and Panayotis N. Varangis (1990), ‘The Impact of the International Coffee Agreement on Producing Countries’27. Ronald W. Anderson and Christopher L. Gilbert (1988), ‘Commodity Agreements and Commodity Markets: Lessons from Tin’28. Brent Borrell and Ronald C. Duncan (1992), ‘A Survey of the Costs of World Sugar Policies’29. Kees Burger and Hidde P. Smit (1989), ‘Long-Term and Short-Term Analysis of the Natural Rubber Market’30. Ke-Young Chu and Thomas K. Morrison (1984), ‘The 1981-82 Recession and Non-Oil Primary Commodity Prices’31. Walter C. Labys (1975), ‘Introduction: A Taxonomy of Commodity Models and Their Policy Applications’Name Index

Edited by David Greenaway, Pro-Vice Chancellor and Professor of Economics and C.W. Morgan, Lecturer in Economics and CREDIT Fellow, University of Nottingham, UK

• Contents: Acknowledgements • IntroductionPart I: Terms of Trade of Primary Products1. R. Prebisch (1950), The Economic Development of Latin America and its Principal Problems2. H.W. Singer (1950), ‘The Distribution of Gains Between Investing and Borrowing Countries’3. John Spraos (1980), ‘The Statistical Debate on the Net Barter Terms of Trade Between Primary Commodities and Manufactures’4. D. Sapsford (1985), ‘The Statistical Debate on the Net Barter Terms of Trade Between Primary Commodities and Manufactures: A Comment and Some Additional Evidence’5. Enzo R. Grilli and Maw Cheng Yang (1988), ‘Primary Commodity Prices, Manufactured Goods Prices, and the Terms of Trade of Developing Countries: What the Long Run Shows’6. Pier Giorgio Ardeni and Brian Wright (1992), ‘The Prebisch-Singer Hypothesis: A Reappraisal Independent of Stationarity Hypotheses’7. Michael Bleaney and David Greenaway (1993), ‘Long-run Trends in the Relative Price of Primary Commodities and in the Terms of Trade of Developing Countries’Part II: Commodity Price Instability8. Alasdair I. Macbean (1966), ‘The Prima Facie Case’9. Robert S. Pindyck and Julio J. Rotemberg (1990), ‘The Excess Co-Movement of Commodity Prices’10. Angus Deaton and Guy Laroque (1992), ‘On the Behaviour of Commodity Prices’11. Alfred Maizels (1992), ‘The Commodity Price Collapse of the 1980s’ and The Impact on the Developing Countries’12. S.J. Leybourne, T.A. Lloyd and G.V. Reed (1994), ‘The Excess Co-movement of Commodity Prices Revisited’Part III: Stabilization Programmes 13. J.M. Keynes (1938), ‘The Policy of Government Storage of Food-Stuffs and Raw Materials’14. Richard Just, Ernst Lutz, Andrew Schmitz and Stephen Turnovsky (1978), ‘The Distribution of Welfare Gains from Price Stabilization: An International Perspective’15. David M.G. Newbery and Joseph E. Stiglitz (1981), ‘Summary of Findings’16. S.M. Ravi Kanbur (1984), ‘How to Analyse Commodity Price Stabilisation? A Review Article’17. Christopher L. Gilbert (1996), ‘International Commodity Agreements: An Obituary Notice’18. Brian D. Wright and Jeffrey C. Williams (1982), ‘The Economic Role of Commodity Storage’Part IV: Trade Shocks19. W.M. Corden (1984), ‘Booming Sector and Dutch Disease Economics: Survey and Consolidation’20. Wilfred Beckerman and Tim Jenkinson (1986), ‘What Stopped the Inflation? Unemployment or Commodity Prices?’21. Christopher L. Gilbert (1990), ‘Primary Commodity Prices and Inflation’22. David Bevan, Paul Collier and Jan Willem Gunning (1993), ‘Trade Shocks in Developing Countries: Consequences and Policy Responses’Part V: Futures Markets23. Ronald I. McKinnon (1967), ‘Futures Markets, Buffer Stocks, and Income Stability for Primary Producers’24. Christopher L. Gilbert (1985), ‘Futures Trading and the Welfare Evaluation of Commodity Price Stabilisation’25. Gordon Gemmill (1985), ‘Forward Contracts or International Buffer Stocks? A Study of their Relative Efficiencies in Stabilising Commodity Export Earnings’Part VI: Sectoral Studies26. Takamasa Akiyama and Panayotis N. Varangis (1990), ‘The Impact of the International Coffee Agreement on Producing Countries’27. Ronald W. Anderson and Christopher L. Gilbert (1988), ‘Commodity Agreements and Commodity Markets: Lessons from Tin’28. Brent Borrell and Ronald C. Duncan (1992), ‘A Survey of the Costs of World Sugar Policies’29. Kees Burger and Hidde P. Smit (1989), ‘Long-Term and Short-Term Analysis of the Natural Rubber Market’30. Ke-Young Chu and Thomas K. Morrison (1984), ‘The 1981-82 Recession and Non-Oil Primary Commodity Prices’31. Walter C. Labys (1975), ‘Introduction: A Taxonomy of Commodity Models and Their Policy Applications’Name Index

Edited by David Greenaway, Pro-Vice Chancellor and Professor of Economics and C.W. Morgan, Lecturer in Economics and CREDIT Fellow, University of Nottingham, UK

• Contents: Acknowledgements • IntroductionPart I: Terms of Trade of Primary Products1. R. Prebisch (1950), The Economic Development of Latin America and its Principal Problems2. H.W. Singer (1950), ‘The Distribution of Gains Between Investing and Borrowing Countries’3. John Spraos (1980), ‘The Statistical Debate on the Net Barter Terms of Trade Between Primary Commodities and Manufactures’4. D. Sapsford (1985), ‘The Statistical Debate on the Net Barter Terms of Trade Between Primary Commodities and Manufactures: A Comment and Some Additional Evidence’5. Enzo R. Grilli and Maw Cheng Yang (1988), ‘Primary Commodity Prices, Manufactured Goods Prices, and the Terms of Trade of Developing Countries: What the Long Run Shows’6. Pier Giorgio Ardeni and Brian Wright (1992), ‘The Prebisch-Singer Hypothesis: A Reappraisal Independent of Stationarity Hypotheses’7. Michael Bleaney and David Greenaway (1993), ‘Long-run Trends in the Relative Price of Primary Commodities and in the Terms of Trade of Developing Countries’Part II: Commodity Price Instability8. Alasdair I. Macbean (1966), ‘The Prima Facie Case’9. Robert S. Pindyck and Julio J. Rotemberg (1990), ‘The Excess Co-Movement of Commodity Prices’10. Angus Deaton and Guy Laroque (1992), ‘On the Behaviour of Commodity Prices’11. Alfred Maizels (1992), ‘The Commodity Price Collapse of the 1980s’ and The Impact on the Developing Countries’12. S.J. Leybourne, T.A. Lloyd and G.V. Reed (1994), ‘The Excess Co-movement of Commodity Prices Revisited’Part III: Stabilization Programmes 13. J.M. Keynes (1938), ‘The Policy of Government Storage of Food-Stuffs and Raw Materials’14. Richard Just, Ernst Lutz, Andrew Schmitz and Stephen Turnovsky (1978), ‘The Distribution of Welfare Gains from Price Stabilization: An International Perspective’15. David M.G. Newbery and Joseph E. Stiglitz (1981), ‘Summary of Findings’16. S.M. Ravi Kanbur (1984), ‘How to Analyse Commodity Price Stabilisation? A Review Article’17. Christopher L. Gilbert (1996), ‘International Commodity Agreements: An Obituary Notice’18. Brian D. Wright and Jeffrey C. Williams (1982), ‘The Economic Role of Commodity Storage’Part IV: Trade Shocks19. W.M. Corden (1984), ‘Booming Sector and Dutch Disease Economics: Survey and Consolidation’20. Wilfred Beckerman and Tim Jenkinson (1986), ‘What Stopped the Inflation? Unemployment or Commodity Prices?’21. Christopher L. Gilbert (1990), ‘Primary Commodity Prices and Inflation’22. David Bevan, Paul Collier and Jan Willem Gunning (1993), ‘Trade Shocks in Developing Countries: Consequences and Policy Responses’Part V: Futures Markets23. Ronald I. McKinnon (1967), ‘Futures Markets, Buffer Stocks, and Income Stability for Primary Producers’24. Christopher L. Gilbert (1985), ‘Futures Trading and the Welfare Evaluation of Commodity Price Stabilisation’25. Gordon Gemmill (1985), ‘Forward Contracts or International Buffer Stocks? A Study of their Relative Efficiencies in Stabilising Commodity Export Earnings’Part VI: Sectoral Studies26. Takamasa Akiyama and Panayotis N. Varangis (1990), ‘The Impact of the International Coffee Agreement on Producing Countries’27. Ronald W. Anderson and Christopher L. Gilbert (1988), ‘Commodity Agreements and Commodity Markets: Lessons from Tin’28. Brent Borrell and Ronald C. Duncan (1992), ‘A Survey of the Costs of World Sugar Policies’29. Kees Burger and Hidde P. Smit (1989), ‘Long-Term and Short-Term Analysis of the Natural Rubber Market’30. Ke-Young Chu and Thomas K. Morrison (1984), ‘The 1981-82 Recession and Non-Oil Primary Commodity Prices’31. Walter C. Labys (1975), ‘Introduction: A Taxonomy of Commodity Models and Their Policy Applications’Name Index