Understanding world metals prices-Returns, volatility and diversification

被引：61

作者：

Chen, Mei-Hsiu ^{[1
]}

机构：

[1] Univ Western Australia, UWA Business Sch, Nedlands, WA 6009, Australia

来源：

RESOURCES POLICY | 2010年 / 35卷 / 03期

基金：

澳大利亚研究理事会;

关键词：

Metals prices; World economy; Volatility; COMMODITY PRICES; VARIABILITY; INFLATION; PARKS; GOLD;

D O I：

10.1016/j.resourpol.2010.01.001

中图分类号：

X [环境科学、安全科学];

学科分类号：

08 ; 0830 ;

摘要：

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. (c) 2010 Elsevier Ltd. All rights reserved.

引用

页码：127 / 140

页数：14