At the end of the seminar students will be able to demonstrate:
The seminar aims to introducing students with recent developments and policy issues related to the markets of key commodities in both developing and advanced countries. Specific topics include: markets forces in determining global commodity prices; welfare impacts for household and business as well as public policies of support against adverse effects of commodity prices; international and regional agreements, volatility and implications for risk management strategies and the challenges for macroeconomic stability (monetary and fiscal policies); and globalization.
Commodities play an important role in the daily decisions of households, firms and the government. As such, business, policy makers and analysts keep a close watch on the fluctuation in their prices. The prices of commodities are set on the world market based on the confrontation between demand and supply forces. Commodities traded on the world market include raw materials, intermediate or semi-processed goods that are used to manufacture other products. The most commonly traded commodities on the global market comprise crude oil, gold, copper, cotton, silver, natural gas, sugar, coffee, and cereals such as wheat, corn and rice.
The evaluation includes the following four elements:
1. Definition of the project: 10%
2. Presentation of the findings on the project: 20 %
3. Discussion on another project: 10%
4. Participation in general discussions: 20 %
5. Final report on the project: 40%
The course is based on research articles as well as specialised economic and financial newspaper articles. Key references will be provided in class during the introduction of the seminar.