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China's Impact on World Commodity Markets

China's Impact on World Commodity Markets by Shaun K. Roache
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Shocks to aggregate activity in China have a significant and persistent short-run impact on the price of oil and some base metals. In contrast, shocks to apparent commodity-specific consumption (in part reflecting inventory demand) have no effect on commodity prices. China’s impact on world commodity markets is rising but, perhaps surprisingly, remains smaller than that of the United States. This is mainly due to the dynamics of real activity growth shocks in the U.S, which tend to be more persistent and have larger effects on the rest of the world.
International Monetary Fund; May 2012
24 pages; ISBN 9781475539196
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Title: China's Impact on World Commodity Markets
Author: Shaun K. Roache