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Volatility of international commodity prices in times of COVID-19: Effects of oil supply and global demand shocks

descriptionPublicationkeyboard_double_arrow_right Article , Other literature type , Journal , Report 01 Jan 2020 Germany Publisher:Elsevier BVJournal:The Extractive Industries and Society, volume 8, pages 257-270 (issn: 2214-790X,

Authors:

Ezeaku, Hillary; Asongu, Simplice; Nnanna, Joseph;

doi: 10.1016/j.exis.2020.12.013 , 10.2139/ssrn.3754734

Volatility of international commodity prices in times of COVID-19: Effects of oil supply and global demand shocks

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Abstract

This study examines the effects of oil supply and global demand shocks on the volatility of commodity prices in the metal and agricultural commodity markets using the SVAR model. The empirical evidence is based on real time daily closing international commodity prices covering the period 2 December 2019 to 1 October 2020. The findings are presented in cumulative impulse responses and variance decompositions. The former is utilized to examine the accumulated influence of structural shocks on the volatility of agricultural and metal commodities whereas the latter reflect the share of variation in the volatility of each commodity arising from each structural shock. Various patterns are provided on how metal and agricultural commodity prices have been influenced by the COVID-19 pandemic. Policy implications are discussed.

Country

Germany

Related Organizations

Ludwig-Maximilians-Universität München
Germany
Caritas University
Nigeria
African Governance and Development Institute
Cameroon
University of South Africa
South Africa
African Governance and Development Institute
Cameroon

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Keywords

I12 - Health Behavior, H12 - Crisis Management, O10 - General

Impact byBIP!

	citations This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).	37
	popularity This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.	Top 1%
	influence This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).	Top 10%
	impulse This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.	Top 10%