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Long-run trends in 26 primary commodity prices

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Cuddington, John T.·1992·Journal of Development Economics

Abstract

This paper uses time series techniques to re-examine the Prebisch-Singer hypothesis that there has been a secular deterioration in primary commodity prices in terms of manufactured goods. Instead of using price indices, it considers 26 individual commodity prices over the period 1900–1983. This avoids possible aggregation and interpretation problems associated with the use of aggregate indices. The study finds that 16 of the 26 prices are trendless. Five have statistically significant negative trends; the remaining five have positive trends. It concludes that the Prebisch-Singer hypothesis should certainly not be considered a universal phenomenon or ‘stylized fact’.

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Metadata

Authors
Cuddington, J. T.
Venue
Journal of Development Economics
Publisher
Elsevier BV
Published
1992-10
Volume
39
Issue
2
Pages
207-227
ISSN
0304-3878 (ISSN-L)
OpenAlex
W1542170841
Cited by
211
References
0
FWCI
9.50
Type
journal article
Language
en
Open access
hybrid

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CoChat. (2026). Citation check: Long-run trends in 26 primary commodity prices. https://app.cochat.ai/papers/10.1016/0304-3878(92)90037-a
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Cuddington, J. T. (1992). Long-run trends in 26 primary commodity prices. Journal of Development Economics. https://doi.org/10.1016/0304-3878(92)90037-a

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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.