Call for Papers
Journal of International Money and Finance International Conference on Understanding International Commodity Price Fluctuations

March 13-14, 2013, Headquarters of the International Monetary Fund, Washington, DC

Sponsors:
IMF
OXCARRE
Journal of International Money and Finance

PAPER SUBMISSIONS: The Research Department of the International Monetary Fund and the Oxford Centre for the Analysis of Resource Rich Economies at Oxford University are now soliciting papers for a conference on "Understanding International Commodity Price Fluctuations." The guest editors invite detailed proposals and preferably draft research papers. Proposals should be submitted electronically to Mr. Hites Ahir at HAhir@imf.org and Ms. Celia Kingham at celia.kingham@economics.ox.ac.uk no later than November 9, 2012. The guest editors will make the final selection of papers to be included in the Conference. Authors will be notified by November 18, 2012 if their paper has been selected.

PAPERS ON "UNDERSTANDING INTERNATIONAL COMMODITY PRICE FLUCTUATIONS": Standard Some economic theories predict that commodity prices should decline relative to manufactured product prices over the long run. For instance, the Prebisch-Singer hypothesis that commodity prices decline as economies get richer is based on the idea that world demand for primary products is inelastic with respect to world income. The complex interplay between multiple forces affecting commodity markets certainly poses a challenge to the empirical validity of those predictions which are based on rather simplistic assumptions. Globalization and technological innovations are important factors driving changes in the structure of commodity markets. The rise of global economic power houses such as China and India put upward pressure on commodity prices while new supplies including as a result of and innovations in extractive and transportation technologies tend to depress commodity prices. In the short run, commodity prices are rather sensitive to supply disruptions resulting from abrupt changes in weather conditions or natural disasters. The global financial crisis and the uncertainty regarding the strength of the recovery in systemically important economies contribute to increasing volatility in commodity prices. In turn, spikes in commodity prices including energy prices could have adverse consequences on employment and economic activity in commodity importing countries. Commodity exporting countries may also react to changes in their main export pricesexport revenues in a manner which further destabilizes which may or may not stabilize international commodity prices. Also, tThe "financialisation" of commodity markets -- commodities being considered by financial investors as a class of asset on its own which has in turndistinct asset class contributed to increasing the co-movements in prices of various commodities -- has instigated a debate over whether commodity prices are becoming increasingly disconnected from fundamentals. The financialisation of commodities certainly put "information" (or the lack thereof) at the center stage of commodity price developments. In light of those increasingly complex developments, the purpose of this conference is to foster the understanding of fluctuations in commodity prices.

This conference seeks draft papers or detailed proposals for theoretical and empirical papers analyzing fluctuations in international commodity prices. Topics might involve: 1) historical developments in international commodity markets, 2) price co-movements between various commodities, 3) the global financial crisis and international commodity markets, 4) consequences of commodity prices on unemployment and economic activity in commodity exporting countries, 5) reactions of commodity exporters to the changing structure of global commodity markets 6) inventories and commodity prices, 7) the consequences of rising demand from China and India on commodity market developments, 8) the financialisation of commodity markets and the role of information in commodity markets.

SPECIAL ISSUE: Guest Editors: Rabah Arezki (IMF), Prakash Loungani (IMF), Rick van der Ploeg (Oxford) and Tony Venables (Oxford)

The Journal of International Money and Finance (JIMF) will publish a Special Issue on Understanding International Commodity Price Fluctuations with a selection of the papers presented at the conference.

ABOUT THE JOURNAL OF INTERNATIONAL MONEY AND FINANCE: Since its launch in 1982, Journal of International Money and Finance has built up a solid reputation as a high quality scholarly journal devoted to theoretical and empirical research in the fields of international monetary economics, international finance, and the rapidly developing overlap area between the two. Today, it is one of the key journals in the field of modern finance. A special issue of JIMF on Understanding International Commodity Price Fluctuations is a unique opportunity to showcase literature among a broader finance audience. At the same time, the special issue of JIMF is a great way of attracting the best researchers, since publishing in JIMF is a great opportunity for all.

ABOUT THE CONFERENCE: The conference will be organized to bring together international frontrunners. During the conference up to 15 high quality papers on understanding international commodity price fluctuations will be presented and discussed, while at the same time allowing time for discussing the research agenda and needs of tomorrow.

The call for papers for the conference will be advertised at various outlets (SSRN, etc) in order to attract a wide diversity of high quality submissions. Up to 15 papers will be selected on quality, scope and relevance, and scheduled for presentation in the conference program. Authors will receive an honorarium of $2,000 and be expected to present their paper at the conference. The papers should represent original research not presented or published elsewhere. Since the papers are intended for publication, authors will not be able to publish or reprint the work elsewhere without the permission of the editors and publisher.

PRELIMINARY PROGRAM:

March 12:

18.30-21.30 Welcome drinks and dinner

March 13:

09.00-12.00 Paper presentations and discussions (5 papers)

12.00-13.30 Lunch

13.30-16.30 Paper presentations and discussions (5 papers)

17.30-21.30 Drinks and conference dinner

March 14:

09.00-12.00 Paper presentations and discussions (5 papers)

12.00-14.00 Closing Lunch



Posted 10/28/12