Publication:
The Role of Income and Substitution in Commodity Demand

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dc.contributor.authorKabundi, Alain
dc.contributor.authorBaffes, John
dc.contributor.authorNagle, Peter
dc.date.accessioned2020-01-30T15:57:35Z
dc.date.available2020-01-30T15:57:35Z
dc.date.issued2020-01
dc.description.abstractThis paper presents estimates of time-varying income elasticities of demand for energy and metal commodities. The analysis finds that the elasticities are close to unity, evaluated at world median per capita income levels. Furthermore, the estimates confirm that as income rises, demand growth for industrial commodities slows and eventually plateaus. Indeed, estimates for aggregate metals and energy differ by an order of magnitude throughout the income spectrum: from a low of 0.2 for advanced economies to nearly 2 for low-income countries. The analysis, which accounts for substitutability by estimating group aggregates as well as individual commodities with cross-price effects, is based on a panel autoregressive distributed lag model covering 1965-2018, for up to 63 countries.en
dc.identifierhttp://documents.worldbank.org/curated/en/433811579795110765/The-Role-of-Income-and-Substitution-in-Commodity-Demand
dc.identifier.doi10.1596/1813-9450-9122
dc.identifier.urihttps://hdl.handle.net/10986/33257
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 9122
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectCOMMODITY CONSUMPTION
dc.subjectCOMMODITY INTENSITY
dc.subjectENERGY DEMAND
dc.subjectMETAL DEMAND
dc.subjectSUBSTITUTION
dc.subjectSUBSTITUTABILITY
dc.subjectINCOME ELASTICITY
dc.titleThe Role of Income and Substitution in Commodity Demanden
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.crossref.titleThe Role of Income and Substitution in Commodity Demand
okr.date.disclosure2020-01-23
okr.doctypePublications & Research
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://documents.worldbank.org/curated/en/433811579795110765/The-Role-of-Income-and-Substitution-in-Commodity-Demand
okr.guid433811579795110765
okr.identifier.doi10.1596/1813-9450-9122
okr.identifier.externaldocumentum090224b08753458c_1_0
okr.identifier.internaldocumentum31723412
okr.identifier.reportWPS9122
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/433811579795110765/pdf/The-Role-of-Income-and-Substitution-in-Commodity-Demand.pdfen
okr.statistics.combined4536
okr.statistics.dr433811579795110765
okr.statistics.drstats3641
okr.topicEnergy::Energy Demand
okr.topicMacroeconomics and Economic Growth::Commodities
okr.topicMacroeconomics and Economic Growth::Economic Theory & Research
okr.unitDevelopment Prospects Group (DECPG)
relation.isAuthorOfPublication18b25906-9cb0-519d-95a9-8bfd4c5a3666
relation.isAuthorOfPublication5c3c56ac-72ed-5cd6-9863-5b9b815ed023
relation.isAuthorOfPublication.latestForDiscovery18b25906-9cb0-519d-95a9-8bfd4c5a3666
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