Exploring the Trend of Commodity Prices: A Review and Bibliometric Analysis

Abstract

As the supply of commodities forms essential lifelines for modern society, commodity price fluctuations can significantly impact the operation and sustainable development of macroeconomics, production activities, and people’s security and well-being. The commodity trading market also plays a pivotal role in the competition of the international industrial chain and the sustainable development of the industry. The method of bibliometrics was used in this study to trace the development of research on commodity prices, and statistical and co-citation analyses were conducted on selected literature samples. It was found that the research hotspots in this field are concentrated on four aspects: factors influencing commodity prices, the impact of price fluctuations on the macroeconomy, forecasts of commodity prices, and the financialization of commodities. A current commodity price research network centered on oil prices has formed. Future directions in this field, which developed out of oil shock research 40 years ago, can further investigate the impact of factors and the responses that can be made to emergencies on commodity prices, as well as continuing to develop better methods of commodity price forecasting.

Time-Varying Impact of Commodity Prices on Output Growth and Inflation in the Eastern European Countries

“…However, there is no ground for fears of stagflation, as the oil price shock turns out to be expansionary in all countries (except Slovakia), regardless of the exchange rate regime practiced. Such results are in accordance with the study by Zyra and Shevchuk [30], which established a complementarity between higher commodity prices and output growth in Czechia and Hungary. In a wider context, our results are in support of other studies, which indicate a positive relationship between oil prices and economic growth [16,17].…”

“…Studies on the other commodity prices are rather scarce, especially for the CEE countries. Zyra and Shevchuk [30] prove that an increase in the world commodity price index, as provided by the IMF, is complementary to output growth in the Czech Republic and Hungary. For the euro area inflation, it has been found by Peersman [31] that without exogenous food commodity price shocks, inflation would have been 0.2-0.8% lower in the period 2009-2012 and 0.5-1.0% higher in the period 2014-2015.…”

Understanding Global Commodity Price Shocks on Exchange Rates and Inflation in Emerging Economies: ARDL Perspective

“…Commodity prices, such as cocoa, oil, gold, petrol, and diesel, have a significant impact on various aspects of the economy and development. Research in this field has focused on factors influencing commodity prices, the impact of price fluctuations on the macroeconomy, commodity price forecasting, and the financialization of commodities [30]. In Sub-Saharan Africa, commodity price changes, including crude oil, cocoa, and gold, have been found to have a positive influence on development, while cotton and coffee price changes have a negative effect [31].…”

Ensuring Fair Compensation: Analyzing and Adjusting Freight Forwarder Liability Limits

“…The commodities essential to the life of modern society include almost all primary material goods used for production and consumption, such as energy, minerals, and agricultural products. In consumer and producer countries, a large part of income and wealth depends on the prices of these goods [26]. At the same time, commodity price shocks affect the corporate, household, government, and banking sectors of the economy [27].…”