This doctoral dissertation explores the interplay between commodity markets, macroeconomics, and financial markets in developing, emerging, and developed economies. It addresses significant economic inquiries crucial for policymakers and macroeconomists, particularly in countries across Africa, Asia, and Latin America. The research focuses on four distinct empirical articles, employing advanced econometric tools and current data to examine the direct and indirect impacts of commodity market price fluctuations on various macroeconomic variables within these economies.
The outcomes from the four independent articles underscore that all analyzed countries or groups are significantly impacted by fluctuations in international commodity market prices.
- Particularly, the findings indicate that advanced economies, including the Euro Area, other developed nations, and China, exhibit notably stronger commodity market exposure compared to emerging economies in Africa, Asia, and Latin America, both at the individual country and regional levels. Moreover, the findings suggest that various contributing factors fuel the ascent of energy-related commodity prices (referred to as "greenflation"). These factors encompass elements within the demand chain, climate change, and broader inflationary tendencies, says Ernest Owusu Boakye.
Additionally, the dissertation's articles reveal that fluctuations in fossil commodity prices exert a significant influence on the long-term equilibrium real exchange rate movements for countries such as Norway and Saudi Arabia. Conversely, the renewable energy sector emerges as a significant driver of the real exchange rates in nations like Malaysia, New Zealand, Belgium, and South Africa.
In conclusion, the dissertation highlights the varying levels of commodity market price exposure among countries within regions and the differences observed across various measures of exposure.
- The results underscore that no country is immune to or isolated from the general commodity price market exposure. Looking ahead, the dissertation overall suggested a policy recommendation which could involve measures to mitigate the impact of international commodity market price fluctuations on different economies. These include diversification of economies, energy transition policies, international cooperation, risk management mechanisms, says Boakye.
Public examination event
Ernest Owusu Boakye defends his doctoral dissertation “Essays on Commodity Markets, Macroeconomy, and Financial Markets in Developing and Emerging Economies” on 15 March at 12.00 in the Main Building, lecture hall C5.
Opponent is Associate Professor Anupam Dutta (University of Vaasa, Finland) and Custos Professor Kari Heimonen (Ģֱ). The doctoral dissertation is held in English.
is available in the JYX repository.
Read more about dissertation event.
For further enquiry contact:
Ernest Owusu Boakye
ernestowusu50@gmail.com
040 654 1230
