Effects of a dollar appreciation on dollar prices in international commodity markets

摘要: Abstract The dollar-based commodity price index prepared by UNCTAD declined 30% in the five-year period ending January 1985. A variety of factors explains this fall. Most important among these is probably phenomenal appreciation US currency. For instance, dollar rose against Deutschmark 84% during that time, and UNCTAD's shows a rise about when measured West German money. Surely, prices would have fallen far less or possibly even increased absence exchange rate shifts were actually recorded.