The Impact of Recession, Geopolitical Events and Pandemic on Commodity Prices

A special issue of Commodities (ISSN 2813-2432).

Deadline for manuscript submissions: 1 July 2024 | Viewed by 1957

Special Issue Editors


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Guest Editor
Division of Economic & Trade, College of Humanities and Social Sciences, Kongju National University, Gongju-si 32588, Republic of Korea
Interests: international economics; international finance; trade; chinese economy; macroeconomics; economic growth

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Guest Editor
Department of Economics, College of Business and Security Management, University of Alaska, Fairbanks, AK 99775, USA
Interests: international trade; energy economics; the economics of environment and trade and econometric modeling
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Special Issue Information

Dear Colleagues, 

Combined with the once-in-a-lifetime COVID-19 outbreak and the subsequent global economic recession, the recent geopolitical risk caused by Russia’s invasion of Ukraine has triggered spiralling commodity prices. The prices of strategic commodities such as oil, corn, and gold have been highly susceptible to the influence of intensified geopolitical risks and supply interruptions caused by the pandemic. The war between Ukraine and Russia has amplified fluctuations in commodity prices of their major exporting commodities such as oil, natural gas, wheat, and aluminium. Thus, it is very interesting from a policy and an empirical standpoint to probe to what extent these factors have influenced fluctuations in commodity prices. This Special Issue has the purpose of analyzing and providing the effects of the recession, geopolitical events, and the coronavirus pandemic on the volatility of commodity prices. We are also interested in topics regarding the impacts of the U.S.–China hegemony competition, the recent Fed rate hike, and digital (business) innovation on commodities markets. We are expecting to contribute not only to empirical research, but also to economic theory by empirically analyzing changes in various commodity markets, including primary products, foreign exchange, bonds, and stock markets.

Dr. Soojoong Nam
Prof. Dr. Jungho Baek
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Commodities is an international peer-reviewed open access quarterly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1000 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • geopolitical risk
  • Ukrain–Russia war
  • COVID-19 pandemic
  • COVID-19 recession
  • strategic commodities
  • econometric modeling
  • crude oil
  • natural gas
  • gold

Published Papers (2 papers)

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Research

15 pages, 655 KiB  
Article
Investigating the Consumption Patterns of Japanese Seafood during the COVID-19 Pandemic
by Kentaka Aruga and Hiroki Wakamatsu
Commodities 2024, 3(2), 182-196; https://doi.org/10.3390/commodities3020012 - 22 May 2024
Viewed by 397
Abstract
The COVID-19 pandemic, with increased home cooking and decreased restaurant dining, significantly altered seafood consumption patterns. By applying an ordered logit model to identify factors affecting seafood consumption during the pandemic, this study found that the shift in seafood consumption was driven by [...] Read more.
The COVID-19 pandemic, with increased home cooking and decreased restaurant dining, significantly altered seafood consumption patterns. By applying an ordered logit model to identify factors affecting seafood consumption during the pandemic, this study found that the shift in seafood consumption was driven by factors such as changes in meal preparation methods, more time spent at home, and shifts in financial situations. While take-out consumption boosted overall seafood intake, popular varieties saw a rise in home consumption, while high-end seafood suffered from decreased demand as consumers focused more on home dining. This study underscores the importance of supporting suppliers, restaurants, and retailers dealing with high-end seafood, as they face economic challenges due to reduced consumption. In summary, pandemic-induced restrictions on mobility led to a notable transition from restaurant-prepared seafood to home-cooked options, highlighting the need for targeted policies to aid affected sectors. Full article
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23 pages, 6121 KiB  
Article
Financial Market Stress and Commodity Returns: A Dynamic Approach
by Ramesh Adhikari and Kyle J. Putnam
Commodities 2024, 3(1), 39-61; https://doi.org/10.3390/commodities3010004 - 24 Jan 2024
Viewed by 905
Abstract
This paper examines the relationship between commodity index returns and the Office of Financial Research Financial Stress Index (OFR FSI). Utilizing the S&P GSCI and its five sub-indices (agriculture, livestock, energy, industrial metals, and precious metals), we find that the causal relationship between [...] Read more.
This paper examines the relationship between commodity index returns and the Office of Financial Research Financial Stress Index (OFR FSI). Utilizing the S&P GSCI and its five sub-indices (agriculture, livestock, energy, industrial metals, and precious metals), we find that the causal relationship between financial market stress and commodity index returns is conditional on the sample period examined and the methodology employed. We also note that stress in financial markets has a negative relationship with commodity index returns during low commodity return states; however, during high commodity return states, financial market stress exhibits a positive relationship with commodity index returns. Our findings highlight the importance of considering a time-varying framework for analyzing commodity return dynamics. Full article
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Planned Papers

The below list represents only planned manuscripts. Some of these manuscripts have not been received by the Editorial Office yet. Papers submitted to MDPI journals are subject to peer-review.

Title: Financial Stress and Commodity Returns: A Dynamic Approach
Authors: Ramesh Adhikari; Kyle Putnam
Affiliation: School of Business, Cal Poly Humboldt, USA
Abstract: This paper examines the relationship between commodity index returns and the Office of Financial Research Financial Stress Index (OFR FSI). Utilizing the S&P GSCI and its five sub-indices (agriculture, livestock, energy, industrial metals, and precious metals), we find that the causal relationship between financial market stress and commodity returns changes over time based on the sample period examined, and the methodology employed. We note that financial stress has a negative relation with commodity returns during low commodity return states and a positive relation with commodity returns during high commodity return states. Our findings highlight the importance of considering both a time-varying framework and financial stress when analyzing commodity markets and their dynamics.

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