Institute for World Economics of the Hungarian Academy of Sciences

Foreword The cooperation between the Hungarian and Romanian Academies of Science has been extremely successful during the past years. In this framework, the Institute for World Economics of the Hungarian Academy of Sciences and the National Institute of Economic Research and Costin Murgescu...

Introduction After some twenty years of nearly unchanged current prices of raw materials (and even of certain decline of their relative prices), the trend underwent a dramatic change beginning with late 1972. EVen if we leave aside the special case of oil, "The Economist" index of industrial raw...