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The Elimination of Madagascar's Vanilla Marketing Board, Ten Years On

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Cadot, Olivier
de Melo, Jaime
Dutoit, Laure

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Abstract

Commodity prices are usually very slow to recover from adverse shocks. This is one of the reasons why it has proven so difficult either to smooth their effect or to stabilize them, and why it is sometimes argued that they should behave as if shocks were permanent. There is no reason however why countries should not find ways to protect themselves. This paper develops one practical idea on how this could be done. Our goal is not to stabilize prices, but to smooth the income of the producers. Countries, we assume, should get protection against deviation of commodity prices from a moving average of past prices. This avoids the pitfalls of past stabilization that attempted to stabilize around a single price and yet our scheme gives countries time to adjust to permanent shocks. Over a period of a 50 years time horizon, we simulate that the median cost would be worth about six months of exports.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 5548.

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Date of creation: Mar 2006
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Handle: RePEc:cpr:ceprdp:5548

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Related research
Keywords: Madagascar marketing board poverty vanilla

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Find related papers by JEL classification:
F14 - International Economics - - Trade - - - Country and Industry Studies of Trade
O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
O12 - Economic Development, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Nicita, Alessandro, 2004. "Who benefited from trade liberalization in Mexico? Measuring the effects on household welfare," Policy Research Working Paper Series 3265, The World Bank. [Downloadable!]
  2. Jonathan Isham & Michael Woolcock & Lant Pritchett & Gwen Busby, 2005. "The Varieties of Resource Experience: Natural Resource Export Structures and the Political Economy of Economic Growth," World Bank Economic Review, Oxford University Press, vol. 19(2), pages 141-174.
  3. Sahn, David E & Sarris, Alexander H, 1991. "Structural Adjustment and the Welfare of Rural Smallholders: A Comparative Analysis from Sub-Saharan Africa," World Bank Economic Review, Oxford University Press, vol. 5(2), pages 259-89, May.
  4. Margaret McMillan, 2001. "Why Kill The Golden Goose? A Political-Economy Model Of Export Taxation," The Review of Economics and Statistics, MIT Press, vol. 83(1), pages 170-184, February. [Downloadable!] (restricted)
  5. De Melo, J. & Olarreaga, M. & Takacs, W., 1996. "Pricing Policy Under Double Market Power: Madagascar and the International Vanilla Market," University of Geneva Economics Working Papers 96.08, University of Geneva, Department of Political Economy.
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