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Price volatility, market regulation and risk management: challenges for the future of the CAP

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  • Vincent Chatellier

Abstract

This article provides an analysis of the European Commission’s proposals (18 Novembre 2010) regarding the next CAP reform. It proposes a reflection centered on the volatility of agricultural prices, the market regulation mechanisms and the risk management tools (the important question of direct payment to farmers is not included here). The first section deals with the factors underlying the volatility of agricultural prices, the effects of these factors on an international scale and ways of better managing volatility through enhanced international coordination of policies associated with agriculture. The second concerns the European tools that could be mobilised to accompany and support the envisaged strategies on a more global scale. Arguments are then developed around the following topics: customs duties, export refunds, safety nets, futures markets, fiscal policies and income stabilisation tools.

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File URL: http://www.rennes.inra.fr/smart/Media/Working-papers/WP11-04
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Bibliographic Info

Paper provided by INRA UMR SMART in its series Working Papers SMART - LERECO with number 11-04.

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Length: 29 pages
Date of creation: 2011
Date of revision:
Handle: RePEc:rae:wpaper:201104

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Keywords: CAP; agricultural market; price volatility; risk; regulation instruments;

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References

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  1. Shingo Kimura & Jesús Antón & Christine LeThi, 2010. "Farm Level Analysis of Risk and Risk Management Strategies and Policies: Cross Country Analysis," OECD Food, Agriculture and Fisheries Papers 26, OECD Publishing.
  2. Dwight R. Sanders & Scott H. Irwin & Robert P. Merrin, 2010. "The Adequacy of Speculation in Agricultural Futures Markets: Too Much of a Good Thing?," Applied Economic Perspectives and Policy, Agricultural and Applied Economics Association, vol. 32(1), pages 77-94.
  3. John Baffes, 2011. "The Economics of Food:� How Feeding and Fueling the Planet Affects Food Prices," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 38(1), pages 157-160, March.
  4. Scott H. Irwin & Dwight R. Sanders, 2011. "Index Funds, Financialization, and Commodity Futures Markets," Applied Economic Perspectives and Policy, Agricultural and Applied Economics Association, vol. 33(1), pages 1-31.
  5. Babcock, Bruce A. & Beghin, John C. & Fuller, Frank H. & Mohanty, Samarendu & Fabiosa, Jacinto F. & Kaus, Phillip J. & Fang, Cheng & Hart, Chad E. & Matthey, Holger & de Cara, Stephane & Kovarik, Kare, 2001. "FAPRI 2001 U.S. and World Agricultural Outlook," Staff Reports 32052, Food and Agricultural Policy Research Institute (FAPRI).
  6. Christopher Gilbert & Wyn Morgan, 2010. "Has food price volatility risen?," Department of Economics Working Papers 1002, Department of Economics, University of Trento, Italia.
  7. Boussard, Jean-Marc, 2007. "Pourquoi et comment l’instabilité est-elle une caractéristique structurelle des marchés agricoles?," Miscellaneous Papers 44424, Agecon Search.
  8. Martin Banse & Hans van Meijl & Andrzej Tabeau & Geert Woltjer, 2008. "Will EU biofuel policies affect global agricultural markets?," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 35(2), pages 117-141, June.
  9. Tim Josling & Kym Anderson & Andrew Schmitz & Stefan Tangermann, 2010. "Understanding International Trade in Agricultural Products: One Hundred Years of Contributions by Agricultural Economists," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 92(2), pages 424-446.
  10. Alan Swinbank, 2008. "Potential WTO Challenges to the CAP-super-†," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 56(4), pages 445-456, December.
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Cited by:
  1. Chatellier, Vincent & Guyomard, Herve, 2012. "The October 2011 Legislative Proposals for CAP Reform: A French Point of View," 126th Seminar, June 27-29, 2012, Capri, Italy 126988, European Association of Agricultural Economists.

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