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Reducing distortions in international commodity markets : an agenda for multilateral cooperation

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  • Hoekman, Bernard
  • Martin, Will

Abstract

Global commodity markets are affected by a variety of government policies that may expand or lower overall supply and as a result affect world prices for the specific products concerned. Market failures and market structures (market power along the value chain) also affect supply. This paper briefly reviews a number of factors that may distort international commodity markets with a view to identifying elements of an agenda for multilateral cooperation to reduce such distortions. Much of the policy agenda that arises is domestic and requires action by national governments. But numerous policies -- or absence of policy -- generate international spillovers that call for the negotiation of international policy disciplines. Independent of whether distortions are local or international in scope, the complexity of prevailing market structures and their impacts on efficiency call for much greater monitoring and analysis by the international community.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 5928.

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Date of creation: 01 Jan 2012
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Handle: RePEc:wbk:wbrwps:5928

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Related research

Keywords: Markets and Market Access; Economic Theory&Research; Emerging Markets; Access to Markets; Free Trade;

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References

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  1. Yuliya Bolotova & John M. Connor & Douglas J. Miller, 2007. "Factors influencing the magnitude of cartel overcharges: An empirical analysis of food-industry cartels," Agribusiness, John Wiley & Sons, Ltd., vol. 23(1), pages 17-33.
  2. Hoekman, Bernanrd & Ng, Francis & Olarreaga, Marcelo, 2003. "Reducing agrcultural tariffs versus domestic support : what's more important for developing countries?," Policy Research Working Paper Series 2918, The World Bank.
  3. Kym Anderson & Will Martin, 2009. "Distortions to Agricultural Incentives in Asia," World Bank Publications, The World Bank, number 2611, October.
  4. Bolotova, Yuliya & Connor, John M. & Miller, Douglas J., 2008. "The impact of collusion on price behavior: Empirical results from two recent cases," International Journal of Industrial Organization, Elsevier, vol. 26(6), pages 1290-1307, November.
  5. Gouel, Christophe & Jean, Sebastien, 2012. "Optimal food price stabilization in a small open developing country," Policy Research Working Paper Series 5943, The World Bank.
  6. John M. Connor, 2000. "Archer Daniels Midland:Price Fixer To The World," Working Papers 00-11, Purdue University, College of Agriculture, Department of Agricultural Economics.
  7. Hoekman, Bernard & Saggi, Kamal, 2004. "International Cooperation on Domestic Policies: Lessons from the WTO Competition Policy Debate," CEPR Discussion Papers 4693, C.E.P.R. Discussion Papers.
  8. Martin, Will & Alston, Julian M, 1997. "Producer Surplus without Apology? Evaluating Investments in R&D," The Economic Record, The Economic Society of Australia, vol. 73(221), pages 146-58, June.
  9. Martin, Will & Anderson, Kym, 2011. "Export restrictions and price insulation during commodity price booms," Policy Research Working Paper Series 5645, The World Bank.
  10. Williams,Jeffrey C. & Wright,Brian D., 2005. "Storage and Commodity Markets," Cambridge Books, Cambridge University Press, number 9780521023399, October.
  11. McCorriston, Steve & MacLaren, Donald, 2005. "Trade and Welfare Effects of State Trading Enterprises," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24523, European Association of Agricultural Economists.
  12. John Connor & C. Gustav Helmers, 2006. "Statistics On Modern Private International Cartels, 1990-2005," Working Papers 06-11, Purdue University, College of Agriculture, Department of Agricultural Economics.
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Cited by:
  1. Bernard Hoekman & Will Martin, 2012. "Reducing Distortions in International Commodity Markets," World Bank Other Operational Studies 10041, The World Bank.

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