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Characteristics and Behavior of African Commodity/Product Markets and Market Institutions and Their Consequences for Economic Growth

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  • Afeikhena Jerome
  • Olawale Ogunkola
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    Abstract

    This study examines the characteristics and behaviour of key commodity/product markets and market institutions in Africa and their consequences for economic growth. Their contribution to economic growth appears to have been limited by high transaction costs and weak institutions. Government heavy intervention, persistent shortages of market infrastructure and lack of effective market information system, all contribute to the seemingly high transaction costs in these markets.

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    File URL: http://www.cid.harvard.edu/cidwp/pdf/035.pdf
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    Bibliographic Info

    Paper provided by Center for International Development at Harvard University in its series CID Working Papers with number 35.

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    Date of creation: Jan 2000
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    Handle: RePEc:wop:cidhav:35

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    Postal: Center for International Development at Harvard University (CID). 79 John F. Kennedy Street, Cambridge, MA 02138.
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    Web page: http://www.cid.harvard.edu/cidwp/
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    Keywords: markets; transaction costs; institutions.;

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    1. Deaton, A-S & Miller, R-I, 1995. "International Commodity Prices, Macroeconomic Performance, and Politics in Sub-Saharan Africa," Princeton Studies in International Economics 79, International Economics Section, Departement of Economics Princeton University,.
    2. Jaffee, Steven & DEC, 1994. "Private trader response to market liberalization in Tanzania's cashew nut industry," Policy Research Working Paper Series 1277, The World Bank.
    3. Palaskas, T.B. & Harriss, B., 1991. "Testing Market Integration: New Approaches with Case Material from the West Bengal Food Economy.; Part I : A New Methodology and Its Application; Part II : An Institutional Approach to Price Behaviour," Economics Series Working Papers 99126, University of Oxford, Department of Economics.
    4. Paul Collier & Jan Willem Gunning, 1998. "Explaining African economic performance," Economics Series Working Papers WPS/1997-02.2, University of Oxford, Department of Economics.
    5. Savvides, Andreas, 1995. "Economic growth in Africa," World Development, Elsevier, vol. 23(3), pages 449-458, March.
    6. Calvo, C.M., 1998. "Options for Managing and Financing Rural Transport Infrastructure," Papers 411, World Bank - Technical Papers.
    7. Joseph E. Stiglitz, 1985. "Economics of Information and the Theory of Economic Development," NBER Working Papers 1566, National Bureau of Economic Research, Inc.
    8. Barrett, Christopher B., 1997. "Food marketing liberalization and trader entry: Evidence from Madagascar," World Development, Elsevier, vol. 25(5), pages 763-777, May.
    9. Williamson, Oliver E, 1979. "Transaction-Cost Economics: The Governance of Contractural Relations," Journal of Law and Economics, University of Chicago Press, vol. 22(2), pages 233-61, October.
    10. repec:fth:oxesaf:97-2.1 is not listed on IDEAS
    11. Ghura, Dhaneshwar, 1995. "Macro Policies, External Forces, and Economic Growth in Sub-Saharan Africa," Economic Development and Cultural Change, University of Chicago Press, vol. 43(4), pages 759-78, July.
    12. Cleaver, K., 1993. "A Strategy to Develop Agriculture in Sub-Saharan Africa and a Focus for the World Bank," Papers 203, World Bank - Technical Papers.
    13. P. T. Bauer & B. S. Yamey, 1954. "The Economics of Marketing Reform," Journal of Political Economy, University of Chicago Press, vol. 62, pages 210.
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    Cited by:
    1. Muradian, Roldan & Pelupessy, Wim, 2005. "Governing the coffee chain: The role of voluntary regulatory Systems," World Development, Elsevier, vol. 33(12), pages 2029-2044, December.

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