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The Impact of Trade Restrictions on Price Stability in the World Wheat Market

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  • Shun-Yi Shei
  • Robert L. Thompson

Abstract

A thirteen-region quadratic programming model of world wheat trade is utilized to simulate the effects of unanticipated quantity changes on prices in the world wheat market under different degrees of trade restriction. Three scenarios characterized by different numbers of regions that permit price signals from international markets to be reflected into their domestic markets are specified. As the number of countries whose wheat trade is price responsive increases in the simulations, the percentage change in world price is smaller in response to a shock such as u.s. export controls or an unanticipated change in Soviet imports.

Suggested Citation

  • Shun-Yi Shei & Robert L. Thompson, 1977. "The Impact of Trade Restrictions on Price Stability in the World Wheat Market," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 59(4), pages 628-638.
    • Handle: RePEc:oup:ajagec:v:59:y:1977:i:4:p:628-638.
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    File URL: http://hdl.handle.net/10.2307/1239390
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    1. Stephen Devadoss & William Ridley, 2014. "Effects of the Mexican Apple Tariff on the World Apple Market," Review of Development Economics, Wiley Blackwell, vol. 18(4), pages 763-777, November.
    2. Fellin, Luis & Fuller, Stephen & Grant, Warren & Smotek, Connie, 2001. "Measuring Benefits from Inland Waterway Navigation Improvements," Journal of the Transportation Research Forum, Transportation Research Forum, vol. 40(2).
    3. Ahmedov, Zafarbek & Power, Gabriel J. & Vedenov, Dmitry V. & Fuller, Stephen W. & McCarl, Bruce A. & Vadali, Sharada, 2009. "A Spatial Equilibrium Model of the Impact of Bio-Fuels Energy Policy on Grain Transportation Flows," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49837, Agricultural and Applied Economics Association.
    4. Koo, Won K., 1990. "Spacial Equilibrium Prices of Hard Red Spring Wheat," Journal of the Transportation Research Forum, Transportation Research Forum, vol. 31(1).
    5. Yeh, Chung J., 1980. "Market Demand For Residual Stocks And Price Variability: A Case Study Of U.S. Wheat," 1980 Annual Meeting, July 27-30, Urbana-Champaign, Illinois 279238, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    6. Mahama, Ramatu, 1985. "A stochastic simulation of the impact of price insulation policies on world wheat market stability," ISU General Staff Papers 198501010800008868, Iowa State University, Department of Economics.
    7. Yakubu Abdul-Salam, 2019. "Evaluating the Impact of Brexit on Natural Gas Trade between the UK and the EU – A Spatial Equilibrium Analysis," CEERP Working Paper Series 008, Centre for Energy Economics Research and Policy, Heriot-Watt University.
    8. Blake, Martin J. & Johnson, Stanley R., 1979. "Inventory And Price Equilibrium Models Applied To The Storage Problem," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 11(1), pages 1-5, July.
    9. Coyle, Barry & Chambers, Robert G. & Schmitz, Andrew, 1986. "Economic Gains from Agricultural Trade: A Review and Bibliography," Miscellaneous Publications 319990, United States Department of Agriculture, Economic Research Service.
    10. Koo, Won W. & Joerger, Paul J., 1984. "Spatial Equilibrium Analysis of the U.S. Hard Red Spring Wheat Industry under Alternative Transportation Rate Structures," Agricultural Economics Reports 23277, North Dakota State University, Department of Agribusiness and Applied Economics.
    11. Koo, Won W., 1986. "Modelling Comparative Advantage for Agricultural Products," 1986 Annual Meeting, July 27-30, Reno, Nevada 278462, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    12. Tyers, Rodney & Anderson, Kym, 1985. "Price, Trade and Welfare Effects of Agricultural Protection: The Case of East Asia," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 53(03), pages 1-28, December.
    13. Chase Wilde, Linda & Cornell, Laurence D. & Sorenson, Vernon L. & Black, J. Roy, 1986. "World Grain Trade: An Evaluation of Factors Affecting Net Import Demand for Wheat and Coarse Grains by Selected Countries," Agricultural Economic Report Series 201358, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    14. Jang, Joonkyung, 1992. "A spatial equilibrium analysis of the impact of transportation costs and policy changes on the export of U.S. beef and feed grains," ISU General Staff Papers 1992010108000017632, Iowa State University, Department of Economics.
    15. Stephen W. Fuller & Luis Fellin & Ken Eriksen, 2000. "Panama canal: How critical to U.S. grain exports?," Agribusiness, John Wiley & Sons, Ltd., vol. 16(4), pages 435-455.
    16. Van der Sluis, Evert, 1988. "A nonlinear multicountry multicommodity spatial equilibrium model with an application," ISU General Staff Papers 1988010108000018153, Iowa State University, Department of Economics.
    17. Costa, Rafael & Rosson, Parr, 2012. "The impacts of the panama canal expansion on world cotton Trade," 53rd Annual Transportation Research Forum, Tampa, Florida, March 15-17, 2012 207089, Transportation Research Forum.
    18. Teigen, Lloyd D., 1988. "Agricultural Policy, Technology Adoption, and Farm Structure," Staff Reports 278118, United States Department of Agriculture, Economic Research Service.
    19. Stephen Fuller & Luis Fellin & Victoria Salin, 2003. "Effect of liberalized U.S.-Mexico rice trade: A spatial, multiproduct equilibrium analysis," Agribusiness, John Wiley & Sons, Ltd., vol. 19(1), pages 1-17.
    20. Jafar, Rana Muhammad Sohail & Rabnawaz, Ambar & Hussain, Safdar & Ahmed, Wasim & Zhuang, Peifen, 2015. "Aptitudes of Pakistani Rice Industry with Respect to Global Trade," MPRA Paper 70378, University Library of Munich, Germany.
    21. Baffes, John & Houston, Jack E. & Ames, Glenn C. W., 1987. "A Continuous Time Disequilibrium Model for the World Soybean Meal Market," 1987 Annual Meeting, August 2-5, East Lansing, Michigan 269960, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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