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Reducing Distortions in International Commodity Markets World commodity markets—and particularly the markets for agricultural commodities—remain highly distorted despite the wave of liberalization that has swept world trade since the 1980s. Commodity markets are distorted on both the export and the import sides, with serious implications for world prices and their volatility. Very few of the price distortions found in commodity markets can be justified on the grounds of dealing with market failures. Rather, most policies that affect commodity prices are designed to transfer resources to favored groups by raising or lowering prices. Policies may target the level and/or the volatility of prices, and the pursuit of one type of policy objective may have unintended consequences in generating further distortions. Moreover, some commodity markets are characterized by imperfect competition. Where monopolies or oligopolies in trade arise, either because of government regulation or through other barriers to entry, distortions may arise that call for application of antitrust laws and other forms of pro-competitive policy action

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  • Hoekman, Bernard

    (World Bank)

  • Martin, Will

    (World Bank)

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  • Hoekman, Bernard & Martin, Will, 2012. "Reducing Distortions in International Commodity Markets World commodity markets—and particularly the markets for agricultural commodities—remain highly distorted despite the wave of liberalization that has swept world trade since the 1980s. Commodity," World Bank - Economic Premise, The World Bank, issue 82, pages 1-5, May.
    • Handle: RePEc:wbk:prmecp:ep82
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    References listed on IDEAS

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    1. Will Martin & Kym Anderson, 2012. "Export Restrictions and Price Insulation During Commodity Price Booms," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 94(2), pages 422-427.
    2. Bernard Hoekman & Will Martin, 2012. "Reducing Distortions in International Commodity Markets," World Bank Publications - Reports 27431, The World Bank Group.
    3. Hoekman, Bernard M. & Kostecki, Michel M., 2009. "The Political Economy of the World Trading System," OUP Catalogue, Oxford University Press, edition 3, number 9780199553778.
    4. repec:wbk:wbpubs:9436 is not listed on IDEAS
    5. repec:wbk:wbpubs:2611 is not listed on IDEAS
    6. Datt, Mohini & Hoekman, Bernard & Malouche, Mariem, 2011. "Taking Stock of Trade Protectionism Since 2008," World Bank - Economic Premise, The World Bank, issue 72, pages 1-9, December.
    7. Hoekman, Bernard & Martin, Will, 2012. "Reducing distortions in international commodity markets : an agenda for multilateral cooperation," Policy Research Working Paper Series 5928, The World Bank.
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