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Liberalization of Foodgrain Markets Implications for Food Security and Price Stability


  • Jha, S.
  • Srinivasan, P.V.


This paper explores through counterfactual simulations the effects of deregulating and liberalizing the foodgrain sector on the costs of price stabilization, production incentives and consumption levels. The outcomes under free trade with trade taxes are compared with those of a regime in which trade is canalized. Equilibrium output, stocks and prices of the three major foodgrains viz. rice, wheat and coarse cereals are determined simultaneously in a multi market set up.

Suggested Citation

  • Jha, S. & Srinivasan, P.V., 1996. "Liberalization of Foodgrain Markets Implications for Food Security and Price Stability," Papers 132, Indira Gandhi Institute of Development Research-.
  • Handle: RePEc:fth:indgan:132

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    References listed on IDEAS

    1. Diamond, Peter & Fudenberg, Drew, 1989. "Rational Expectations Business Cycles in Search Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 97(3), pages 606-619, June.
    2. Frank Hahn, 1978. "On Non-Walrasian Equilibria," Review of Economic Studies, Oxford University Press, vol. 45(1), pages 1-17.
    3. Goyal, A., 1991. "Demand Supply and Savings Constraints in the Indian Economy," Papers 65, Indira Gandhi Institute of Development Research-.
    4. Goyal, A., 1992. "The Role of Foreign Aid and the foreign exchange Constraint in Growth : Some Extensions," Papers 70, Indira Gandhi Institute of Development Research-.
    5. Neary, J. P. & Roberts, K. W. S., 1980. "The theory of household behaviour under rationing," European Economic Review, Elsevier, vol. 13(1), pages 25-42, January.
    6. Benassy, Jean-Pascal, 1993. "Nonclearing Markets: Microeconomic Concepts and Macroeconomic Applications," Journal of Economic Literature, American Economic Association, vol. 31(2), pages 732-761, June.
    7. Ize, Alain, 1984. "Disequilibrium Theories, Imperfect Competition and Income Distribution: A Fix-Price Analysis," Oxford Economic Papers, Oxford University Press, vol. 36(2), pages 248-258, June.
    8. Goyal, Ashima, 1994. "Growth dynamics in a general equilibrium macroeconomic model for India," Journal of Policy Modeling, Elsevier, vol. 16(3), pages 265-289, June.
    9. Barro, Robert J. & Fischer, Stanley, 1976. "Recent developments in monetary theory," Journal of Monetary Economics, Elsevier, vol. 2(2), pages 133-167, April.
    10. Judd, Kenneth L., 1982. "An alternative to steady-state comparisons in perfect foresight models," Economics Letters, Elsevier, vol. 10(1-2), pages 55-59.
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    JEL classification:

    • Q17 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agriculture in International Trade
    • Q18 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Policy; Food Policy
    • Q13 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Markets and Marketing; Cooperatives; Agribusiness


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