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How has instability in world markets affected agricultural export producers in developing countries?

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  • Hazell, Peter
  • Jaramillo, Mauricio
  • Williamson, Amy

Abstract

World prices have traditionally been unstable, however, the authors'find thehe much publicized turbulence in world markets in the mid-1970's and early 1980's to have been more a statistical fluke - an unlucky chance sample - than the beginning of any longer term increase in market instability. Variability in world prices has been almost entirely transmitted to developing countries in the dollar value of their export unit values. However, it has not been fully transmitted to average producer prices. Producer prices have been buffered by real exchange rates, domestic marketing arrangements, and government intervention, but still the level of instability remains sizable - and is the dominant source of instability in crop revenues for most producers. Unless farmers are able to diffuse the risky returns from export crops, price variability may seriously impede the expansion of agricultural exports in many developing countries.

Suggested Citation

  • Hazell, Peter & Jaramillo, Mauricio & Williamson, Amy, 1989. "How has instability in world markets affected agricultural export producers in developing countries?," Policy Research Working Paper Series 263, The World Bank.
    • Handle: RePEc:wbk:wbrwps:263
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    References listed on IDEAS

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