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Reducing distortions in international commodity markets : an agenda for multilateral cooperation

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  • Hoekman, Bernard
  • Martin, Will

Abstract

Global commodity markets are affected by a variety of government policies that may expand or lower overall supply and as a result affect world prices for the specific products concerned. Market failures and market structures (market power along the value chain) also affect supply. This paper briefly reviews a number of factors that may distort international commodity markets with a view to identifying elements of an agenda for multilateral cooperation to reduce such distortions. Much of the policy agenda that arises is domestic and requires action by national governments. But numerous policies -- or absence of policy -- generate international spillovers that call for the negotiation of international policy disciplines. Independent of whether distortions are local or international in scope, the complexity of prevailing market structures and their impacts on efficiency call for much greater monitoring and analysis by the international community.

Suggested Citation

  • 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.
  • Handle: RePEc:wbk:wbrwps:5928
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    References listed on IDEAS

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    2. Connor, John M., 1997. "Archer Daniels Midland: Price Fixer To The World," Staff Papers 28653, Purdue University, Department of Agricultural Economics.
    3. Connor, John M. & Helmers, Claes Gustav, 2006. "Statistics On Modern Private International Cartels, 1990-2005," Staff Papers 28650, Purdue University, Department of Agricultural Economics.
    4. Christophe Gouel & Sébastien Jean, 2015. "Optimal Food Price Stabilization in a Small Open Developing Country," World Bank Economic Review, World Bank Group, vol. 29(1), pages 72-101.
    5. 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.
    6. Williams,Jeffrey C. & Wright,Brian D., 2005. "Storage and Commodity Markets," Cambridge Books, Cambridge University Press, number 9780521023399, October.
    7. Martin, Will & Alston, Julian M, 1997. "Producer Surplus without Apology? Evaluating Investments in R&D," The Economic Record, The Economic Society of Australia, vol. 73(221), pages 146-158, June.
    8. Yuliya Bolotova & John M. Connor & Douglas J. Miller, 2007. "Factors influencing the magnitude of cartel overcharges: An empirical analysis of food-industry cartels," Agribusiness, John Wiley & Sons, Ltd., vol. 23(1), pages 17-33.
    9. Anderson,Kym (ed.), 2010. "The Political Economy of Agricultural Price Distortions," Cambridge Books, Cambridge University Press, number 9780521763233, October.
    10. McCorriston, Steve & MacLaren, Donald, 2005. "Trade and Welfare Effects of State Trading Enterprises," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24523, European Association of Agricultural Economists.
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    12. Bolotova, Yuliya & Connor, John M. & Miller, Douglas J., 2008. "The impact of collusion on price behavior: Empirical results from two recent cases," International Journal of Industrial Organization, Elsevier, vol. 26(6), pages 1290-1307, November.
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    Cited by:

    1. Gary Hufbauer & Cathleen Cimino, 2013. "What Future for the WTO?," The International Trade Journal, Taylor & Francis Journals, vol. 27(5), pages 394-410, December.
    2. Bernard Hoekman & Will Martin, . "Reducing Distortions in International Commodity Markets," World Bank Other Operational Studies, The World Bank, number 10041, September.
    3. Bernard Hoekman, 2014. "Supply Chains, Mega-Regionals and Multilateralism: A Road Map for the WTO," RSCAS Working Papers 2014/27, European University Institute.

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    Keywords

    Markets and Market Access; Economic Theory&Research; Emerging Markets; Access to Markets; Free Trade;
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