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

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.

Details

  • Author

    Hoekman, Bernard Martin, Will

  • Document Date

    2012/01/01

  • Document Type

    Policy Research Working Paper

  • Report Number

    WPS5928

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    World,

  • Region

    The World Region,

  • Disclosure Date

    2012/01/01

  • Disclosure Status

    Disclosed

  • Doc Name

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

  • Keywords

    export restrictions;world price;Poverty Reduction & Economic Management;domestic price;export tax;market power;terms of trade;exercise of market power;high levels of concentration;terms of trade effect;degree of market power;level of market concentration;average rate of taxation;marginal cost of production;rates of protection;import protection;world market price;farm gate price;market failure;export cartels;food supply chain;commodity price level;source of revenue;restrictive business practices;production and export;export barrier;state trading enterprise;demand for meat;welfare of consumers;domestic economic activity;competitive market structure;barrier to entry;allocation of quota;net profit margin;exploration and development;volume of trade;distribution of rent;exchange rate movement;abuse of dominance;national competition authority;degree of competition;high concentration ratios;national competition agency;income of farmers;multilateral trading system;Political Economy Analysis;impact on poverty;uruguay round;world oil price;competition policy enforcement;elasticity of demand;quid pro quo;greenhouse gas emission;global value chain;redistribution of income;reliability of supply;committee on agriculture;agreement on agriculture;domestic food prices;shortage food;elasticity of export;trade policy action;price of export;support to producer;development research group;export of commodities;real exchange appreciation;burden of taxation;code of conduct;income on food;behavior of firms;national competition policy;unit of output;price for food;international trade negotiation;producer support;agricultural commodity;quantitative restriction;negative spillover;import barrier;commodity market;nominal rate;monopsony power;Trade Policies;Antitrust Law;export market;retail price;contingent protection;international cartels;national policy;export subsidy;export subsidies;intermediate input;import side;border measure;upstream producer;agricultural distortions;imperfect competition;buffer stock;domestic production;tariff reduction;

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Citation

Hoekman, Bernard Martin, Will

Reducing distortions in international commodity markets : an agenda for multilateral cooperation (English). Policy Research working paper ; no. WPS 5928 Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/499111468171243262/Reducing-distortions-in-international-commodity-markets-an-agenda-for-multilateral-cooperation