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 impo...
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| Format: | Brief |
| Language: | English |
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World Bank, Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2012/05/16282014/reducing-distortions-international-commodity-markets http://hdl.handle.net/10986/10041 |
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okr-10986-100412021-04-23T14:02:48Z Reducing Distortions in International Commodity Markets Hoekman, Bernard Martin, Will ACCESS TO MARKETS AGRICULTURE ANTITRUST ANTITRUST LAWS BARRIERS TO ENTRY CARTEL COMMODITIES COMMODITY COMMODITY PRICE COMMODITY PRICES COMPETITION POLICY COMPETITIVE MARKET CONSUMERS DEVELOPING COUNTRIES DOMESTIC PRICE DOMESTIC PRICES ECONOMIC EFFECTS ECONOMIC GROWTH ECONOMICS EMERGING MARKETS EXCISE TAXES EXPENDITURES EXPORT BARRIERS EXPORT MARKETS EXPORTS FOOD PRICES FOREIGN ASSETS FOREIGN DIRECT INVESTMENT FOREIGN MARKETS GLOBALIZATION GOVERNMENT REGULATION HOME MARKET IMPERFECT COMPETITION IMPORT BARRIERS INCOME INCOMES INDUSTRIAL COUNTRIES INTERNATIONAL BUSINESS INTERNATIONAL COMPETITION INTERNATIONAL COOPERATION INTERNATIONAL TRADE JURISDICTION JURISDICTIONS LAW ENFORCEMENT LIBERALIZATION LOW-INCOME COUNTRIES MARKET BEHAVIOR MARKET COMPETITION MARKET CONCENTRATION MARKET DISTORTIONS MARKET FAILURES MARKET POWER MARKET STRUCTURE MARKET STRUCTURES MONOPOLIES MONOPOLY MONOPSONY MONOPSONY POWER MOTIVATION MULTILATERAL TRADE NATURAL RESOURCE NATURAL RESOURCES NEGATIVE EXTERNALITIES OLIGOPOLY OUTPUT POLITICAL ECONOMY PRICE DISTORTIONS PRICE LEVELS PRICE VOLATILITY PROTECTIONISM RELEVANT MARKETS RENTS RETAIL RETAIL PRICES SOFT BUDGET CONSTRAINTS SUBSTITUTES SUPPLIERS TAX TAXATION TRADE POLICIES TRADE POLICY TRADING SYSTEM TRANSPARENCY URUGUAY ROUND VOLATILITY WEALTH WORLD ECONOMY WORLD TRADE WORLD TRADE ORGANIZATION WTO 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. 2012-08-13T10:14:35Z 2012-08-13T10:14:35Z 2012-05 http://documents.worldbank.org/curated/en/2012/05/16282014/reducing-distortions-international-commodity-markets http://hdl.handle.net/10986/10041 English Economic Premise; No. 82 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Brief Publications & Research |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ACCESS TO MARKETS AGRICULTURE ANTITRUST ANTITRUST LAWS BARRIERS TO ENTRY CARTEL COMMODITIES COMMODITY COMMODITY PRICE COMMODITY PRICES COMPETITION POLICY COMPETITIVE MARKET CONSUMERS DEVELOPING COUNTRIES DOMESTIC PRICE DOMESTIC PRICES ECONOMIC EFFECTS ECONOMIC GROWTH ECONOMICS EMERGING MARKETS EXCISE TAXES EXPENDITURES EXPORT BARRIERS EXPORT MARKETS EXPORTS FOOD PRICES FOREIGN ASSETS FOREIGN DIRECT INVESTMENT FOREIGN MARKETS GLOBALIZATION GOVERNMENT REGULATION HOME MARKET IMPERFECT COMPETITION IMPORT BARRIERS INCOME INCOMES INDUSTRIAL COUNTRIES INTERNATIONAL BUSINESS INTERNATIONAL COMPETITION INTERNATIONAL COOPERATION INTERNATIONAL TRADE JURISDICTION JURISDICTIONS LAW ENFORCEMENT LIBERALIZATION LOW-INCOME COUNTRIES MARKET BEHAVIOR MARKET COMPETITION MARKET CONCENTRATION MARKET DISTORTIONS MARKET FAILURES MARKET POWER MARKET STRUCTURE MARKET STRUCTURES MONOPOLIES MONOPOLY MONOPSONY MONOPSONY POWER MOTIVATION MULTILATERAL TRADE NATURAL RESOURCE NATURAL RESOURCES NEGATIVE EXTERNALITIES OLIGOPOLY OUTPUT POLITICAL ECONOMY PRICE DISTORTIONS PRICE LEVELS PRICE VOLATILITY PROTECTIONISM RELEVANT MARKETS RENTS RETAIL RETAIL PRICES SOFT BUDGET CONSTRAINTS SUBSTITUTES SUPPLIERS TAX TAXATION TRADE POLICIES TRADE POLICY TRADING SYSTEM TRANSPARENCY URUGUAY ROUND VOLATILITY WEALTH WORLD ECONOMY WORLD TRADE WORLD TRADE ORGANIZATION WTO |
| spellingShingle |
ACCESS TO MARKETS AGRICULTURE ANTITRUST ANTITRUST LAWS BARRIERS TO ENTRY CARTEL COMMODITIES COMMODITY COMMODITY PRICE COMMODITY PRICES COMPETITION POLICY COMPETITIVE MARKET CONSUMERS DEVELOPING COUNTRIES DOMESTIC PRICE DOMESTIC PRICES ECONOMIC EFFECTS ECONOMIC GROWTH ECONOMICS EMERGING MARKETS EXCISE TAXES EXPENDITURES EXPORT BARRIERS EXPORT MARKETS EXPORTS FOOD PRICES FOREIGN ASSETS FOREIGN DIRECT INVESTMENT FOREIGN MARKETS GLOBALIZATION GOVERNMENT REGULATION HOME MARKET IMPERFECT COMPETITION IMPORT BARRIERS INCOME INCOMES INDUSTRIAL COUNTRIES INTERNATIONAL BUSINESS INTERNATIONAL COMPETITION INTERNATIONAL COOPERATION INTERNATIONAL TRADE JURISDICTION JURISDICTIONS LAW ENFORCEMENT LIBERALIZATION LOW-INCOME COUNTRIES MARKET BEHAVIOR MARKET COMPETITION MARKET CONCENTRATION MARKET DISTORTIONS MARKET FAILURES MARKET POWER MARKET STRUCTURE MARKET STRUCTURES MONOPOLIES MONOPOLY MONOPSONY MONOPSONY POWER MOTIVATION MULTILATERAL TRADE NATURAL RESOURCE NATURAL RESOURCES NEGATIVE EXTERNALITIES OLIGOPOLY OUTPUT POLITICAL ECONOMY PRICE DISTORTIONS PRICE LEVELS PRICE VOLATILITY PROTECTIONISM RELEVANT MARKETS RENTS RETAIL RETAIL PRICES SOFT BUDGET CONSTRAINTS SUBSTITUTES SUPPLIERS TAX TAXATION TRADE POLICIES TRADE POLICY TRADING SYSTEM TRANSPARENCY URUGUAY ROUND VOLATILITY WEALTH WORLD ECONOMY WORLD TRADE WORLD TRADE ORGANIZATION WTO Hoekman, Bernard Martin, Will Reducing Distortions in International Commodity Markets |
| relation |
Economic Premise; No. 82 |
| description |
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. |
| format |
Publications & Research :: Brief |
| author |
Hoekman, Bernard Martin, Will |
| author_facet |
Hoekman, Bernard Martin, Will |
| author_sort |
Hoekman, Bernard |
| title |
Reducing Distortions in International Commodity Markets |
| title_short |
Reducing Distortions in International Commodity Markets |
| title_full |
Reducing Distortions in International Commodity Markets |
| title_fullStr |
Reducing Distortions in International Commodity Markets |
| title_full_unstemmed |
Reducing Distortions in International Commodity Markets |
| title_sort |
reducing distortions in international commodity markets |
| publisher |
World Bank, Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2012/05/16282014/reducing-distortions-international-commodity-markets http://hdl.handle.net/10986/10041 |
| _version_ |
1764411606853222400 |