Reducing Distortions in International Commodity Markets : an Agenda for Multilateral Cooperation
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. Some markets for commodities are characterized by imperfect com...
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| Format: | Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/356711468329343533/Reducing-distortions-in-international-commodity-markets-an-agenda-for-multilateral-cooperation http://hdl.handle.net/10986/27431 |
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okr-10986-274312021-04-23T14:04:42Z Reducing Distortions in International Commodity Markets : an Agenda for Multilateral Cooperation Hoekman, Bernard Martin, Will AGRICULTURAL COMMODITIES AGRICULTURE BARRIERS TO ENTRY CARTEL CODE OF CONDUCT COMMODITY COMMODITY PRICE CONSUMERS DEVELOPING COUNTRY DOMESTIC PRICE EMERGING ECONOMIES EXCISE TAXES EXPENDITURES EXPORT BARRIERS EXPORTERS EXPORTS FOOD PRICES FOREIGN DIRECT INVESTMENT GLOBALIZATION GOVERNMENT REGULATION HOST GOVERNMENTS IMPERFECT COMPETITION IMPORT BARRIERS INCOME INDUSTRIAL COUNTRIES INTERNATIONAL BUSINESS INTERNATIONAL COOPERATION LIBERALIZATION MARKET DISTORTIONS MARKET FAILURES MARKET POWER MONOPOLIES NATURAL RESOURCE OLIGOPOLIES OUTPUT POLITICAL UNCERTAINTY PRICE DISTORTIONS PRICE LEVELS PRICE VOLATILITY PROTECTIONISM RATES OF RETURN RETURNS SUBSTITUTES SUPPLIERS TAX TAX REGIME TAXATION TRADE POLICY TRADING TRADING SYSTEM TRANSPARENCY URUGUAY ROUND VOLATILITY WORLD MARKET 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. Some markets for commodities 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 the application of antitrust law and other forms of pro- competitive policy action. Commodity markets are distorted on both the export and the import sides, with serious implications for world prices and their volatility. Governments also have a long history of intervening in markets for other natural resources, both renewable and non-renewables. Protection rates for imports of non-agricultural natural resources are generally low because of pressure from user industries. However, importing countries confronting exporters of resources with market power and thus the ability to affect world prices may seek to use import tariffs or excise taxes to lower demand and shift rents away from supplying nations. In sum, a wide mix of policy instruments is used by countries to influence the level and volatility of domestic prices for commodities. Countries also pursue policies that may affect international prices, either indirectly or directly, if they are large suppliers or importers. 2017-06-28T13:58:07Z 2017-06-28T13:58:07Z 2012-04 Working Paper http://documents.worldbank.org/curated/en/356711468329343533/Reducing-distortions-in-international-commodity-markets-an-agenda-for-multilateral-cooperation http://hdl.handle.net/10986/27431 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research :: Working Paper Publications & Research |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
AGRICULTURAL COMMODITIES AGRICULTURE BARRIERS TO ENTRY CARTEL CODE OF CONDUCT COMMODITY COMMODITY PRICE CONSUMERS DEVELOPING COUNTRY DOMESTIC PRICE EMERGING ECONOMIES EXCISE TAXES EXPENDITURES EXPORT BARRIERS EXPORTERS EXPORTS FOOD PRICES FOREIGN DIRECT INVESTMENT GLOBALIZATION GOVERNMENT REGULATION HOST GOVERNMENTS IMPERFECT COMPETITION IMPORT BARRIERS INCOME INDUSTRIAL COUNTRIES INTERNATIONAL BUSINESS INTERNATIONAL COOPERATION LIBERALIZATION MARKET DISTORTIONS MARKET FAILURES MARKET POWER MONOPOLIES NATURAL RESOURCE OLIGOPOLIES OUTPUT POLITICAL UNCERTAINTY PRICE DISTORTIONS PRICE LEVELS PRICE VOLATILITY PROTECTIONISM RATES OF RETURN RETURNS SUBSTITUTES SUPPLIERS TAX TAX REGIME TAXATION TRADE POLICY TRADING TRADING SYSTEM TRANSPARENCY URUGUAY ROUND VOLATILITY WORLD MARKET WORLD TRADE WORLD TRADE ORGANIZATION WTO |
| spellingShingle |
AGRICULTURAL COMMODITIES AGRICULTURE BARRIERS TO ENTRY CARTEL CODE OF CONDUCT COMMODITY COMMODITY PRICE CONSUMERS DEVELOPING COUNTRY DOMESTIC PRICE EMERGING ECONOMIES EXCISE TAXES EXPENDITURES EXPORT BARRIERS EXPORTERS EXPORTS FOOD PRICES FOREIGN DIRECT INVESTMENT GLOBALIZATION GOVERNMENT REGULATION HOST GOVERNMENTS IMPERFECT COMPETITION IMPORT BARRIERS INCOME INDUSTRIAL COUNTRIES INTERNATIONAL BUSINESS INTERNATIONAL COOPERATION LIBERALIZATION MARKET DISTORTIONS MARKET FAILURES MARKET POWER MONOPOLIES NATURAL RESOURCE OLIGOPOLIES OUTPUT POLITICAL UNCERTAINTY PRICE DISTORTIONS PRICE LEVELS PRICE VOLATILITY PROTECTIONISM RATES OF RETURN RETURNS SUBSTITUTES SUPPLIERS TAX TAX REGIME TAXATION TRADE POLICY TRADING TRADING SYSTEM TRANSPARENCY URUGUAY ROUND VOLATILITY WORLD MARKET WORLD TRADE WORLD TRADE ORGANIZATION WTO Hoekman, Bernard Martin, Will Reducing Distortions in International Commodity Markets : an Agenda for Multilateral Cooperation |
| 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. Some markets for commodities
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 the application of antitrust law and
other forms of pro- competitive policy action. Commodity
markets are distorted on both the export and the import
sides, with serious implications for world prices and their
volatility. Governments also have a long history of
intervening in markets for other natural resources, both
renewable and non-renewables. Protection rates for imports
of non-agricultural natural resources are generally low
because of pressure from user industries. However, importing
countries confronting exporters of resources with market
power and thus the ability to affect world prices may seek
to use import tariffs or excise taxes to lower demand and
shift rents away from supplying nations. In sum, a wide mix
of policy instruments is used by countries to influence the
level and volatility of domestic prices for commodities.
Countries also pursue policies that may affect international
prices, either indirectly or directly, if they are large
suppliers or importers. |
| format |
Working Paper |
| author |
Hoekman, Bernard Martin, Will |
| author_facet |
Hoekman, Bernard Martin, Will |
| author_sort |
Hoekman, Bernard |
| title |
Reducing Distortions in International Commodity Markets : an Agenda for Multilateral Cooperation |
| title_short |
Reducing Distortions in International Commodity Markets : an Agenda for Multilateral Cooperation |
| title_full |
Reducing Distortions in International Commodity Markets : an Agenda for Multilateral Cooperation |
| title_fullStr |
Reducing Distortions in International Commodity Markets : an Agenda for Multilateral Cooperation |
| title_full_unstemmed |
Reducing Distortions in International Commodity Markets : an Agenda for Multilateral Cooperation |
| title_sort |
reducing distortions in international commodity markets : an agenda for multilateral cooperation |
| publisher |
World Bank, Washington, DC |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/356711468329343533/Reducing-distortions-in-international-commodity-markets-an-agenda-for-multilateral-cooperation http://hdl.handle.net/10986/27431 |
| _version_ |
1764464319499599872 |