Reducing Distortions in International Commodity Markets : An Agenda for Multilateral Cooperation

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...

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Bibliographic Details
Main Authors: Hoekman, Bernard, Martin, Will
Format: Policy Research Working Paper
Language:English
Published: 2012
Subjects:
TAX
WTO
Online Access:http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20120103113143
http://hdl.handle.net/10986/3214
id okr-10986-3214
recordtype oai_dc
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
ADVERSE CONSEQUENCES
ADVERSE IMPACT
ADVERSE IMPACTS
AGRICULTURAL COMMODITIES
AGRICULTURAL MARKETS
AGRICULTURAL PRODUCTS
AGRICULTURAL SUPPORT
AGRICULTURAL TRADE
AGRICULTURE
ANTIDUMPING
ANTITRUST ENFORCEMENT
ANTITRUST LAW
AUTONOMY
AVERAGE PRICES
BARRIER
BARRIERS TO ENTRY
BENCHMARK
BORDER PROTECTION
BRANDS
BUSINESS PRACTICES
BUYING POWER
CAMPAIGN CONTRIBUTIONS
CARTEL
CODE OF CONDUCT
COLLUSION
COMMODITIES
COMMODITY
COMMODITY EXPORTERS
COMMODITY EXPORTS
COMMODITY PRICE
COMMODITY PRICES
COMPETITION AUTHORITIES
COMPETITION LEGISLATION
COMPETITION POLICY
CONSUMER PRICES
CONSUMER SUBSIDIES
CONSUMERS
CONTESTABILITY
CONTROLLED PRICES
COST REDUCTION
CUMULATIVE EFFECT
DEMAND ELASTICITY
DEVELOPING COUNTRIES
DEVELOPING COUNTRY
DEVELOPMENT ECONOMICS
DEVELOPMENT POLICY
DOMESTIC CONSUMPTION
DOMESTIC DEMAND
DOMESTIC MARKETS
DOMESTIC PRICE
DOMESTIC PRICES
DOMESTIC PRODUCERS
DOMESTIC PRODUCTION
ECONOMIC COOPERATION
ECONOMIC DEVELOPMENT
ECONOMIC EFFECTS
ELASTICITY OF DEMAND
EMERGING ECONOMIES
EMERGING MARKET
EMERGING MARKET ECONOMIES
EMERGING MARKETS
EXCHANGE RATE
EXCHANGE RATE MOVEMENTS
EXPENDITURES
EXPORT BARRIERS
EXPORT CARTELS
EXPORT MARKET
EXPORT MARKETS
EXPORT PRICES
EXPORT SUBSIDIES
EXPORT SUPPLY
EXPORT TAXES
EXPORTS
EXTERNALITIES
EXTERNALITY
FINAL GOODS
FIXED COSTS
FOOD INDUSTRY
FOOD PRICE
FOOD PRICES
FOOD PRODUCTION
FOREIGN MARKETS
FOREIGN PRODUCERS
FREE TRADE
GLOBAL MARKET
GLOBAL MARKETS
GLOBALIZATION
HOME COUNTRY
HOME MARKET
IMPERFECT COMPETITION
IMPORT BARRIERS
IMPORT DUTIES
IMPORT PRICES
IMPORT PROTECTION
IMPORT TARIFF
INCOME
INCOMES
INDUSTRIAL COUNTRIES
INDUSTRIAL POLICY
INPUT PRICES
INSTITUTIONAL CAPACITY
INSURANCE
INTERMEDIATE INPUTS
INTERNATIONAL AGREEMENT
INTERNATIONAL AGREEMENTS
INTERNATIONAL COOPERATION
INTERNATIONAL PRICES
INTERNATIONAL SPILLOVERS
INTERNATIONAL TRADE
JURISDICTION
JURISDICTIONS
LEGAL SYSTEM
MARGINAL COST
MARGINAL COSTS
MARKET ACCESS
MARKET CONCENTRATION
MARKET CONDITIONS
MARKET DEMAND
MARKET DISTORTIONS
MARKET ECONOMIES
MARKET ENTRY
MARKET FAILURE
MARKET FAILURES
MARKET POWER
MARKET PRICE
MARKET PRICES
MARKET REFORMS
MARKET SEGMENTS
MARKET STRUCTURE
MARKET STRUCTURES
MIDDLE INCOME COUNTRIES
MONOPOLIES
MONOPOLY
MULTILATERAL TRADE
NATIONAL COMPETITION
NATIONAL COMPETITION AUTHORITY
NATIONAL INCOME
NATURAL RESOURCE
NATURAL RESOURCES
NEGATIVE EXTERNALITIES
NEGATIVE SPILLOVERS
OIL PRICE
OIL PRICES
OLIGOPOLY
OUTPUT
POLITICAL ECONOMY
PRICE BEHAVIOR
PRICE CHANGES
PRICE COMPETITION
PRICE DECLINES
PRICE DISTORTIONS
PRICE INCREASES
PRICE LEVELS
PRICE STABILIZATION
PRICE SUPPORT
PRICE VOLATILITY
PRODUCER PRICE
PRODUCT MARKETS
PRODUCTION COSTS
PRODUCTIVITY GROWTH
PROFIT MARGINS
PROTECTION MEASURES
PROTECTION RATES
PROTECTIONISM
QUANTITATIVE RESTRICTIONS
QUOTAS
RATES OF PROTECTION
RECIPROCAL BASIS
RELEVANT MARKETS
RETAIL
RETAIL PRICES
RETAILING
SALE
SAVINGS
SOCIAL COSTS
STOCKS
SUBSTITUTE
SUBSTITUTES
SUPPLIER
SUPPLIERS
SUPPLY CHAIN
SUPPLY CHAINS
SURPLUS
SUSTAINABLE DEVELOPMENT
TARIFF EQUIVALENT
TARIFF REDUCTIONS
TAX
TAX CONCESSIONS
TAX CREDITS
TAX RATES
TAXATION
TECHNOLOGICAL CHANGE
TERMS OF TRADE
TERMS OF TRADE EFFECTS
TRADE AGREEMENTS
TRADE BARRIERS
TRADE LIBERALIZATION
TRADE NEGOTIATIONS
TRADE OBJECTIVES
TRADE POLICIES
TRADE POLICY
TRADE POLICY ACTION
TRADE REFORMS
TRADE RESTRICTIONS
TRADING SYSTEM
TRADING SYSTEMS
TRANSPARENCY
UNILATERAL REFORMS
URUGUAY ROUND
VOLATILITY
VOLUME OF TRADE
WAGES
WEALTH
WELFARE GAINS
WELFARE IMPACTS
WELFARE LOSSES
WELFARE OF CONSUMERS
WHOLESALERS
WORKING CAPITAL
WORLD ECONOMY
WORLD MARKET
WORLD MARKETS
WORLD PRICES
WORLD TRADE
WORLD TRADE ORGANIZATION
WTO
spellingShingle ACCESS TO MARKETS
ADVERSE CONSEQUENCES
ADVERSE IMPACT
ADVERSE IMPACTS
AGRICULTURAL COMMODITIES
AGRICULTURAL MARKETS
AGRICULTURAL PRODUCTS
AGRICULTURAL SUPPORT
AGRICULTURAL TRADE
AGRICULTURE
ANTIDUMPING
ANTITRUST ENFORCEMENT
ANTITRUST LAW
AUTONOMY
AVERAGE PRICES
BARRIER
BARRIERS TO ENTRY
BENCHMARK
BORDER PROTECTION
BRANDS
BUSINESS PRACTICES
BUYING POWER
CAMPAIGN CONTRIBUTIONS
CARTEL
CODE OF CONDUCT
COLLUSION
COMMODITIES
COMMODITY
COMMODITY EXPORTERS
COMMODITY EXPORTS
COMMODITY PRICE
COMMODITY PRICES
COMPETITION AUTHORITIES
COMPETITION LEGISLATION
COMPETITION POLICY
CONSUMER PRICES
CONSUMER SUBSIDIES
CONSUMERS
CONTESTABILITY
CONTROLLED PRICES
COST REDUCTION
CUMULATIVE EFFECT
DEMAND ELASTICITY
DEVELOPING COUNTRIES
DEVELOPING COUNTRY
DEVELOPMENT ECONOMICS
DEVELOPMENT POLICY
DOMESTIC CONSUMPTION
DOMESTIC DEMAND
DOMESTIC MARKETS
DOMESTIC PRICE
DOMESTIC PRICES
DOMESTIC PRODUCERS
DOMESTIC PRODUCTION
ECONOMIC COOPERATION
ECONOMIC DEVELOPMENT
ECONOMIC EFFECTS
ELASTICITY OF DEMAND
EMERGING ECONOMIES
EMERGING MARKET
EMERGING MARKET ECONOMIES
EMERGING MARKETS
EXCHANGE RATE
EXCHANGE RATE MOVEMENTS
EXPENDITURES
EXPORT BARRIERS
EXPORT CARTELS
EXPORT MARKET
EXPORT MARKETS
EXPORT PRICES
EXPORT SUBSIDIES
EXPORT SUPPLY
EXPORT TAXES
EXPORTS
EXTERNALITIES
EXTERNALITY
FINAL GOODS
FIXED COSTS
FOOD INDUSTRY
FOOD PRICE
FOOD PRICES
FOOD PRODUCTION
FOREIGN MARKETS
FOREIGN PRODUCERS
FREE TRADE
GLOBAL MARKET
GLOBAL MARKETS
GLOBALIZATION
HOME COUNTRY
HOME MARKET
IMPERFECT COMPETITION
IMPORT BARRIERS
IMPORT DUTIES
IMPORT PRICES
IMPORT PROTECTION
IMPORT TARIFF
INCOME
INCOMES
INDUSTRIAL COUNTRIES
INDUSTRIAL POLICY
INPUT PRICES
INSTITUTIONAL CAPACITY
INSURANCE
INTERMEDIATE INPUTS
INTERNATIONAL AGREEMENT
INTERNATIONAL AGREEMENTS
INTERNATIONAL COOPERATION
INTERNATIONAL PRICES
INTERNATIONAL SPILLOVERS
INTERNATIONAL TRADE
JURISDICTION
JURISDICTIONS
LEGAL SYSTEM
MARGINAL COST
MARGINAL COSTS
MARKET ACCESS
MARKET CONCENTRATION
MARKET CONDITIONS
MARKET DEMAND
MARKET DISTORTIONS
MARKET ECONOMIES
MARKET ENTRY
MARKET FAILURE
MARKET FAILURES
MARKET POWER
MARKET PRICE
MARKET PRICES
MARKET REFORMS
MARKET SEGMENTS
MARKET STRUCTURE
MARKET STRUCTURES
MIDDLE INCOME COUNTRIES
MONOPOLIES
MONOPOLY
MULTILATERAL TRADE
NATIONAL COMPETITION
NATIONAL COMPETITION AUTHORITY
NATIONAL INCOME
NATURAL RESOURCE
NATURAL RESOURCES
NEGATIVE EXTERNALITIES
NEGATIVE SPILLOVERS
OIL PRICE
OIL PRICES
OLIGOPOLY
OUTPUT
POLITICAL ECONOMY
PRICE BEHAVIOR
PRICE CHANGES
PRICE COMPETITION
PRICE DECLINES
PRICE DISTORTIONS
PRICE INCREASES
PRICE LEVELS
PRICE STABILIZATION
PRICE SUPPORT
PRICE VOLATILITY
PRODUCER PRICE
PRODUCT MARKETS
PRODUCTION COSTS
PRODUCTIVITY GROWTH
PROFIT MARGINS
PROTECTION MEASURES
PROTECTION RATES
PROTECTIONISM
QUANTITATIVE RESTRICTIONS
QUOTAS
RATES OF PROTECTION
RECIPROCAL BASIS
RELEVANT MARKETS
RETAIL
RETAIL PRICES
RETAILING
SALE
SAVINGS
SOCIAL COSTS
STOCKS
SUBSTITUTE
SUBSTITUTES
SUPPLIER
SUPPLIERS
SUPPLY CHAIN
SUPPLY CHAINS
SURPLUS
SUSTAINABLE DEVELOPMENT
TARIFF EQUIVALENT
TARIFF REDUCTIONS
TAX
TAX CONCESSIONS
TAX CREDITS
TAX RATES
TAXATION
TECHNOLOGICAL CHANGE
TERMS OF TRADE
TERMS OF TRADE EFFECTS
TRADE AGREEMENTS
TRADE BARRIERS
TRADE LIBERALIZATION
TRADE NEGOTIATIONS
TRADE OBJECTIVES
TRADE POLICIES
TRADE POLICY
TRADE POLICY ACTION
TRADE REFORMS
TRADE RESTRICTIONS
TRADING SYSTEM
TRADING SYSTEMS
TRANSPARENCY
UNILATERAL REFORMS
URUGUAY ROUND
VOLATILITY
VOLUME OF TRADE
WAGES
WEALTH
WELFARE GAINS
WELFARE IMPACTS
WELFARE LOSSES
WELFARE OF CONSUMERS
WHOLESALERS
WORKING CAPITAL
WORLD ECONOMY
WORLD MARKET
WORLD MARKETS
WORLD PRICES
WORLD TRADE
WORLD TRADE ORGANIZATION
WTO
Hoekman, Bernard
Martin, Will
Reducing Distortions in International Commodity Markets : An Agenda for Multilateral Cooperation
geographic_facet The World Region
The World Region
relation Policy Research working paper ; no. WPS 5928
description 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.
format Publications & Research :: Policy Research 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
publishDate 2012
url http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20120103113143
http://hdl.handle.net/10986/3214
_version_ 1764386616626905088
spelling okr-10986-32142021-04-23T14:02:08Z Reducing Distortions in International Commodity Markets : An Agenda for Multilateral Cooperation Hoekman, Bernard Martin, Will ACCESS TO MARKETS ADVERSE CONSEQUENCES ADVERSE IMPACT ADVERSE IMPACTS AGRICULTURAL COMMODITIES AGRICULTURAL MARKETS AGRICULTURAL PRODUCTS AGRICULTURAL SUPPORT AGRICULTURAL TRADE AGRICULTURE ANTIDUMPING ANTITRUST ENFORCEMENT ANTITRUST LAW AUTONOMY AVERAGE PRICES BARRIER BARRIERS TO ENTRY BENCHMARK BORDER PROTECTION BRANDS BUSINESS PRACTICES BUYING POWER CAMPAIGN CONTRIBUTIONS CARTEL CODE OF CONDUCT COLLUSION COMMODITIES COMMODITY COMMODITY EXPORTERS COMMODITY EXPORTS COMMODITY PRICE COMMODITY PRICES COMPETITION AUTHORITIES COMPETITION LEGISLATION COMPETITION POLICY CONSUMER PRICES CONSUMER SUBSIDIES CONSUMERS CONTESTABILITY CONTROLLED PRICES COST REDUCTION CUMULATIVE EFFECT DEMAND ELASTICITY DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPMENT ECONOMICS DEVELOPMENT POLICY DOMESTIC CONSUMPTION DOMESTIC DEMAND DOMESTIC MARKETS DOMESTIC PRICE DOMESTIC PRICES DOMESTIC PRODUCERS DOMESTIC PRODUCTION ECONOMIC COOPERATION ECONOMIC DEVELOPMENT ECONOMIC EFFECTS ELASTICITY OF DEMAND EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET ECONOMIES EMERGING MARKETS EXCHANGE RATE EXCHANGE RATE MOVEMENTS EXPENDITURES EXPORT BARRIERS EXPORT CARTELS EXPORT MARKET EXPORT MARKETS EXPORT PRICES EXPORT SUBSIDIES EXPORT SUPPLY EXPORT TAXES EXPORTS EXTERNALITIES EXTERNALITY FINAL GOODS FIXED COSTS FOOD INDUSTRY FOOD PRICE FOOD PRICES FOOD PRODUCTION FOREIGN MARKETS FOREIGN PRODUCERS FREE TRADE GLOBAL MARKET GLOBAL MARKETS GLOBALIZATION HOME COUNTRY HOME MARKET IMPERFECT COMPETITION IMPORT BARRIERS IMPORT DUTIES IMPORT PRICES IMPORT PROTECTION IMPORT TARIFF INCOME INCOMES INDUSTRIAL COUNTRIES INDUSTRIAL POLICY INPUT PRICES INSTITUTIONAL CAPACITY INSURANCE INTERMEDIATE INPUTS INTERNATIONAL AGREEMENT INTERNATIONAL AGREEMENTS INTERNATIONAL COOPERATION INTERNATIONAL PRICES INTERNATIONAL SPILLOVERS INTERNATIONAL TRADE JURISDICTION JURISDICTIONS LEGAL SYSTEM MARGINAL COST MARGINAL COSTS MARKET ACCESS MARKET CONCENTRATION MARKET CONDITIONS MARKET DEMAND MARKET DISTORTIONS MARKET ECONOMIES MARKET ENTRY MARKET FAILURE MARKET FAILURES MARKET POWER MARKET PRICE MARKET PRICES MARKET REFORMS MARKET SEGMENTS MARKET STRUCTURE MARKET STRUCTURES MIDDLE INCOME COUNTRIES MONOPOLIES MONOPOLY MULTILATERAL TRADE NATIONAL COMPETITION NATIONAL COMPETITION AUTHORITY NATIONAL INCOME NATURAL RESOURCE NATURAL RESOURCES NEGATIVE EXTERNALITIES NEGATIVE SPILLOVERS OIL PRICE OIL PRICES OLIGOPOLY OUTPUT POLITICAL ECONOMY PRICE BEHAVIOR PRICE CHANGES PRICE COMPETITION PRICE DECLINES PRICE DISTORTIONS PRICE INCREASES PRICE LEVELS PRICE STABILIZATION PRICE SUPPORT PRICE VOLATILITY PRODUCER PRICE PRODUCT MARKETS PRODUCTION COSTS PRODUCTIVITY GROWTH PROFIT MARGINS PROTECTION MEASURES PROTECTION RATES PROTECTIONISM QUANTITATIVE RESTRICTIONS QUOTAS RATES OF PROTECTION RECIPROCAL BASIS RELEVANT MARKETS RETAIL RETAIL PRICES RETAILING SALE SAVINGS SOCIAL COSTS STOCKS SUBSTITUTE SUBSTITUTES SUPPLIER SUPPLIERS SUPPLY CHAIN SUPPLY CHAINS SURPLUS SUSTAINABLE DEVELOPMENT TARIFF EQUIVALENT TARIFF REDUCTIONS TAX TAX CONCESSIONS TAX CREDITS TAX RATES TAXATION TECHNOLOGICAL CHANGE TERMS OF TRADE TERMS OF TRADE EFFECTS TRADE AGREEMENTS TRADE BARRIERS TRADE LIBERALIZATION TRADE NEGOTIATIONS TRADE OBJECTIVES TRADE POLICIES TRADE POLICY TRADE POLICY ACTION TRADE REFORMS TRADE RESTRICTIONS TRADING SYSTEM TRADING SYSTEMS TRANSPARENCY UNILATERAL REFORMS URUGUAY ROUND VOLATILITY VOLUME OF TRADE WAGES WEALTH WELFARE GAINS WELFARE IMPACTS WELFARE LOSSES WELFARE OF CONSUMERS WHOLESALERS WORKING CAPITAL WORLD ECONOMY WORLD MARKET WORLD MARKETS WORLD PRICES WORLD TRADE WORLD TRADE ORGANIZATION WTO 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. 2012-03-19T17:28:22Z 2012-03-19T17:28:22Z 2012-01-01 http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20120103113143 http://hdl.handle.net/10986/3214 English Policy Research working paper ; no. WPS 5928 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Publications & Research :: Policy Research Working Paper The World Region The World Region