Global Distortions to Agricultural Markets : New Indicators of Trade and Welfare Impacts, 1955 to 2007

Global Distortions to Agricultural Markets : New Indicators of Trade and Welfare Impacts, 1955 to 2007

Despite recent reforms, world agricultural markets remain highly distorted by government policies. Traditional indicators of those price distortions can be poor guides to the policies' economic effects. Recent theoretical literature provides i...

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Bibliographic Details
Main Authors:	Lloyd, Peter J., Croser, Johanna L., Anderson, Kym
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	ABSOLUTE VALUE AGGREGATE DEMAND AGRICULTURAL GOODS AGRICULTURAL INCENTIVES AGRICULTURAL INDUSTRY AGRICULTURAL MARKETS AGRICULTURAL POLICIES AGRICULTURAL POLICY AGRICULTURAL PRICE AGRICULTURAL PRODUCTION AGRICULTURAL PRODUCTS AGRICULTURAL PROGRAMS AGRICULTURAL PROTECTION AGRICULTURAL SECTOR AGRICULTURE BORDER MEASURES BORDER PRICE COIN COMMODITIES CONSUMER PRICE CONSUMER PRICES CONSUMER SURPLUS CONSUMERS DEMAND FUNCTION DEVELOPED COUNTRIES DEVELOPING COUNTRIES DISTORTION DISTORTIONS DOMESTIC DEMAND DOMESTIC PRICE DOMESTIC PRICES DOMESTIC PRODUCER DOMESTIC PRODUCTION ECONOMIC EFFECTS EXCHANGE RATE EXCHANGE RATE POLICIES EXCHANGE RATES EXPORT EXPORT PRICE EXPORT SECTOR EXPORT SUBSIDY EXPORT TAX EXPORTABLE GOODS EXPORTERS EXPORTS FARM FARM PRODUCTS FARM SECTOR FARMERS FEDERAL RESERVE FEDERAL RESERVE BANK GDP GENERAL EQUILIBRIUM GENERAL EQUILIBRIUM MODEL GENERAL EQUILIBRIUM MODELS GLOBAL MARKETS GLOBAL TRADE GLOBALIZATION GROSS VALUE HIGH-INCOME COUNTRIES HIGH-INCOME COUNTRY IMPORT IMPORT BARRIERS IMPORT COMPETITION IMPORT DEMAND IMPORT MEASURES IMPORT POLICIES IMPORT TARIFF IMPORT TAX IMPORT VOLUME IMPORTS INCOME INDEX NUMBERS INTERNATIONAL ECONOMICS INTERNATIONAL PRICE INTERNATIONAL PRICES INTERNATIONAL TRADE INTERNATIONAL TRADE POLICY MULTILATERAL SYSTEM MULTIPLE EXCHANGE RATES OPEN ECONOMY PRICE ADJUSTMENT PRICE CHANGE PRICE COMPARISONS PRICE CONTROLS PRICE DISTORTION PRICE DISTORTIONS PRICE ELASTICITIES PRICE ELASTICITY PRICE INCREASES PRICE OF GOOD PRICE RATIOS PRICE SUPPORT PRIMARY PRODUCTS PRODUCER PRICE PRODUCER PRICES QUANTITATIVE RESTRICTIONS QUOTA RENTS QUOTAS SUBSIDIZATION SUPPLY CURVES SUPPLY FUNCTIONS SUPPLY SIDE SURPLUS TARIFF BORDER TARIFF EQUIVALENTS TARIFF PROTECTION TARIFF RATE TARIFF RATES TARIFF REVENUE TAXATION TOTAL AGRICULTURAL PRODUCTION TOTAL IMPORTS TRADE DISTORTIONS TRADE POLICIES TRADE PRICES TRADE REDUCTION TRADE RESTRICTION TRADE RESTRICTIONS TRADE RESTRICTIVENESS TRADE TAXES TRANSITION ECONOMIES UNEMPLOYMENT UNIFORM TARIFF VOLUME VOLUME OF TRADE WEIGHTS WORLD PRICE WORLD TRADE Microdata Set
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_20090317084405 http://hdl.handle.net/10986/4060

Description
Summary:	Despite recent reforms, world agricultural markets remain highly distorted by government policies. Traditional indicators of those price distortions can be poor guides to the policies' economic effects. Recent theoretical literature provides indicators of trade and welfare-reducing effects of price and trade policies which this paper builds on to develop more-satisfactory indexes. The authors exploit a new Agricultural Distortion database to generate estimates of them for developing and high-income countries over the past half century. These better approximations of the trade and welfare effects of sector policies are generated without a formal model of global markets or even price elasticity estimates.

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