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:	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
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

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Summary:	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.

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

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