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

34 Pages Posted: 20 Apr 2016

See all articles by Bernard Hoekman

Bernard Hoekman

Robert Schuman Centre for Advanced Studies; European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS); Centre for Economic Policy Research (CEPR)

Will J. Martin

International Food Policy Research Institute (IFPRI)

Date Written: January 1, 2012

Abstract

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.

Keywords: Markets and Market Access, Economic Theory & Research, Emerging Markets, Access to Markets, Free Trade

Suggested Citation

Hoekman, Bernard and Hoekman, Bernard and Martin, William J., Reducing Distortions in International Commodity Markets: An Agenda for Multilateral Cooperation (January 1, 2012). World Bank Policy Research Working Paper No. 5928, Available at SSRN: https://ssrn.com/abstract=1979289

Bernard Hoekman (Contact Author)

Robert Schuman Centre for Advanced Studies ( email )

Fiesole, Tuscany
Italy

European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS) ( email )

Villa La Fonte, via delle Fontanelle 18
50016 San Domenico di Fiesole
Florence, Florence 50014
Italy

Centre for Economic Policy Research (CEPR)

London
United Kingdom

William J. Martin

International Food Policy Research Institute (IFPRI) ( email )

1201 Eye St, NW,
Washington, DC 20005
United States

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