Description: Commodity Market Reforms : Lessons of Two Decades

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Commodity Market Reforms : Lessons of Two Decades

Structural reform of the economies of developing countries has been in the forefront of development interest since the early 1980s. This interest stems from a recognition that the structures and institutions of these countries are critical to any...

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Bibliographic Details
Main Authors:	Akiyama, Takamasa, Baffes, John, Larson, Donald, Varangis, Panos
Language:	English en_US
Published:	Washington, DC: World Bank 2013
Subjects:	AGRICULTURAL COMMODITIES AGRICULTURAL HOUSEHOLDS AGRICULTURAL LABOR AGRICULTURAL MARKETS AGRICULTURE BALANCE OF PAYMENTS BLACK MARKET CASH CROPS CENTRAL PLANNING CEREALS COCOA COCOA PRICES COFFEE COFFEE BOARD COFFEE PRICES COMMODITY COMMODITY MARKETING COMMODITY PRICES CONSUMERS COTTON COTTON PRODUCTION CROP CROP PRODUCTION DEBT DEVELOPMENT PROCESSES DEVELOPMENT STRATEGIES DEVELOPMENT STRATEGY DOMESTIC MARKETS ECONOMIC ACTIVITY ECONOMIC CONDITIONS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC INCENTIVES ECONOMIC LIFE ECONOMIC PERFORMANCE ECONOMIC PROBLEMS ECONOMIC THEORY ECONOMISTS EMPLOYMENT EXCHANGE RATE EXCHANGE RATES EXPENDITURES EXPORT CROPS EXPORT MARKETS FARMING FIXED PRICES FOOD CROPS FOOD GRAINS FOOD SECURITY FREE TRADE GDP GOVERNMENT REGULATIONS GRAIN GRAINS IMPORTS INCOME INTERNATIONAL MARKETS INTERNATIONAL TRADE INVENTORIES JUTE LIQUIDITY MACROECONOMIC POLICIES MAIZE MARKET LIBERALIZATION MARKET REFORMS MARKET STRUCTURE MARKETING MARKETING BOARDS MERCHANDISE MERCHANDISE EXPORTS MONOPOLIES MULTILATERAL TRADE NATURAL RESOURCES NET EXPORTS OIL OPEC OPEN MARKETS ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES PETROLEUM PRICES PLANTATIONS PLANTING POLICY INSTRUMENTS POLITICAL ECONOMY PRICE DECLINES PRICE FLUCTUATIONS PRICE INCREASES PRICE VOLATILITY PRODUCE PRODUCER PRICES PRODUCERS PRODUCTION PROCESSES PRODUCTIVITY PURCHASE PRICE QUOTAS SEED SMALL FARMERS SMALLHOLDER AGRICULTURE STRUCTURAL ADJUSTMENT SUGAR SUGAR CANE SUSTAINABLE DEVELOPMENT TAX REVENUE TAX REVENUES TEA TERMS OF TRADE TRADE LIBERALIZATION TRANSITION ECONOMIES URUGUAY ROUND WEALTH WTO YIELDS
Online Access:	http://documents.worldbank.org/curated/en/2001/03/1047506/commodity-market-reforms-lessons-two-decades http://hdl.handle.net/10986/13852

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Summary:	Structural reform of the economies of developing countries has been in the forefront of development interest since the early 1980s. This interest stems from a recognition that the structures and institutions of these countries are critical to any enhancement of economic and social development. One of the key reforms has been that of primary commodity markets, especially agricultural commodity markets, because many developing countries, including the poorest, depend heavily on these for foreign exchange earnings and employment, and hence for poverty reduction. This report focuses on the political economy and institutional aspects of agricultural commodity market reform. In order to explore in detail factors that are critical to the processes, consequences, and substance of reform, the authors have focused the analysis and evaluation on five commodities important in many developing countries, specifically cocoa, coffee, sugar, cotton, and cereal. In doing so, they highlight important lessons on how agricultural sector reform can be launched and implemented. Some of the factors identified in the report as being key to successful reform include the recognition that commodity markets often affect communities and even politics, that the initial conditions of markets are critical, and that government intervention can crowd out private sector initiatives, especially when it comes to building the institutions needed to develop a healthy agricultural sector.