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

Hoekman, Bernard ; Martin, Will

关键词: ACCESS TO MARKETS;    ADVERSE CONSEQUENCES;    ADVERSE IMPACT;    ADVERSE IMPACTS;    AGRICULTURAL COMMODITIES;   

DOI  :  10.1596/1813-9450-5928
RP-ID  :  WPS5928

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Global commodity markets are affected bya variety of government policies that may expand or loweroverall supply and as a result affect world prices for thespecific products concerned. Market failures and marketstructures (market power along the value chain) also affectsupply. This paper briefly reviews a number of factors thatmay distort international commodity markets with a view toidentifying elements of an agenda for multilateralcooperation to reduce such distortions. Much of the policyagenda that arises is domestic and requires action bynational governments. But numerous policies -- or absence ofpolicy -- generate international spillovers that call forthe negotiation of international policy disciplines.Independent of whether distortions are local orinternational in scope, the complexity of prevailing marketstructures and their impacts on efficiency call for muchgreater monitoring and analysis by the international community.