The Impact of Coffee Market Reforms on Producer Prices and Price Transmission
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World Bank, Washington, D.C.
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This paper evaluates the impact of
coffee sector reforms during late 1980s and early 1990s on
coffee growers in the main coffee producing countries.
Earlier evidence suggests that the reforms increased the
share of producer prices in the world price of coffee. This
hypothesis is tested in the paper with the help of
cointegration analysis, and the results show that in most
countries the longterm producer price share has indeed
increased substantially after the liberalization. Moreover,
the results suggest that the reforms induced a closer
cointegrating relationship between grower prices and world
market prices. Finally, estimation of an error-correction
model reveals that short-run transmission of price signals
from the world market to domestic producers has improved,
such that domestic prices adjust faster today to world price
fluctuations than they did prior to the reforms. However,
there is some evidence of asymmetries in the way positive
and negative world price changes are transmitted to domestic markets.
Palabras clave
ADMINISTERED PRICES, AGRICULTURAL MARKETS, AGRICULTURE, ARIMA, AUCTIONS, AVERAGE PRICES, COCOA, COFFEE, COFFEE BOARD, COFFEE GROWERS, COFFEE GROWING, COFFEE GROWING AREAS, COFFEE PRICES, COFFEE PRODUCERS, COFFEE SECTOR, COLLUSION, COMMODITY, COMMODITY PRICES, CONSUMER PRICES, CONSUMERS, CROP, DIRECT MARKETING, DOMESTIC MARKET, DOMESTIC MARKETS, EFFICIENT MARKETS, ELASTICITIES, ELASTICITY, EQUILIBRIUM, EXPORT CROPS, FARM, FARMERS, FUELS, GOVERNMENT REGULATION, IMPORTS, INEFFICIENCY, INTERNATIONAL TRADE, MARKET PRICES, MARKET REFORMS, MARKETING, MARKETING BOARDS, OLIGOPOLY, POLICY DECISIONS, POLITICAL ECONOMY, PRICE ADJUSTMENT, PRICE CHANGES, PRICE DECREASES, PRICE FLUCTUATIONS, PRICE INCREASES, PRICE TAKERS, PRICE VOLATILITY, PRODUCE, PRODUCER PRICES, PURCHASING, QUOTAS, REAL EXCHANGE RATES, SALES, SPOT PRICES, SPREAD, STRUCTURAL ADJUSTMENT, TAXATION, TIME SERIES, WHEAT, WORLD MARKETS COFFEE INDUSTRY, MARKET REFORMS, MARKET PRICES, EXPORTS, AGRICULTURAL MARKETS, TAXATION, DEVELOPING COUNTRIES, METHODOLOGY, POLICY REFORM, LIBERALIZATION, MARKETING, PARASTATAL ORGANIZATIONS