Policy induced substitution of high fructose corn syrup for sugar in the United States
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US sugar policies have depressed the world sugar price
markedly, and tlte substitution of high fructose com syrup for
sugar brought about by US sugar policies has contributed a
major part of this price depressing effect. Current US sugar
policies impose substantial costs on US consumers. the US
economy and sugar exporters, most of which are developing
countries. This paper measures the impact that the increased
consumption of high fructose com has had on both the USand
world sugar economies. Three scenarios are analysed by
running SUGABARE. an econometric model of the world
sugar market. The first scenario models the actualpolicies in
place from 1982 to 1993. The second excludes the expansion
in high fructose com syrup production brought about by US
sugar policies, while the third provides for the full
liberalisation of US sugar policies.