Reducing Distortions in International Commodity Markets
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World Bank, Washington, DC
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World commodity markets and particularly
the markets for agricultural commodities remain highly
distorted despite the wave of liberalization that has swept
world trade since the 1980s. Commodity markets are distorted
on both the export and the import sides, with serious
implications for world prices and their volatility. Very few
of the price distortions found in commodity markets can be
justified on the grounds of dealing with market failures.
Rather, most policies that affect commodity prices are
designed to transfer resources to favored groups by raising
or lowering prices. Policies may target the level and/or the
volatility of prices, and the pursuit of one type of policy
objective may have unintended consequences in generating
further distortions. Moreover, some commodity markets are
characterized by imperfect competition. Where monopolies or
oligopolies in trade arise, either because of government
regulation or through other barriers to entry, distortions
may arise that call for application of antitrust laws and
other forms of pro-competitive policy action.
Palabras clave
ACCESS TO MARKETS, AGRICULTURE, ANTITRUST, ANTITRUST LAWS, BARRIERS TO ENTRY, CARTEL, COMMODITIES, COMMODITY, COMMODITY PRICE, COMMODITY PRICES, COMPETITION POLICY, COMPETITIVE MARKET, CONSUMERS, DEVELOPING COUNTRIES, DOMESTIC PRICE, DOMESTIC PRICES, ECONOMIC EFFECTS, ECONOMIC GROWTH, ECONOMICS, EMERGING MARKETS, EXCISE TAXES, EXPENDITURES, EXPORT BARRIERS, EXPORT MARKETS, EXPORTS, FOOD PRICES, FOREIGN ASSETS, FOREIGN DIRECT INVESTMENT, FOREIGN MARKETS, GLOBALIZATION, GOVERNMENT REGULATION, HOME MARKET, IMPERFECT COMPETITION, IMPORT BARRIERS, INCOME, INCOMES, INDUSTRIAL COUNTRIES, INTERNATIONAL BUSINESS, INTERNATIONAL COMPETITION, INTERNATIONAL COOPERATION, INTERNATIONAL TRADE, JURISDICTION, JURISDICTIONS, LAW ENFORCEMENT, LIBERALIZATION, LOW-INCOME COUNTRIES, MARKET BEHAVIOR, MARKET COMPETITION, MARKET CONCENTRATION, MARKET DISTORTIONS, MARKET FAILURES, MARKET POWER, MARKET STRUCTURE, MARKET STRUCTURES, MONOPOLIES, MONOPOLY, MONOPSONY, MONOPSONY POWER, MOTIVATION, MULTILATERAL TRADE, NATURAL RESOURCE, NATURAL RESOURCES, NEGATIVE EXTERNALITIES, OLIGOPOLY, OUTPUT, POLITICAL ECONOMY, PRICE DISTORTIONS, PRICE LEVELS, PRICE VOLATILITY, PROTECTIONISM, RELEVANT MARKETS, RENTS, RETAIL, RETAIL PRICES, SOFT BUDGET CONSTRAINTS, SUBSTITUTES, SUPPLIERS, TAX, TAXATION, TRADE POLICIES, TRADE POLICY, TRADING SYSTEM, TRANSPARENCY, URUGUAY ROUND, VOLATILITY, WEALTH, WORLD ECONOMY, WORLD TRADE, WORLD TRADE ORGANIZATION, WTO