Price Volatility in Food and Agricultural Markets
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World Bank, Washington, DC
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The approach taken in this report
reflects the view of the collaborating international
organizations that price volatility and its effects on food
security is a complex issue with many dimensions,
agricultural and non-agricultural, short and long-term, with
highly differentiated impacts on consumers and producers in
developed and developing countries. The report begins with a
discussion of volatility and of the ways in which volatility
affects countries, businesses, consumers and farmers.
Lessons learned from recent experiences are briefly reviewed
as well as the factors determining likely levels of
volatility in future. This report offers suggestions for a
systematic and internationally coordinated response building
on the lessons learned as a result of the 2007-2008crisis.
It is important to distinguish between policy options
designed to prevent or reduce price volatility and those
designed to mitigate its consequences. Both types of
intervention are explored in detail. Scope is identified for
actions at individual, national, regional and international
level. Some would help to avert a threat; others are in the
nature of contingency plans to improve readiness, while
still others address long-term issues of resilience.
Finally, the report explores mechanisms of international
cooperation to implement this report's recommendations
and to monitor progress.
Palabras clave
ACREAGE, AGRICULTURAL COMMODITY, AGRICULTURAL COMMODITY MARKETS, AGRICULTURAL DEVELOPMENT, AGRICULTURAL GROWTH, AGRICULTURAL MARKET, AGRICULTURAL OUTPUT, AGRICULTURAL PRICE, AGRICULTURAL PRODUCTION, AGRICULTURAL PRODUCTIVITY, AGRICULTURAL PRODUCTS, AGRICULTURAL RESEARCH, AGRICULTURAL SECTOR, AGRICULTURAL SECTORS, AGRICULTURAL SYSTEM, AGRICULTURAL TECHNOLOGY, AGRICULTURE, ANIMAL FEED, ANIMAL PRODUCTS, ARBITRAGE, BANK GOVERNORS, BARRIER, BASIC FOODS, BASIC NEEDS, BEEF, BUTTER, CARBON EMISSIONS, CENTRAL BANK, CEREALS, CLEAN WATER, COCOA, CODE OF CONDUCT, COMMERCIAL BANK, COMMERCIAL BANK LENDING, COMMERCIAL FARMING, COMMODITY, COMMODITY PRICE, COMMUNICATION TECHNOLOGY, COMPETITION POLICY, COMPETITIVE MARKETS, COMPETITIVENESS, CONSUMER PROTECTION, CONTINGENCY PLANS, COTTON, CURRENCY, CURRENT ACCOUNT BALANCE, DAIRY, DEMAND FOR FOOD, DEPOSITORY, DERIVATIVES MARKETS, DEVELOPING COUNTRY, DEVELOPING COUNTRY MARKETS, DISPOSABLE INCOME, DOMESTIC MARKET, DOMESTIC PRICE, EMERGING ECONOMIES, EMERGING-MARKET, ENVIRONMENTAL BENEFITS, EXCHANGE RATE, EXCHANGE RATE MOVEMENTS, EXPENDITURE, EXPORTS, EXTENSION SERVICES, FAMINE, FARM, FARMER ORGANIZATIONS, FARMERS, FINANCIAL DERIVATIVES, FINANCIAL INSTRUMENTS, FINANCIAL MARKET, FOOD CHAINS, FOOD CONSUMPTION, FOOD CROPS, FOOD EXPORT, FOOD IMPORTS, FOOD INSECURITY, FOOD MARKETS, FOOD POLICIES, FOOD PRICE, FOOD PRICE INFLATION, FOOD PRODUCTION, FOOD PRODUCTS, FOOD RESERVES, FOOD SAFETY, FOOD SHORTAGE, FOOD STOCKS, FOOD SUPPLY, FOODS, FOODSTUFF, FOREIGN DIRECT INVESTMENT, FUTURE PRICE, FUTURES, GLOBAL DISSEMINATION, GLOBAL FOOD PRODUCTION, GLOBAL FOOD SECURITY, GLOBAL MARKET, GLOBAL OUTPUT, GOVERNMENT BORROWING, GRAINS, HARMONIZATION, HAZARDS, HOUSEHOLDS, HUMAN CAPITAL, IMPORT DUTIES, IMPORT TARIFFS, INCOME, INEFFICIENT MARKET, INFLATION, INFORMATION SHARING, INFORMATION SYSTEM, INPUT PRICES, INSTITUTIONAL ENVIRONMENT, INSURANCE, INSURANCE MARKETS, INTERNATIONAL AGRICULTURAL RESEARCH, INTERNATIONAL COOPERATION, INTERNATIONAL MARKETS, INTERNATIONAL TRADE, INVENTORIES, INVESTMENT DECISIONS, JURISDICTIONS, LIVESTOCK, LIVESTOCK PRODUCTS, LONG TERM FOOD SECURITY, MAIZE, MARKET ACCESS, MARKET CONDITIONS, MARKET DEMAND, MARKET INFORMATION, MARKET LIQUIDITY, MARKET MANIPULATION, MARKET PARTICIPANTS, MARKET PRICE, MARKET REGULATION, MARKET RISK, MARKET SITUATION, MARKET STRUCTURE, MARKET TRANSPARENCY, MARKET VOLATILITY, MARKETING, MEAT, MONOPOLIES, PRICE CEILING, PRICE CHANGES, PRICE DISCOVERY, PRICE FLUCTUATIONS, PRICE INCREASES, PRICE INDEX, PRICE INFLATION, PRICE LEVEL, PRICE LEVELS, PRICE MOVEMENT, PRICE RISK, PRICE STABILIZATION, PRICE SUPPORT, PRICE VARIATION, PRICE VOLATILITY, PRIVATE INVESTMENT, PROTEIN, PUBLIC FINANCES, PURCHASING, PURCHASING POWER, RATE OF GROWTH, REGULATORS, REGULATORY FRAMEWORK, REGULATORY OVERSIGHT, REGULATORY REGIME, RESTAURANTS, RETAIL, RICE PRICES, RISK EXPOSURE, RISK MANAGEMENT, RISK PREMIUM, SAFETY ISSUES, SAFETY NET, SECURITY RISK, SOYBEANS, SPREAD, STOCKS, SUBSTITUTES, SUGAR, SUGAR BEET, SUGAR CANE, SUPPLIER, SUPPLY CHAINS, SUPPLY SHOCK, SURPLUS, TARIFF BARRIERS, TECHNOLOGY TRANSFER, TRADITIONAL INVESTORS, TRANSACTIONS COSTS, TRANSFER PRICE, UNDERDEVELOPED MARKETS, VEGETABLE OILS, VOLATILITIES, VOLUME, WAREHOUSES, WFP, WHEAT, WORLD FOOD PROGRAMME, WORLD MARKET, WORLD PRICE