The Performance of Bulgarian Food Markets during Reform
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Food policy often depends on markets and
markets depend on institutions. But how good do institutions
have to be before reforms can be launched? Relying on well
timed surveys of agricultural prices and a joint study by
the Government of Bulgaria and the World Bank on
agricultural market institutions, this paper presents
evidence that performance in food markets improved following
significant policy reforms in Bulgaria, although public
institutions remained weak. This suggests that even though
strong institutions are preferred to weak ones, it can be
costly and impractical to delay policy reforms until work on
strengthening institutions is finished. Still, measured
performance varied by place and by commodity, suggesting
that markets developed at different tempos and that the
distribution of benefits from improved markets was uneven.
This points to the need to address the costs of adjustment
as policies change. The paper introduces a new approach to
measure market performance based on composite-error techniques.
Palabras clave
AGRICULTURAL COMMODITIES, AGRICULTURAL PRICE, AGRICULTURAL PRICES, AGRICULTURE, ANALYSIS OF VARIANCE, ARBITRAGE, AVERAGE PRICE, BANK LOAN, BANKING CRISES, BENCHMARK, COMPETITION POLICY, CONSUMERS, CONTRACT ENFORCEMENT, CREDIT MARKETS, DECENTRALIZATION, DECISION MAKING, DEVELOPING COUNTRIES, DEVELOPMENT POLICY, DEVELOPMENT STRATEGIES, DISPUTE RESOLUTION, DOMESTIC MARKET, DOMESTIC MARKETS, ECONOMETRICS, ECONOMIC PERFORMANCE, ECONOMIC POLICIES, EFFICIENT MARKETS, EMISSIONS, EQUILIBRIUM, EXCHANGE RATE, EXCISE TAXES, EXPECTED VALUE, FINANCE INFRASTRUCTURE, FREIGHT, FUEL, FUEL COSTS, FUEL SUBSIDIES, FUTURES, FUTURES MARKETS, GOVERNMENT INTERVENTIONS, IMPERFECT COMPETITION, INFLATION, INFLATION RATE, INFRASTRUCTURE INVESTMENT, INTEREST RATE, INTEREST RATES, INTERNATIONAL BANK, INTERNATIONAL DEVELOPMENT, INTERNATIONAL MARKET, INTERNATIONAL MARKETS, INVENTORY, INVESTMENT DECISIONS, INVESTMENT STRATEGY, LAND REFORM, LEGAL REFORM, LIQUID MARKETS, MACROECONOMIC STABILITY, MARKET DEVELOPMENT, MARKET EFFICIENCY, MARKET INTEGRATION, MARKET POWER, MARKET REFORM, MARKET REFORMS, MARKETING, MONOPOLIES, NATURAL MONOPOLIES, OPTIMIZATION, PASSENGER SERVICE, PASSENGER SERVICES, PETROLEUM PRICES, POLITICAL UNCERTAINTY, PRICE CHANGES, PRICE CONTROLS, PRICE LIBERALIZATION, PRICE MARGINS, PRICE RISK, PRICE VARIATION, PRIVATE INVESTMENTS, PRIVATE PROPERTY, PROPERTY RIGHTS, PUBLIC FINANCE, PUBLIC INVESTMENT, PUBLIC INVESTMENTS, RAIL, RAIL TRANSPORT, RAILROAD, RAILWAY, RAILWAYS, REGULATORY FRAMEWORKS, REGULATORY OVERSIGHT, RESERVES, RETAIL, RETAIL PRICES, RETURN, ROAD INFRASTRUCTURE, ROAD MAINTENANCE, ROAD SYSTEM, ROAD TRANSPORT, ROADS, ROUTES, RURAL FINANCE, SAFETY, SAFETY NETS, SALE, SALES, SECURITIES, SECURITIES EXCHANGES, SECURITIES MARKET, SUBSTITUTES, TAXES ON GASOLINE, TELECOMMUNICATIONS, THIRD MARKETS, TRADE REGIME, TRADING, TRADING PATTERNS, TRAFFIC, TRANSACTION, TRANSACTION COSTS, TRANSITION ECONOMIES, TRANSPORT, TRANSPORT COSTS, TRANSPORT MARKETS, TRANSPORT NETWORK, TRANSPORT POLICIES, TRANSPORT SERVICES, TRANSPORTATION, TRANSPORTATION INFRASTRUCTURE, TRUE, UNEMPLOYMENT, WAREHOUSE, WAREHOUSE RECEIPTS