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Policies on Managing Risk in Agricultural Markets

Author

Listed:
  • Donald F. Larson
  • Jock R. Anderson
  • Panos Varangis

Abstract

Over the past dozen years, policymakers have largely abandoned long-standing popular approaches for addressing risk in agriculture without fully resolving the question of how best to manage the negative consequences of volatile agricultural markets. The article reviews the transition from past policies and describes current approaches that distinguish between the trade-related fiscal consequences of commodity market volatility and the consequences of price and production risks for vulnerable rural households and communities. Current policies rely more heavily on markets, even though markets for risk are incomplete in numerous ways. The benefits and limitations of market-based instruments are examined in the context of risk management strategies, and innovative approaches to extend the reach of risk markets are discussed. Copyright 2004, Oxford University Press.

Suggested Citation

  • Donald F. Larson & Jock R. Anderson & Panos Varangis, 2004. "Policies on Managing Risk in Agricultural Markets," The World Bank Research Observer, World Bank, vol. 19(2), pages 199-230.
    • Handle: RePEc:oup:wbrobs:v:19:y:2004:i:2:p:199-230
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    Cited by:

    1. Necla Ilter Kucukcolak, 2019. "Evaluation of Commodity Market Experiences: More Than a Design Issue," International Journal of Economics and Financial Issues, Econjournals, vol. 9(1), pages 66-78.
    2. Briones, Roehlano M. & Tolin, Lovely Ann C., 2016. "Warehouse Receipts as a System for Improving the Efficiency of Rice and Corn Marketing in the Philippines," Discussion Papers DP 2016-45, Philippine Institute for Development Studies.
    3. Rie Muraoka & Tomoya Matsumoto & Songqing Jin & Keijiro Otsuka, 2016. "On the Possibility of a Maize Green Revolution in the Highlands of Kenya: An Assessment of Emerging Intensive Farming Systems," Natural Resource Management and Policy, in: Keijiro Otsuka & Donald F. Larson (ed.), In Pursuit of an African Green Revolution, edition 1, chapter 0, pages 145-164, Springer.
    4. Larson, Donald F. & Gurara, Daniel Zerfu, 2013. "A conceptual model of incomplete markets and the consequences for technology adoption policies in Ethiopia," Policy Research Working Paper Series 6681, The World Bank.
    5. Santeramo, Fabio Gaetano & Capitanio, Fabian & Adinolfi, Felice, 2014. "Integrating Agricultural Risks Management Strategies in selected EU Partner Countries: Syria, Tunisia, Turkey," MPRA Paper 58935, University Library of Munich, Germany, revised 2014.
    6. Donald F. Larson & Julian Lampietti & Christophe Gouel & Carlo Cafiero & John Roberts, 2014. "Food Security and Storage in the Middle East and North Africa," The World Bank Economic Review, World Bank, vol. 28(1), pages 48-73.
    7. Santeramo, Fabio Gaetano & Adinolfi, Felice & Capitanio, Fabian & Contò, Francesco & Sasala, Piero, 2013. "Coping with Risks in the Mediterranean Countries? Let the experts explain," MPRA Paper 49852, University Library of Munich, Germany.
    8. Byerlee, Derek & Jayne, T.S. & Myers, Robert J., 2006. "Managing food price risks and instability in a liberalizing market environment: Overview and policy options," Food Policy, Elsevier, vol. 31(4), pages 275-287, August.
    9. Javier E. Baez & Dorothy Kronick & Andrew D. Mason, 2013. "Rural Households in a Changing Climate," The World Bank Research Observer, World Bank, vol. 28(2), pages 267-289, August.
    10. Vilhelm, V. & Špička, J. & Valder, A., 2015. "Public Support of Agricultural Risk Management – Situation and Prospects," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 7(2), pages 1-10, June.
    11. World Bank, 2005. "Shocks and Social Protection : Lessons from the Central American Coffee Crisis, Volume 1, Synthesis of Findings and Implications for Policy," World Bank Publications - Reports 8435, The World Bank Group.
    12. Yamauchi, Futoshi & Larson, Donald F., 2019. "Long-term impacts of an unanticipated spike in food prices on child growth in Indonesia," World Development, Elsevier, vol. 113(C), pages 330-343.
    13. Kelly, Valerie A., 2005. "Farmers' Demand for Fertilizer in Sub-Saharan Africa," Staff Paper Series 11612, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    14. Larson, Donald F. & Plessmann, Frank, 2009. "Do farmers choose to be inefficient? Evidence from Bicol," Journal of Development Economics, Elsevier, vol. 90(1), pages 24-32, September.
    15. World Bank, 2005. "Managing Food Price Risks and Instability in an Environment of Market Liberalization," World Bank Publications - Reports 8264, The World Bank Group.
    16. Lavee, Doron, 2010. "The effect of water supply uncertainty on farmers' choice of crop portfolio," Agricultural Water Management, Elsevier, vol. 97(11), pages 1847-1854, November.
    17. Larson,Donald F. & Muraoka,Rie & Otsuka,Keijiro, 2016. "On the central role of small farms in African rural development strategies," Policy Research Working Paper Series 7710, The World Bank.
    18. Myers, Robert J., 2006. "On the costs of food price fluctuations in low-income countries," Food Policy, Elsevier, vol. 31(4), pages 288-301, August.
    19. Santeramo, Fabio Gaetano & Di Pasquale, Jorgelina & Contò, Francesco & Tudisca, Salvatore & Sgroi, Filippo, 2012. "Analyzing risk management in Mediterranean Countries: The Syrian perspective," MPRA Paper 49851, University Library of Munich, Germany.
    20. Larson, D., 2018. "The consequences of cyclone and seasonal crop risks for wealth and technology adoption in rural Mozambique," 2018 Conference, July 28-August 2, 2018, Vancouver, British Columbia 275916, International Association of Agricultural Economists.
    21. Larson, Donald F., 2013. "Blue water and the consequences of alternative food security policies in the Middle East and North Africa for water security," Policy Research Working Paper Series 6464, The World Bank.
    22. Larson, Donald & Savastano, Sara & Murray, Siobhan & Palacios-Lopez, Amparo, 2015. "Are Women Less Productive Farmers? How Markets and Risk Affect Fertilizer Use, Productivity, and Measured Gender Effects in Uganda," 2015 Conference, August 9-14, 2015, Milan, Italy 212032, International Association of Agricultural Economists.

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