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Characteristics and Behaviour of African Commodity/Product Markets and Market Institutions and Their Consequences for Economic Growth

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  • Afeikhena Jerome
  • Olawale Ogunkola

Abstract

This study examines the characteristics and behaviour of key commodity/product markets and market institutions in Africa and their consequences for economic growth. Their contribution to economic growth appears to have been limited by high transaction costs and weak institutions. Government heavy intervention, persistent shortages of market infrastructure and lack of effective market information system, all contribute to the seemingly high transaction costs in these markets.

Suggested Citation

  • Afeikhena Jerome & Olawale Ogunkola, 2000. "Characteristics and Behaviour of African Commodity/Product Markets and Market Institutions and Their Consequences for Economic Growth," CID Working Papers 35A, Center for International Development at Harvard University.
    • Handle: RePEc:cid:wpfacu:35a
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    References listed on IDEAS

    as
    1. Williamson, Oliver E, 1979. "Transaction-Cost Economics: The Governance of Contractural Relations," Journal of Law and Economics, University of Chicago Press, vol. 22(2), pages 233-261, October.
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    4. Deaton, Angus & Miller, Ron, 1996. "International Commodity Prices, Macroeconomic Performance and Politics in Sub-Saharan Africa," Journal of African Economies, Centre for the Study of African Economies, vol. 5(3), pages 99-191, October.
    5. Smith, Harlan II & Luttrell, Margaret E., 1994. "Cartels in an "Nth-Best" world: The wholesale foodstuff trade in Ibadan, Nigeria," World Development, Elsevier, vol. 22(3), pages 323-335, March.
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    7. Harriss-White, Barbara, 1995. "The changing public role in services to food and agriculture : The legal regulation of food markets in India," Food Policy, Elsevier, vol. 20(6), pages 585-596, December.
    8. Bevan, David & Collier, Paul & Willem Gunning, Jan, 1989. "Black markets: Illegality, information, and rents," World Development, Elsevier, vol. 17(12), pages 1955-1963, December.
    9. Daphne S. Taylor & Truman P. Phillips, 1991. "Food-Pricing Policy in Developing Countries: Further Evidence on Cereal Producer Prices," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 73(4), pages 1036-1043.
    10. repec:aer:wpaper:86 is not listed on IDEAS
    11. Mwase, N., 1998. "Economic Liberalization and Privatization of Agricultural Marketing and Input Supply in Tanzania: A Case Study of Cashewnuts," Papers 86, African Economic Research Consortium.
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    Cited by:

    1. Muradian, Roldan & Pelupessy, Wim, 2005. "Governing the coffee chain: The role of voluntary regulatory Systems," World Development, Elsevier, vol. 33(12), pages 2029-2044, December.
    2. Sushil Mohan & Bill Russell, 2008. "Modelling Thirty Five Years Of Coffee Prices In Brazil, Guatemala And India," Dundee Discussion Papers in Economics 221, Economic Studies, University of Dundee.
    3. Emran, M. Shahe & Shilpi. Forhad, 2002. "Marketing externalities and market development," Policy Research Working Paper Series 2839, The World Bank.

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    More about this item

    Keywords

    markets; transaction costs; institutions;
    All these keywords.

    JEL classification:

    • F1 - International Economics - - Trade
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
    • N7 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services

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