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World Commodity Prices: The Role of External Debt and Industrial Country Policies

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  • Rausser, Gordon C.
  • Rose, Marjorie B.
  • Irwin, Douglas A.

Abstract

The domestic support of and protectionist policies toward agriculture in major Organization for Economic Cooperation and Development (OECD) countries has been partly responsible for surplus commodity production and sagging international commodity prices in recent years. Between 1980 and 1987, the International Monetary Fund (IMF) food commodities price index fell by one third in the nominal terms and by almost one half in real terms. Although originally undertaken largely for domestic reasons, these policies have lead to trade restrains and export subsidies that have reduces prices and aggravated instability in international commodity markets. Attempts to reform policies in OECD countries via General Agreement in Tariffs and Trade (GATT) negotiations or other means have led to only modest changes in world commodity production and trade patterns.
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Suggested Citation

  • Rausser, Gordon C. & Rose, Marjorie B. & Irwin, Douglas A., 1992. "World Commodity Prices: The Role of External Debt and Industrial Country Policies," Staff General Research Papers Archive 493, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genres:493
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    References listed on IDEAS

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    1. Roningen, Vernon O. & Dixit, Praveen M., 1989. "Economic Implications Of Agricultural Policy Reforms In Industrial Market Economies," Staff Reports 278843, United States Department of Agriculture, Economic Research Service.
    2. Cote, Agathe, 1987. "The Link between the U.S. Dollar Real Exchange Rate, Real Primary Commodity Prices, and LDCs' Terms of Trade," The Review of Economics and Statistics, MIT Press, vol. 69(3), pages 547-551, August.
    3. Jeffrey D. Sachs, 1985. "External Debt and Macroeconomic Performance in Latin America and East Asia," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 16(2), pages 523-573.
    4. Rudiger Dornbusch, 1985. "Policy and Performance Links between LDC Debtors and Industrial Nations," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 16(2), pages 303-368.
    5. Gilbert, Christopher L, 1989. "The Impact of Exchange Rates and Developing Country Debt on Commodity Prices," Economic Journal, Royal Economic Society, vol. 99(397), pages 773-784, September.
    6. Valdés, Alberto & Zietz, Joachim A., 1980. "Agricultural protection in OECD countries: its cost to less-developed countries," Research reports 21, International Food Policy Research Institute (IFPRI).
    7. E. C. Hwa, 1979. "Price Determination in Several International Primary Commodity Markets: A Structural Analysis (La détermination des prix sur plusieurs marchés internationaux de produits primaires de base: Analyse s," IMF Staff Papers, Palgrave Macmillan, vol. 26(1), pages 157-188, March.
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    Cited by:

    1. Hua, Ping, 1998. "On Primary Commodity Prices: The Impact of Macroeconomic/Monetary Shocks," Journal of Policy Modeling, Elsevier, vol. 20(6), pages 767-790, December.

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