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Reducing distortions in international commodity markets : an agenda for multilateral cooperation

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  • Hoekman, Bernard
  • Martin, Will

Abstract

Global commodity markets are affected by a variety of government policies that may expand or lower overall supply and as a result affect world prices for the specific products concerned. Market failures and market structures (market power along the value chain) also affect supply. This paper briefly reviews a number of factors that may distort international commodity markets with a view to identifying elements of an agenda for multilateral cooperation to reduce such distortions. Much of the policy agenda that arises is domestic and requires action by national governments. But numerous policies -- or absence of policy -- generate international spillovers that call for the negotiation of international policy disciplines. Independent of whether distortions are local or international in scope, the complexity of prevailing market structures and their impacts on efficiency call for much greater monitoring and analysis by the international community.

Suggested Citation

  • Hoekman, Bernard & Martin, Will, 2012. "Reducing distortions in international commodity markets : an agenda for multilateral cooperation," Policy Research Working Paper Series 5928, The World Bank.
    • Handle: RePEc:wbk:wbrwps:5928
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    Cited by:

    1. Gary Hufbauer & Cathleen Cimino, 2013. "What Future for the WTO?," The International Trade Journal, Taylor & Francis Journals, vol. 27(5), pages 394-410, December.
    2. Bernard Hoekman & Will Martin, 2012. "Reducing Distortions in International Commodity Markets," World Bank Publications - Reports 10041, The World Bank Group.
    3. Bernard Hoekman, 2014. "Supply Chains, Mega-Regionals and Multilateralism: A Road Map for the WTO," RSCAS Working Papers 2014/27, European University Institute.
    4. Hoekman, Bernard & Martin, Will, 2012. "Reducing Distortions in International Commodity Markets World commodity markets—and particularly the markets for agricultural commodities—remain highly distorted despite the wave of liberalization tha," World Bank - Economic Premise, The World Bank, issue 82, pages 1-5, May.
    5. Atanu Ghoshray & Sushil Mohan, 2021. "Coffee price dynamics: an analysis of the retail-international price margin [Commodity dependence and development: suggestions to tackle the commodities problem]," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 48(4), pages 983-1006.

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    Keywords

    Markets and Market Access; Economic Theory&Research; Emerging Markets; Access to Markets; Free Trade;
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