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Agricultural Commodity Markets and Trade

New Approaches to Analyzing Market Structure and Instability Edited by Alexander Sarris, Professor of Economics University of Athens, Greece and David Hallam, Food and Agriculture Organization of the United Nations, Italy
The book argues that the viability of many observed market and non-market interventions in various countries in agricultural products depends considerably on the underlying behaviour of the relevant commodity markets. Many of these policies have had distortive impacts, resulting in much discussion and controversy in the context of the World Trade Organization (WTO) Doha Round of trade negotiations. The book reviews a wide range of issues related to agricultural commodities, and provides a survey of current methodological and empirical research related to our understanding of the nature of commodity markets, and the implications especially for commodity dependent developing countries.
Co-published with the Food and Agriculture Organization of the United Nations
Extent: 480 pp
Hardback Price: £122.00 Web: £109.80
Publication Date: 2006
ISBN: 978 1 84542 444 2
Availability: In Stock
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  • Development Studies
  • Agricultural Economics
  • Development Studies
  • Economics and Finance
  • Agricultural Economics
  • Environment
  • Agricultural Economics
This book argues that the viability of many observed market and non-market interventions in agricultural products worldwide depends considerably on the underlying behaviour of the relevant commodity markets. Many of these policies have had distortive impacts, resulting in much discussion and controversy in the context of the World Trade Organization (WTO) Doha Round of trade negotiations.

Despite the long history of studies of commodity market behaviour, a number of issues remain unresolved. The authors review a wide range of these issues and provide a survey of current methodological and empirical research to increase our understanding of the nature of commodity markets. Price behaviour and the reliability of different prediction methods are examined and the particular implications for commodity dependent developing countries are also highlighted.

This state-of-the-art survey of agricultural commodity market behaviour will prove to be of immense interest to researchers, students and academics in the fields of agricultural market analysis, development studies and economics. The book will also strongly appeal to policymakers in both agricultural trading countries and international agencies and to private commodity market analysts.
Contributors: A. Abdulai, J. Baffes, E. Bobenrieth, J. Bobenrieth, C. Bowman, C. Cafiero, P. Cashin, P. Conforti, C.L. Gilbert, G. Gohou, D. Hallam, J. Hao, J. Hartell, T.W. Hertel, J. Humphrey, A.M. Husain, R. Kaplinsky, R. Keeney, D.F. Larson, B. Lewin, S. McCorriston, C.J. McDermott, A. Prakash, G. Rapsomanikis, A. Sarris, J.R. Skees, P. Varangis, B.D. Wright
Contents:
Foreword
Hartwig de Haen
Introduction
David Hallam and Alexander Sarris
1. Properties of International Commodity Prices: Identifying Trends, Cycles and Shocks
Paul Cashin and C. John McDermott
2. Trends and Volatility in Agricultural Commodity Prices
Christopher L. Gilbert
3. Forecasting Commodity Prices: Futures versus Judgement
Chakriya Bowman and Aasim M. Husain
4. Is the Storage Model a ‘Closed’ Empirical Issue? The Empirical Ability of the Storage Model to Explain Price Dynamics
Carlo Cafiero and Brian D. Wright
5. Theoretical Advances in the Modeling of Storage and Speculation
Eugenio Bobenrieth, Juan Bobenrieth and Brian D. Wright
6. Imperfect Competition and International Agricultural Commodity Markets
Steve McCorriston
7. Spatial Integration and Price Transmission in Agricultural Commodity Markets in Sub-Saharan Africa
Awudu Abdulai
8. Market Integration and Price Transmission in Selected Food and Cash Crop Markets of Developing Countries: Review and Applications
George Rapsomanikis, David Hallam and Piero Conforti
9. Measuring the Efficiency of Food Markets: The Case of Nicaragua
Donald F. Larson
10. Do Cotton Prices Follow Polyester Prices?
John Baffes and Gaston Gohou
11. Weather and Index-based Insurance for Developing Countries: Experience and Possibilities
Jerry R. Skees, Jason Hartell and Jianqiang Hao
12. Approaches to Managing Coffee Price Risks
Panos Varangis and Bryan Lewin
13. The Use of Futures and Options to Insure Wheat Import Price Risks by Low-Income Food Deficit Countries
Alexander Sarris, Piero Conforti and Adam Prakash
14. How Can Agricultural Commodity Producers Appropriate a Greater Share of Value Chain Incomes?
Raphael Kaplinsky
15. Commodities, Diversification and Poverty Reduction
John Humphrey
16. Assessing the Impact of WTO Reforms on World Agricultural Markets: A New Approach
Thomas W. Hertel and Roman Keeney
17. Conclusions
Alexander Sarris and David Hallam
Index