Commodity Price Stabilization In Imperfect Or Cartelized Markets

Commodity markets are of considerable interest and importance to economists, econometricians and dealers. This book reports the proceedings of an international conference on 'Primary Commodity Prices: Economic Models and Policy', held in London under the auspices of the Centre for Economic Policy Research in March 1989. A range of papers by leading international authorities covers topics such as expectations formation in econometric commodity market models; price determination in the market for aluminium; the estimation of dynamic disequilibrium models with rational expectations; and a comparison of forward markets and buffer stocks as commodity earnings stabilizers. A key feature of this stock is its development of the policy implications of theoretical and empirical work in the field of commodity economics. Most papers are accompanied by discussant's comments to draw out their technical and policy implications. The book's readership will include commodity economists, commodity market practitioners and policy analysis, as well as professionals and advanced students interested in the fields of applied econometrics, economic development and international trade.

A brief summary of the analytics of price stabilization; Some operational aspects of food price stabilization policies; Alternatives to price stabilization: crop insurance and futures markets; Price stabilization policy: rationale and objectives; Design and implementation of stabilization policy; Impact of stabilization policy on price variability over time and across countries; Some quantitative estimates of the benefits of stabilization; Rethinking price stabilization policy.

This volume breaks new ground in the economic theory of institutions. The contributors show how some of the tools of advanced economic theory can usefully contribute to an understanding of how institutions operate. They show how sound theoretical analysis can in fact enable economists to reach conclusions which will help practitioners avoid many pitfalls in the formation and implementation of development policies, both within individual countries and in the context of international aid.

The United States holds strategic stockpiles of nearly 100 industrial minerals, metals, and other commodities. These stockpiles have influenced the world commodity markets in many ways. This work brings together in one place, documentary and statistical evidence about the size and nature of the U.S. strategic stockpiles, and the ways in which this influence has been evidenced, in markets for the important industrial metals.