Grain price spikes and beggar-thy-neighbor policy responses: A global economywide analysis

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dc.contributor.authorJensen, H.
dc.contributor.authorAnderson, K.
dc.date.issued2017
dc.description.abstractWhen prices spike in international grain markets, national governments often reduce the extent to which that spike affects their domestic food markets. Those actions exacerbate the price spike and international welfare transfer associated with that terms of trade change. Several recent analyses have assessed the extent to which those policies contributed to the 2006–08 international price rises but only by focusing on one commodity or by using a back-of-the envelope (BOTE) method. The present more comprehensive analysis uses a global, economy-wide model that is able to take account of the interactions between markets for farm products that are closely related in production and/or consumption and able to estimate the impacts of those insulating policies on grain prices and on the grain trade and economic welfare of the world’s various countries. Our results support the conclusion from earlier studies that there is a need for stronger WTO disciplines on export restrictions.
dc.description.statementofresponsibilityHans G. Jensen and Kym Anderson
dc.identifier.citationThe World Bank Economic Review, 2017; 31(1):158-175
dc.identifier.doi10.1093/wber/lhv047
dc.identifier.issn0258-6770
dc.identifier.issn1564-698X
dc.identifier.orcidAnderson, K. [0000-0002-1472-3352]
dc.identifier.urihttps://hdl.handle.net/2440/139388
dc.language.isoen
dc.publisherOxford University Press (OUP)
dc.relation.grantARC
dc.rights© The Author 2015. Published by Oxford University Press on behalf of the International Bank for Reconstruction and Development / THE WORLD BANK. All rights reserved.
dc.source.urihttps://doi.org/10.1093/wber/lhv047
dc.subjectDomestic market insulation; Distorted incentives; International price transmission; Commodity price stabilization
dc.titleGrain price spikes and beggar-thy-neighbor policy responses: A global economywide analysis
dc.typeJournal article
pubs.publication-statusPublished

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