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INSTABILITY IN WORLD GRAIN MARKETS
Author(s) -
Blandford David
Publication year - 1983
Publication title -
journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.157
H-Index - 61
eISSN - 1477-9552
pISSN - 0021-857X
DOI - 10.1111/j.1477-9552.1983.tb01011.x
Subject(s) - economics , international action , international economics , international market , production (economics) , developing country , world market , supply and demand , grain trade , international trade , agricultural economics , macroeconomics , economic growth , social science , sociology
The paper discusses the nature of international price variability for wheat and coarse grains. In particular, it explores the relationship between variability in national grain markets and international trade. Empirical evidence is presented on the degree to which short‐run fluctuations in domestic grain production are transmitted to the world market by major countries or country aggregates, and on their absorption of international market variability. The impact of possible structural or policy changes upon future international price variability is explored. It is argued that multilateral action to promote greater international stability should focus on the modification of domestic storage policies to reduce the transmission of short‐run domestic fluctuations in supply or demand to world markets.