Commodity futures markets in LDCs: a review and prospects

Recent moves by the World Bank to devise market-based approaches for dealing with commodity price risk provide a fresh impetus for research in the area of commodity futures markets as a policy option. Since the collapse of the International Commodity Agreements there has been little progress in finding a solution to the perennial problem of price risk arising from price volatility. This paper aims to provide a background to the more general issue of development and growth in less developed countries (LDCs) by examining past and current policy attempts to reduce the effects of price volatility in primary commodity markets.

[1]  Rationalizable variable-population choice functions , 2002 .

[2]  Sam Laird.  Multilateral Market Access Negotiations in Goods and Services , 2002 .

[3]  G. C. Morrison.  The Endowment Effect and Expected Utility , 2000 .

[4]  A. Rayner,et al.  Agricultural futures markets in LDCs: a policy response to price volatility? , 1999 .

[5]  Walter Bossert,et al.  The Value of Limited Altruism , 2000, J. Econ. Theory.

[6]  P. Newbold,et al.  Futures Markets Efficiency: evidence from unevenly spaced contracts , 1999 .

[7]  Zhihao Yu.  A model of substitution of non-tariff barriers for tariffs , 2000 .

[8]  Walter Bossert,et al.  Utilitarianism and the Theory of Justice , 2002 .

[9]  Hans Peters,et al.  Minimax Regret and Efficient Bargaining under Uncertainty , 2001, Games Econ. Behav..

[10]  S. Claessens,et al.  Managing Commodity Price Risk in Developing Countries , 1994 .

[11]  R. Disney.  Crises in Public Pension Programmes in OECD: What are the Reform Options? , 2000 .

[12]  Janet S. Netz.  The Effect of Futures Markets and Corners on Storage and Spot Price Variability , 1995 .

[13]  D. Fielding,et al.  Exchange rate regimes, inflation and output volatility in developing countries , 2002 .

[14]  F. Edwards,et al.  Futures and Options , 1992 .

[15]  C. Gilbert.  International Commodity Agreements: An obituary notice , 1996 .

[16]  S. Thompson.  Use of Futures Markets for Exports by Less Developed Countries , 1985 .

[17]  Social and Economic Determinants of English Voter Choice in the 1997 General Election , 2000 .

[18]  Evaluating Futures Exchanges in Liberalising Economies , 1994 .

[19]  Teresa Lloyd-Braga,et al.  Endogenous Business Cycles and Stabilization Policies , 2000 .

[20]  Henrik Hansen,et al.  Aid and Growth Regressions , 2001 .

[21]  S. Leybourne,et al.  Mean Reversion of Real Exchange Rates in High-Inflation Countries , 1999 .

[22]  P. Lloyd.  A generalisation of the Stolper-Samuelson theorem with diversified households: A tale of two matrices , 1998 .

[23]  J. Keynes.  The policy of government storage of food-sds and raw materials. , 1938 .

[24]  Technology Policy in an Oligopoly with Spillovers and Pollution , 1999 .

[25]  Fiona Gordon-Ashworth.  International commodity control : a contemporary history and appraisal , 1984 .

[26]  O. Morrissey,et al.  Ugandan trade policy and export performance in the 1990s , 1998 .

[27]  C. Milner,et al.  Protection, trade policy and transport costs: Effective taxation of Ugandan exporters , 1998 .

[28]  C. Milner,et al.  The trade and welfare effects of a regional economic partnership agreement , 2000 .

[29]  Panos Varangis,et al.  Dealing with Commodity Price Uncertainty , 1996 .

[30]  B. W. Lensink,et al.  Uncertainty of aid inflows and the aid-growth relationship , 1999 .

[31]  M. McGillivray,et al.  Aid and the Public Sector in Pakistan: Evidence with Endogenous Aid , 1998 .

[32]  H. P. Smit,et al.  International Commodity Policy: A Quantitative Analysis , 1993 .

[33]  O. Morrissey,et al.  Aggregate Export and Food Crop Supply Response in Tanzania , 1998 .

[34]  Steven J. Humphrey.  The common consequence effect: testing a unified explanation of recent mixed evidence , 2000 .

[35]  G. C. Morrison,et al.  Improving the Sensitivity of the Time Trade-Off Method: Results of an Experiment Using Chained TTO Questions , 2002, Health care management science.

[36]  Hans Peters,et al.  Efficient solutions to bargaining problems with uncertain disagreement points , 2002, Soc. Choice Welf..

[37]  Sam Laird.  The WTO agenda and the developing countries , 2000 .

[38]  Panicos O. Demetriades,et al.  International Aspects of Public Infrastructure Investment , 2003 .

[39]  M. H. Heycock,et al.  Papers , 1971, BMJ : British Medical Journal.

[40]  THE ECONOMICS OF PROFESSIONAL SPORTS LEAGUES: A BARGAINING APPROACH , 2022 .

[41]  Walter Bossert,et al.  Choice under complete uncertainty: axiomatic characterizations of some decision rules , 2000 .

[42]  J. Creedy,et al.  The Built-In Flexibility of Taxation: Some Basic Analytics , 1998 .

[43]  Hans Peters,et al.  Multi-attribute decision-making in individual and social choice , 2000, Math. Soc. Sci..

[44]  Walter Bossert,et al.  Intersection Quasi-Orderings: An Alternative Proof , 1999, Order.

[45]  Mariam Camarero,et al.  Who is ruling Europe? Empirical evidence on the German Dominance Hypothesis , 2001 .

[46]  R. Disney,et al.  Housing costs, house price shocks and savings behaviour among older households in Britain , 2002 .

[47]  Walter Bossert,et al.  Functional equations and population ethics , 1999 .

[48]  S. Girma.  A quasi-differencing approach to dynamic modelling from a time series of independent cross-sections , 2000 .

[49]  D. Greenaway,et al.  New evidence on the impact of foreign aid on economic growth , 1998 .

[50]  N. Gemmell,et al.  Dynamic Sectoral Linkages and Structural Change in a Developing Economy , 1998 .

[51]  O. Morrissey,et al.  Government spending and economic growth in Tanzania, 1965 - 1996 , 2000 .

[52]  Indraneel Dasgupta.  Women's employment, intra-household bargaining, and distribution: a two-sector analysis , 2000 .

[53]  R. Disney.  Declining public pensions in an era of demographic ageing: Will private provision fill the gap? , 2000 .

[54]  G. Gemmill.  Forward Contracts or International Buffer Stocks? A Study of Their Relative Efficiencies in Stabilising Commodity Export Earnings , 1985 .

[55]  J. Nash,et al.  Domestic Price Stabilization Schemes in Developing Countries , 1990, Economic Development and Cultural Change.

[56]  C. Muller.  Transient seasonal and chronic poverty of peasants: Evidence from Rwanda , 1997 .

[57]  P. Newbold,et al.  Testing seasonality and efficiency in commodity futures markets , 1999 .

[58]  Prasanta K. Pattanaik,et al.  On Ranking Opportunity Sets in Economic Environments , 2000, J. Econ. Theory.

[59]  Henrik Hansen,et al.  Aid effectiveness disputed , 2000 .

[60]  M. Bleaney.  FINANCIAL FRAGILITY AND CURRENCY CRISES , 2000 .

[61]  A. Rayner,et al.  EU WHEAT PRICES AND ITS RELATION WITH OTHER MAJOR WHEAT EXPORT PRICES , 2022 .

[62]  C. Milner,et al.  A Cross-Country Panel Analysis of Currency Substitution and Trade , 2000 .

[63]  Banco Mundial,et al.  Global economic prospects and the developing countries , 1992 .

[64]  R. Lensink,et al.  Does financial development mitigate negative effects of policy uncertainty on economic growth , 2000 .

[65]  M. McGillivray,et al.  Aid Illusion and Public Sector Fiscal Behaviour , 2019, Changing the Conditions for Development Aid.

[66]  O. Morrissey,et al.  Determinants of exports and investment of manufacturing firms in Tanzania , 1998 .

[67]  L. Telser.  Why There Are Organized Futures Markets , 1981, The Journal of Law and Economics.

[68]  Non‐Discrimination and the Pareto Principle , 2000 .

[69]  C. Gilbert.  Futures Trading and the Welfare Evaluation of Commodity Price Stabilisation , 1985 .

[70]  O. Morrissey.  Investment and competition policy in developing countries: Implications of and for the WTO , 2000 .

[71]  R. Lensink,et al.  Is there an aid Laffer curve , 1999 .