Abstract
Economists have long been questioning the usefulness of the traditional, highly regulatory international commodity policy. In recent years, the failure of this policy has become evident. Could price and earnings stabilisation through price risk management instruments represent a viable alternative?
Similar content being viewed by others
References
Wolfgang Maennig: Die Effekte der Preisstabilisierung auf internationalen Rohstoffmärkten auf Erlöshöhe und-stabilität, Volkswirtschaftliche Schriften, No. 359, Berlin 1985, pp. 54 ff. and 86 ff.
D. M. Newbery and J. E. Stiglitz: The Theory of Commodity Price Stabilization, Oxford 1981, pp. 184 f.
Andrew J. Hughes Hallet and P. Ramanujam: The Role of Futures Markets as Stabilizers of Commodity Earnings, in: L. A. Winters and D. Sapsford (eds.): Primary Commodity Prices: Economic Models and Policy, Cambridge 1990, p. 210.
See for example UNCTAD: A Survey of Commodity Risk Management Instruments (UNCTAD/COM/15), Geneva 1993, p. 21.
See for example Andrew J. Hughes Hallet and P. Ramanujam, op. cit. The Role of Futures Markets as Stabilizers of Commodity Earnings, in: L. A. Winters and D. Sapsford (eds.): Primary Commodity Prices: Economic Models and Policy, Cambridge 1990, p. 191.
Ibid., See for example Andrew J. Hughes Hallet and P. Ramanujam, op. cit. The Role of Futures Markets as Stabilizers of Commodity Earnings, in: L. A. Winters and D. Sapsford (eds.): Primary Commodity Prices: Economic Models and Policy, Cambridge 1990, p. 192.
D. M. Newbery and J. E. Stiglitz, op. cit. The Theory of Commodity Price Stabilization, Oxford 1981, pp. 184 ff.
R. I. McKinnon: Futures Markets, Buffer Stocks, and Income Stability for Primary Producers, in: Journal of Political Economy, Vol. 75, 1967, p. 852.
K. M. Kletzer, D. M. Newbery and B. D. Wright: Alternative Instruments for Smoothing the Consumption of Primary Commodity Exporters, World Bank Working Paper 558, Washington 1990, p. 64.
J. T. Cuddington and C. M. Urzúa: Trends and Cycles in Primary Commodity Prices, Washington 1987.
See also A. S. Deaton and G. Laroque: On the Behaviour of Commodity Prices, Princeton 1989.
UNCTAD: Technical and Regulatory Conditions Influencing Participation in, and Usage of, Commodity Exchanges by Both Buyers and Sellers of Commodities (UNCTAD/COM/16), Geneva 1993, p. 4.
UNCTAD: Technical and Regulatory Conditions …, op. cit. Influencing Participation in, and Usage of, Commodity Exchanges by Both Buyers and Sellers of Commodities (UNCTAD/COM/16), Geneva 1993, p. 13.
UNCTAD: A Survey …, op. cit. of Commodity Risk Management Instruments (UNCTAD/COM/15), Geneva 1993, p. 19.
UNCTAD: Contribution to the Improvement of the Functioning of Commodity Markets (TD/B/CN.1/10), Geneva 1993, p. 27.
UNCTAD: Technical and Regulatory Conditions …, op. cit. Influencing Participation in, and Usage of, Commodity Exchanges by Both Buyers and Sellers of Commodities (UNCTAD/COM/16), Geneva 1993, p. 36.
Deutscher Kaffee-Verband: Kaffee-Bericht 1992, Hamburg 1993, p. 8.
UNCTAD: Technical and Regulatory Conditions …, op. cit. Influencing Participation in, and Usage of, Commodity Exchanges by Both Buyers and Sellers of Commodities (UNCTAD/COM/16), Geneva 1993, p. 24.
UNCTAD: A Survey …, op. cit. of Commodity Risk Management Instruments (UNCTAD/COM/15), Geneva 1993, p. 21.
UNCTAD: A Survey …, op. cit. of Commodity Risk Management Instruments (UNCTAD/COM/15), Geneva 1993, p. 28.
UNCTAD: A Survey …, op. cit. of Commodity Risk Management Instruments (UNCTAD/COM/15), Geneva 1993, p. 16.
UNCTAD: Contribution …, op. cit. to the Improvement of the Functioning of Commodity Markets (TD/B/CN.1/10), Geneva 1993, pp. 32–33.
Author information
Authors and Affiliations
Additional information
This essay is based on the findings of the report on the Common Fund for Commoditles and special commodity agreements produced jointly by the author and Dr. Ahmad Naini under the direction of Manfred Holthus for the German Ministry of Economic Affairs. The report, entitled “Der Gemeinsame Fonds für Rohstoffe und die speziellen Rohstoffabkommen”, will be published by NOMOS-Verlag.
Rights and permissions
About this article
Cite this article
Michaelowa, K. International commodity policy in transition. Intereconomics 29, 234–238 (1994). https://doi.org/10.1007/BF02926382
Issue Date:
DOI: https://doi.org/10.1007/BF02926382