Publication:
International Grain Reserves and Other Instruments to Address Volatility in Grain Markets

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dc.contributor.authorWright, Brian D.
dc.date.accessioned2014-02-19T19:20:40Z
dc.date.available2014-02-19T19:20:40Z
dc.date.issued2012-08
dc.description.abstractIn the long view, recent volatility of prices of the major grains is not anomalous. Wheat, rice, and maize are highly substitutable in the global market for calories, and when aggregate stocks decline to minimal feasible levels, prices become highly sensitive to small shocks, consistent with the economics of storage behavior. In this decade, stocks declined due to high global income growth and biofuels mandates, making markets unusually sensitive to subsequent unanticipated shocks, including biofuels demand boosts in reaction to high petroleum prices, the Australian drought, and other regional grain production problems. To protect their own vulnerable and politically influential consumers, key exporters restricted supplies in 2007, exacerbating the price rise. Understandably, vulnerable importers are now building strategic reserves. To reduce costs and disincentive effects, reserves should have quantitative goals related to targeted distribution to the most vulnerable in severe emergencies. For countries with significant animal feeding or biofuels industries, options contracts to protect the consumption of the most vulnerable from harvest shocks are likely to be more cost-effective than emergency reserves.en
dc.identifier.citationWorld Bank Research Observer
dc.identifier.doi10.1596/17115
dc.identifier.issn1564-6971
dc.identifier.otherdoi:10.1093/wbro/lkr016
dc.identifier.urihttps://hdl.handle.net/10986/17115
dc.language.isoen_US
dc.publisherPublished by Oxford University Press on behalf of the World Bank
dc.relation.ispartofseriesWorld Bank Research Observer
dc.rightsCC BY-NC-ND 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/igo/
dc.subjectclean water
dc.subjectirrigation systems
dc.subjectlarge cities
dc.subjectmunicipal water
dc.subjectmunicipal water supply
dc.subjectservice delivery
dc.subjectservice improvements
dc.subjectservice providers
dc.subjectservice provision
dc.subjectsmall rural towns
dc.subjecttowns
dc.subjecturban water
dc.subjectutilities
dc.subjectwater quality
dc.subjectwater services
dc.subjectwater supplies
dc.subjectwater supply systems
dc.subjectwater tariffs
dc.subjectwater users
dc.subjectwatersheds
dc.titleInternational Grain Reserves and Other Instruments to Address Volatility in Grain Marketsen
dc.typeJournal Articleen
dc.typeArticle de journalfr
dc.typeArtículo de revistaes
dspace.entity.typePublication
okr.date.disclosure2014-02-01
okr.date.doiregistration2025-05-06T11:20:11.277687Z
okr.doctypePublications & Research::Journal Article
okr.doctypePublications & Research
okr.identifier.doi10.1093/wbro/lkr016
okr.journal.nbpages222-260
okr.language.supporteden
okr.peerreviewAcademic Peer Review
okr.topicIndustry::Food & Beverage Industry
okr.topicInternational Economics and Trade::Access to Markets
okr.topicMacroeconomics and Economic Growth::Markets and Market Access
okr.volume27(2)
relation.isJournalIssueOfPublication5d31dd38-ae5a-4a66-9125-6c9e0c1a52c0
relation.isJournalIssueOfPublication.latestForDiscovery5d31dd38-ae5a-4a66-9125-6c9e0c1a52c0
relation.isJournalOfPublication9e5fbe82-492f-4142-8378-17d50245d9de
relation.isJournalVolumeOfPublicationfeeb0191-5f92-4005-9f66-ac24effe80c0
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