World Bank2016-04-212016-04-212005-06https://hdl.handle.net/10986/24107Production in 2004 was actually running higher than consumption prior to 1995 and this has caused the existence of a world surplus of baled cotton in the form of stocks in warehouse. It is the existence of these “ending stocks” that has a large effect on the international price of cotton. Consumption began to outpace production in 2001 to 2003 period and this, mixed with crop disasters in various regions, caused the international price to rise. The reaction from many countries was to increase production in reaction to this. Cconsumption failed to match this increase in production, causing a fall in prices and a renewal of the world’s ending stocks.en-USCC BY 3.0 IGOTAX INCENTIVESAUCTIONAUCTION SYSTEMDEPOSITHOLDINGLETTER OF CREDITEXPORT MARKETSEQUIPMENTWAREHOUSELOCAL BANKSTOCKVALUATIONFUTURESPROMISSORY NOTESSALESINTERESTINTEREST RATESUPPLIEREXCHANGEOPTIONTRADE UNIONLIQUIDITYDEVELOPING COUNTRIESBANK ACCOUNTREPAYMENTSMORTGAGERURAL CREDITMARKET SHARESFAIRDISCOUNTPRICINGPRICETAXPLEDGETRANSACTION COSTINFLATIONINSURANCE MARKETMASS MARKETPOLITICAL RISKSMATURITYLAND PARCELLIENARBITRATIONDERIVATIVESCREDIT WORTHINESSCURRENCYCOMMERCIAL BANKPRICE VOLATILITYDEBTSBANKING INSTITUTIONSCONTRACTSSURPLUSPRODUCTSTRADINGOPTIONSDATE OF MATURITYCURRENCY HEDGINGMARKETINGMARKETSWAREHOUSE RECEIPTRETURNINTERNATIONAL DEVELOPMENTLAND OWNERSHIPFUTURES CONTRACTSPRODUCTDIRECT INVESTMENTPRICING POLICIESRISK MANAGEMENT TOOLFINANCEMARKET PRICETRANSACTIONSAUCTIONSTRANSACTIONRURAL FINANCEGOODREPAYMENT HISTORYCREDIT SYSTEMSINTERNATIONAL TRADEVOLATILITYCOUNTRY RISKFUTURES CONTRACTLAND AS COLLATERALFUTURELETTERS OF CREDITVALUECOMPETITIVENESSFOREIGN DIRECT INVESTMENTCURRENCY CRISISRETURNSOVERDRAFT FACILITYFREE MARKETDEMANDEXCHANGESPRICE RISKTRANSITION COUNTRIESCONTRACTFUTURES MARKETREPAYMENTPROPERTYAMOUNT OF CREDITISSUANCEPRICE RISK MANAGEMENTSALEAVERAGE PRICESHARESINSURANCE PREMIUMTRANSACTION COSTSDEFAULTMARKETCROP LOSSESMARKET RISKSUPPLY CHAINRISK OF DEFAULTOVERDRAFT FACILITIESSHAREHOLDERSHOLDINGSINSURANCECURRENCIESGOODSOPEN MARKETMARKET SHARELEGAL SYSTEMSTOCKSINVESTMENTSHARECOLLATERALDISCOUNTSCOMPETITIVE ADVANTAGEINTERNATIONAL STANDARDSUPPLYPURCHASINGBIDPROFITRISK MANAGEMENTSWAPSTRANSITION ECONOMIESFORM OF COLLATERALEXCHANGE RATESUPPLIERSPROFITSCAPITAL INVESTMENTHEDGELAND HOLDINGSCREDIT HISTORYWORLD MARKETREPAYMENT RISKFUTURES MARKETSPRICESGUARANTEEINTRINSIC VALUESPREADSTORAGEWorking PaperWorld Bank10.1596/24107