Price Stabilization on World Agricultural Markets : an Application to the World Market for Sugar /
This book contains both a theoretical analysis of (supply) price stabilization on world agricultural markets and an econometric investigationof recent sugar market policies. The theoretical part explicitly considers the effects of protected domestic markets: It shows price stabilization to be genera...
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| Format: | eBook |
| Language: | English |
| Published: |
Berlin, Heidelberg :
Springer Berlin Heidelberg,
1992.
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| Series: | Lecture notes in economics and mathematical systems ;
393. |
| Subjects: | |
| Online Access: | Connect to the full text of this electronic book |
| Summary: | This book contains both a theoretical analysis of (supply) price stabilization on world agricultural markets and an econometric investigationof recent sugar market policies. The theoretical part explicitly considers the effects of protected domestic markets: It shows price stabilization to be generally desirable and provides a proof for the non-existence of rational expectations equilibria on the world market in a model with inelastic excess supply. The empirical analysis assesses the effects of the International Sugar Agreements of 1968 and 1977. Quota-mechanisms intended to limit sugar exports are found to have raised the average world market price. A reduction in the price's variance, however, is not conceivable. In general, quota agreements seemto be an inapppropriate instrument of price stabilization, as they lack a stable equilibrium interpretation. The method of analysis is time series econometrics with particular attention on unit root and cointegration issues. Tests for structural change emplopyed in orderto single out possible effects of the International Sugar Agreements. |
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| Item Description: | Electronic resource. |
| Physical Description: | 1 online resource (xi, 274 pages) |
| ISBN: | 9783642467820 (electronic bk.) 3642467822 (electronic bk.) |
| ISSN: | 0075-8442 ; |