How Government Policies Affect the Relationship between Polish and World Wheat prices PDF Download
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Author: Panayotis N. Varangis
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 40
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Book Description
June 1997 Government intervention is the main reason for the low correlation between cash prices for Polish wheat and wheat futures prices in Chicago and London. Polish government policies reduce incentives for Poland's private sector to use existing wheat futures contracts in foreign exchanges to hedge against price risks and impede the development of a Polish wheat futures exchange. Cash prices for wheat in Poland are not closely related to futures prices in Chicago and London, for several reasons: differences in seasonality, fluctuations in exchange rate, poor dissemination of information in Poland, and most important the Polish government's intervention in wheat markets. Polish wheat prices generally move to expected intervention prices (set by ARR, the agency for agricultural markets) and then stay there until the next intervention level becomes known. The exception was in 1994/95, when sharply higher world prices raised prices in Poland. A wheat futures exchange in Poland could give the private sector a tool for hedging against price risk, improving efficiency and price discovery in Poland. It would be difficult to develop, however, under present interventionist policies. This situation could be improved by reducing the protection of prices and by making any intervention rules-based (reducing uncertainty about policies). Should intervention be reduced or rationalized, the next question is whether Poland needs its own wheat futures exchange or whether Poland's private sector can use futures exchanges in London and Chicago to hedge against risk. The answer to that question is not an easy one. This paper - a product of the Commodity Policy and Analysis Unit, International Economics Department - is part of a larger effort in the department to analyze commodity pricing policies.
Author: Panayotis N. Varangis
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 40
Get Book Here
Book Description
June 1997 Government intervention is the main reason for the low correlation between cash prices for Polish wheat and wheat futures prices in Chicago and London. Polish government policies reduce incentives for Poland's private sector to use existing wheat futures contracts in foreign exchanges to hedge against price risks and impede the development of a Polish wheat futures exchange. Cash prices for wheat in Poland are not closely related to futures prices in Chicago and London, for several reasons: differences in seasonality, fluctuations in exchange rate, poor dissemination of information in Poland, and most important the Polish government's intervention in wheat markets. Polish wheat prices generally move to expected intervention prices (set by ARR, the agency for agricultural markets) and then stay there until the next intervention level becomes known. The exception was in 1994/95, when sharply higher world prices raised prices in Poland. A wheat futures exchange in Poland could give the private sector a tool for hedging against price risk, improving efficiency and price discovery in Poland. It would be difficult to develop, however, under present interventionist policies. This situation could be improved by reducing the protection of prices and by making any intervention rules-based (reducing uncertainty about policies). Should intervention be reduced or rationalized, the next question is whether Poland needs its own wheat futures exchange or whether Poland's private sector can use futures exchanges in London and Chicago to hedge against risk. The answer to that question is not an easy one. This paper - a product of the Commodity Policy and Analysis Unit, International Economics Department - is part of a larger effort in the department to analyze commodity pricing policies.
Author: Szczepan Figiel
Publisher:
ISBN:
Category :
Languages : en
Pages : 35
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Book Description
Author: Sczepan Figel
Publisher:
ISBN:
Category :
Languages : en
Pages : 35
Get Book Here
Book Description
Government intervention is the main reason for the low correlation between cash prices for Polish wheat and wheat futures prices in Chicago and London. Polish government policies reduce incentives for Poland`s private sector to use existing wheat futures contracts in foreign exchanges to hedge against price risks and impede the development of a Polish wheat futures exchange.Cash prices for wheat in Poland are not closely related to futures prices in Chicago and London, for several reasons: differences in seasonality, fluctuations in exchange rate, poor dissemination of information in Poland, and most important the Polish government`s intervention in wheat markets.Polish wheat prices generally move to expected intervention prices (set by ARR, the agency for agricultural markets) and then stay there until the next intervention level becomes known. The exception was in 1994/95, when sharply higher world prices raised prices in Poland.A wheat futures exchange in Poland could give the private sector a tool for hedging against price risk, improving efficiency and price discovery in Poland. It would be difficult to develop, however, under present interventionist policies. This situation could be improved by reducing the protection of prices and by making any intervention rules-based (reducing uncertainty about policies).Should intervention be reduced or rationalized, the next question is whether Poland needs its own wheat futures exchange or whether Poland's private sector can use futures exchanges in London and Chicago to hedge against risk. The answer to that question is not an easy one.This paper - a product of the Commodity Policy and Analysis Unit, International Economics Department - is part of a larger effort in the department to analyze commodity pricing policies.
Author: Grant MacDonald Scobie
Publisher: Intl Food Policy Res Inst
ISBN: 0896290301
Category : Social Science
Languages : en
Pages : 88
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Book Description
Research report on food policy and wheat imports in Egypt - examines the historical background to, and recent trends in wheat policy; describes an econometric model of wheat imports; discusses economic implications for food policy. Bibliography, graphs, statistical tables.
Author: Jean-Paul Chavas
Publisher: University of Chicago Press
ISBN: 022612892X
Category : Business & Economics
Languages : en
Pages : 394
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Book Description
"The conference was organized by the three editors of this book and took place on August 15-16, 2012 in Seattle."--Preface.
Author: Parke Wilde
Publisher: Routledge
ISBN: 1849714282
Category : Business & Economics
Languages : en
Pages : 250
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Book Description
This book offers a broad introduction to food policies in the United States. Real-world controversies and debates motivate the book's attention to economic principles, policy analysis, nutrition science and contemporary data sources. It assumes that the reader's concern is not just the economic interests of farmers, but also includes nutrition, sustainable agriculture, the environment and food security. The book's goal is to make US food policy more comprehensible to those inside and outside the agri-food sector whose interests and aspirations have been ignored. The chapters cover US agriculture, food production and the environment, international agricultural trade, food and beverage manufacturing, food retail and restaurants, food safety, dietary guidance, food labeling, advertising and federal food assistance programs for the poor. The author is an agricultural economist with many years of experience in the non-profit advocacy sector, the US Department of Agriculture and as a professor at Tufts University. The author's well-known blog on US food policy provides a forum for discussion and debate of the issues set out in the book.
Author: Joshua S. Graff Zivin
Publisher: University of Chicago Press
ISBN: 0226988031
Category : Art
Languages : en
Pages : 310
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Book Description
Using economic models and empirical analysis, this volume examines a wide range of agricultural and biofuel policy issues and their effects on American agricultural and related agrarian insurance markets. Beginning with a look at the distribution of funds by insurance programs—created to support farmers but often benefiting crop processors instead—the book then examines the demand for biofuel and the effects of biofuel policies on agricultural price uncertainty. Also discussed are genetically engineered crops, which are assuming an increasingly important role in arbitrating tensions between energy production, environmental protection, and the global food supply. Other contributions discuss the major effects of genetic engineering on worldwide food markets. By addressing some of the most challenging topics at the intersection of agriculture and biotechnology, this volume informs crucial debates.
Author: Matthias Kalkuhl
Publisher: Springer
ISBN: 3319282018
Category : Business & Economics
Languages : en
Pages : 620
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Book Description
This book provides fresh insights into concepts, methods and new research findings on the causes of excessive food price volatility. It also discusses the implications for food security and policy responses to mitigate excessive volatility. The approaches applied by the contributors range from on-the-ground surveys, to panel econometrics and innovative high-frequency time series analysis as well as computational economics methods. It offers policy analysts and decision-makers guidance on dealing with extreme volatility.
Author: David Dawe
Publisher: Routledge
ISBN: 1136530398
Category : Nature
Languages : en
Pages : 394
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Book Description
The recent escalation of world food prices – particularly for cereals - prompted mass public indignation and demonstrations in many countries, from the price of tortilla flour in Mexico to that of rice in the Philippines and pasta in Italy. The crisis has important implications for future government trade and food security policies, as countries re-evaluate their reliance on potentially more volatile world markets to augment domestic supplies of staple foods. This book examines how government policies caused and responded to soaring world prices in the particular case of rice, which is the world's most important source of calories for the poor. Comparable case studies of policy reactions in different countries, principally across Asia, but also including the USA, provide the understanding necessary to evaluate the impact of trade policy on the food security of poor farmers and consumers. They also provide important insights into the concerns of developing countries that are relevant for future international trade negotiations in key agricultural commodities. As a result, more appropriate policies can be put in place to ensure more stable food supplies in the future. Published with the Food and Agriculture (FAO) Organization of the United Nations
Author: Madhu Khanna
Publisher: Springer Science & Business Media
ISBN: 1441903690
Category : Business & Economics
Languages : en
Pages : 435
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Book Description
Concerns about energy security, uncertainty about oil prices, declining oil reserves, and global climate change are fueling a shift towards bioenergy as a renewable alternative to fossil fuels. Public policies and private investments around the globe are aiming to increase local capacity to produce biofuels. A key constraint to the expansion of biofuel production is the limited amount of land available to meet the needs for fuel, feed, and food in the coming decades. Large-scale biofuel production raises concerns about food versus fuel tradeoffs, about demands for natural resources such as water, and about potential impacts on environmental quality. The book is organized into five parts. The introductory part provides a context for the emerging economic and policy challenges related to bioenergy and the motivations for biofuels as an energy source. The second part of the handbook includes chapters that examine the implications of expanded production of first generation biofuels for the allocation of land between food and fuel and for food/feed prices and trade in biofuels as well as the potential for technology improvements to mitigate the food vs. fuel competition for land. Chapters in the third part examine the infrastructural and logistical challenges posed by large scale biofuel production and the factors that will influence the location of biorefineries and the mix of feedstocks they use. The fourth part includes chapters that examine the environmental implications of biofuels, their implications for the design of policies and the unintended environmental consequences of existing biofuel policies. The final part presents economic analysis of the market, social welfare, and distributional effects of biofuel policies.
