UNCTAD AND THE BUFFER STOCK SCHEME FOR PRICE STABILIZATION: A SURVEY OF RECENT LITERATURE Report as inadecuate




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The issue of the international buffer stock scheme for the stabilization of prices of primary commodities came to forefront in the mid 1970's. This survey aims at highlighting some critical issues with a selective review of the major recent contributions in the area. The analytical work on commodity price stabilization started with the works of Waugh in 1944, Oi in 1961 and Massel in 1969. Johnson (1976) clarified some of the underlying assumptions and showed the impact on revenue under different supply and demand conditions. Among others, Behrman (1979) and Vines (1984) provided empirical and analytical support to the argument. One outstanding contribution in the area is that of Newbery and Stiglitz (1981) whose theoretical work and empirical estimates tend to reject the case for price stabilization. Kanbur (1984) shows that the analysis of Newbery and Stiglitz (1981) is largely microeconomic that ignores the potential macroeconomic benefit emphasized by Kaldor (1976, 1983).

Subject(s): Research and Development/Tech Change/Emerging Technologies

Issue Date: Jun 30 1993

Publication Type: Journal Article

DOI and Other Identifiers: ISSN 0237-3539 (Other)

PURL Identifier: http://purl.umn.edu/202868 Published in: Bangladesh Journal of Agricultural Economics, Volume 16, Number 1 Page range: 17-35

Total Pages: 19

Series Statement: XVI

1

Record appears in: Bangladesh Agricultural University, Mymensingh > Bangladesh Journal of Agricultural Economics





Author: Hossain, Shahabuddin M.

Source: http://ageconsearch.umn.edu/record/202868?ln=en



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