Showing papers on "Commodity published in 1995"

Power, distortions, revolt and reform in agricultural land relations

Abstract: Most work on the relationship between farm size and productivity strongly suggests that farms that rely mostly on family labor are more productive than large farms operated primarily by hired labor. This study began as an inquiry into how rental and sales markets for agricultural land in the developing world affect efficiency and equity. What emerged was the clear sense that great variations in land relations around the world and over time cannot be understood in the common paradigm of property rights and competitive markets. Under that paradigm, land scarcity leads to better definition of rights, which are thentraded in sales and rental markets accessible equally to all players. The outcome should be the allocation of land to the most efficient uses and users, yet this rarely happens. Instead, land rights and ownership tend to grow out of power relationships. Landowning groups have used coercion and distortions in land, labor, credit, and commodity markets to extract economic rents from the land, from peasants and workers, and most recently from urban consumer groups or taxpayers. Such rent-seeking activities reduce the efficiency of resource use, retard growth, and increase the poverty of the rural population. The authors examine how these power relations emerged and what legal means enabled relatively few landowners to accumulate and hold on to large landholdings. The authors discuss the successes and failures of reform in market and socialist economies, and the perversions of reforms in both systems, manifested in large commercial farms and collectives. They survey the history of land relations and the legacies that history leaves. They discuss the three analytical controversies surrounding economies of scale, and the efficiency of the land sales and land rental market. They discuss the main policy issues and implications of various distortions and successful and unsuccessful reforms in the developing world, including land registration and titling, land taxation(This abstract was borrowed from another version of this item.)

Household Demand in Rural China: A Two-Stage LES-AIDS Model

Abstract: A complete demand system of Chinese rural households is estimated using a two-stage LES-AIDS model and pooled provincial and time-series data from 1982 to 1990. For commodity groups (food, clothing, fuel, housing, and other commodities), demand is price-inelastic. Housing and other commodities are luxury goods, while clothing and food are necessities. Within the food group, price elasticities range from −0.005 to −0.63. Expenditure elasticities are lower for grains and higher for meat, tobacco, and alcohol. The results imply a gap between food demand and supply growth. Therefore, China will face pressure to import food.

Local Economic Development: Analysis and Practice

Abstract: Economic Development and Market Logic Three Fundamental and Recurring Issues Business Location, Expansion and Retention Market Areas and Economic Development Strategies Understanding Economic Structure Regional Growth and Development Fundamental Perspective Additional Tools and Perspectives on Economic Growth Issues in Economic Development Practice Resource and Commodity Flows Land Use Housing and Neighborhood Development Metropolitan Government and Finance Planning, Futures Studies and Development Policy

The Distributional Impact of Price Changes in Hungary and the United Kingdom

Abstract: In Soviet-type economies, commodity prices were distorted as part of the redistributive system of the state, but with the transition, prices have been liberalized and taxes made more uniform. Has this change adversely affected the distribution of purchasing power? This paper develops a new method of measuring the distributional impact of price changes by computing the distributional characteristics of commodities from household budget survey data and applies it to Hungary and the United Kingdom, finding that the distributional impacts over the past decade were negligible and not significantly different from zero in both cases. Copyright 1995 by Royal Economic Society.

Method and system for commodity-based currency for payment of accounts and elimination of payment risk

Abstract: A system and method for permitting gold or other commodities to circulate as currency requires a network of system users that participate in financial transactions where payment is made in units of gold. The gold is kept in secure storage at a deposit site for the benefit of the users. The payments in gold are effected through a computer system having data storage and transaction processing programs that credit or debit the units of account of gold held for the account of each system user.

The Efficient Scope of Private Transactions-Cost-Reducing Institutions: The Successes and Failures of Commodity Exchanges

Abstract: Commodity exchanges historically have served as private organizations that govern contractual relations between market participants. Their functions have included commodity measurement, contract enforcement, the policing of theft and fraud, and the mitigation of information asymmetries. In contrast to these successes, the Chicago Board of Trade failed signally in its attempt to introduce a grain grading system after the Civil War. This effort failed because (a) the proposed reform imposed significant costs on interests whose cooperation was essential to its success and (b) the transactions costs of reaching an agreement to compensate these interests for their losses under the efficient property rights were prohibitive. A comparison of the successes and failures of commodity exchanges reveals that exchanges succeed when the benefits of exchange governance are symmetric and fail when the costs and benefits are extremely asymmetric.

Agricultural Industrialization: Implications for Economic Development and Public Policy

Abstract: Industrialization is rapidly becoming a topic of great attention. Driven by fundamental economic forces, industrialization seems likely to advance more quickly in the coming decade to more industry segments. By changing the way agriculture does business, industrialization will also bring change to public policy and agricultural institutions. Commodity policy will increasingly be out of step with a product-oriented industry. And as industrialization blurs the lines between producers and processors, land grant universities and the extension service will face challenges assessing who their customers are.

Managing Commodity Booms-And Busts

Abstract: This document pertains to boom commodity markets which can be a bane or a blessing. If commodity exporting countries adopt the wrong policies and strategies, they can leave their economies in worse shape than before the boom. The economies of developing countries are heavily dependent on commodities. One way to manage commodity price shock is to create a stabilization fund. By saving resources in boom years, governments can reduce the need to cut the spending in leaner times. Reserves in stabilization funds, however, should be treated as foreign reserves. Producers are the main group which should manage a boom. When some commodity prices increase sharply, governments find it difficult to lower producer's prices and often subsidize them after the boom. The over all conclusion is governments should not commit to long term spending that will be unsustainable when the boom fizzles.

A welfare analysis of the EC-ACP sugar protocol

Abstract: The Sugar Protocol, laid down in the Convention of Lome, has been an established instrument of commodity policy for nearly 20 years. Its basic rule is that the EC imports at guaranteed prices specified quantities of sugar from ACP countries. It is the objective of the article to provide an economic evaluation of the Sugar Protocol. Impacts on prices, trade, export earnings and economic welfare are elaborated. The Sugar Protocol's impacts on the level and instabilty of sugar export earnings are jointly evaluated by computing transfer and risk benefits along the lines of Newbery/Stiglitz. A major conclusion is that the policy has to be evaluated differently from the donor's and the recipient's point of view. The Sugar Protocol induces international income transfers that are untargeted in terms of per capita income. It causes, however, rather strong risk benefits compared with other instruments of international commodity policy and sizeable welfare gains for individual recipient countries.

Economic Policy in Developing Countries: The Reform Agenda

Abstract: Introduction - The Role of Government Macroeconomic Policy Exchange Rate Policy Trade and Foreign Exchange Liberalization Poverty, Income Distribution and Reform Commodity Price Policy Taxation Policy State Enterprise Reform and Privatization Financial Sector Reform Conclusion - Are There any Policy Rules?

Cointegration and commodity arbitrage

Abstract: The study uses the concept of cointegration to examine long-run relationships between futures (and spot) prices of cocoa and coffee on the New York CSCE and London Fox. The study is also an attempt to analyze price trends of related commodities on the same and different commodity exchanges. Our empirical results show that in general, the prices of these commodities tend to move together in the long run. The study also proves that empirical evidence can be used to support the assumption that commodity prices are perfectly arbitraged in international markets over a long period of time. © 1995 by John Wiley & Sons, Inc.

Water Rights and the Common Wealth

Abstract: Follow this and additional works at: http://scholar.law.colorado.edu/sustainable-use-of-west-water Part of the Dispute Resolution and Arbitration Commons, Environmental Law Commons, Environmental Policy Commons, Hydraulic Engineering Commons, Hydrology Commons, Land Use Planning Commons, Natural Resources and Conservation Commons, Natural Resources Law Commons, Natural Resources Management and Policy Commons, Public Policy Commons, State and Local Government Law Commons, Sustainability Commons, Water Law Commons, and the Water Resource Management Commons

Method and system for managing customer history in on-line shopping

Abstract: PROBLEM TO BE SOLVED: To easily retrieve a commodity in which a customer is interested by marking a commodity selected by the customer, storing the marked commodity and directly displaying the marked commodity information on a screen at the next commodity information request. SOLUTION: The customer selects liking commodities and informs a center 100 of the selected commodities. At the time of determing the purchase of commodies, the center 100 presents the contents ordered by the customer to the customer in a list. The customer refers to the list and input a commodity which the customer desires to purchase and the number of the commodity or the like. An ordering part 10 in the center 100 stores the commodity information of the commodity of which purchase is determined in an order file 3, edits commodities not purchased and stores the edited commodities in a marked commodity file 4 for every customer. When the same customer accesses the system thereafter, the marked commodity information is displayed and a list of commodities marked by the customer is displayed.

Federal Marketing Orders and Federal Research and Promotion Programs: Background for 1995 Farm Legislation

Abstract: This report address considerations in the 1995 farm bill debate for milk, fruits, vegetables, and specialty crops, including market conditions, policy proposals, and the interactions between policy and markets for selected commodities. Federal marketing orders and Federal research and promotion programs are self help programs proposed by agricultural commodity industries and authorized by Federal legislation. Marketing orders have proven a durable fixture in U.S. agricultural policy, especially for milk, fruits, vegetables, and specialty crops. Since 1980, however, 12 of the 47 Federal marketing orders for fruits, vegetables, and specialty crops have been terminated; 2 were added. New Federal research and promotion programs have begun; of the 18 operating in 1994, 14 were established since 1982. With budget limitations expected to constrain agricultural programs in the 1995 farm bill debate, these self-help programs are perhaps under less pressure than some others because they involve only administrative costs, much of which are reimbursed to the Government from assessments on producers, handlers, and importers. Issues with marketing orders include user fees to recover administrative costs, streamlining the rulemaking process, strengthening compliance and enforcement efforts, and resolving concerns of equitable treatment of all handlers within regulated commodity industries. Issues for research and promotion programs deal with governance of the programs and evaluation of their effectiveness.

Commodity management system

Abstract: A reading unit reads two dimensional bar codes which indicate at least a majority of commodity information of the commodities required for managing the commodities. A file producing unit produces a commodity master file based on the thus-read commodity information. Each code of the codes is adhered to a respective commodity of the commodities. The majority of commodity information comprises information which is determined when the commodities are shipped.

Budgetary and Resource Allocation Effects of Revenue Assurance: Summary of Results, The

Abstract: One of the more intriguing alternatives under consideration for the 1995 Farm Bill is the "Iowa Plan." This idea originated with a group of Iowa's farm and commodity organizations. It is receiving increased attention from national farm organizations, academics, and politicians. The basic premise is very simple. Rather than the current mixture of target prices, disaster payments, set-aside provisions, and crop insurance, the government would underwrite a program that guarantees producers a certain percentage of recent revenues. The idea has much intuitive appeal because farmers(and their bankers) would by assured of a certain revenue figure regardless of what happens to prices or yield.

The Green Industry Today - Some Issues and Future Prospects

Abstract: Green industry sales are projected to total $40.4 billion in 1994. The industry ranked sixth in 1991 among farm commodity groups in total cash receipts, and over the past decade total receipts increased 10 percent per year. Net income per farm is the highest of all the commodity groups. Nevertheless, the sector has received scant federal support compared to other commodities. In spite of growth and significance, economic analysis and data availability and reliability have been limited. There is clear justification for increased efforts in data collection and economic analysis of this industry’s problems.

Characteristics of urban freight systems

Abstract: This report has been developed to support the transportation planning needs for urban goods movement and freight planning as promoted by the Intermodal Surface Transportation Efficiency Act of 1991. This report has been designed to be a compilation of current data that pertain to urban freight movements. Sections I-IX deal with urban truck movement and truck terminals while Sections X-XIII are concerned with the intermodal aspects of freight movements: rail, airports and air cargo facilities, ocean and inland waterway ports. The topics covered include: urban commodity movements, urban truck travel relationships, urban truck accidents and incidents, rail-truck intermodal transportation and terminals and air cargo.

Structural breaks and long-run trends in commodity prices

Abstract: The oil shocks of the 1970s, which quadrupled the price of petroleum, marked the end of an abnormal period of price stability and renewed interest in predicting the evolution of commodity prices. But most subsequent studies have focused on the short-run effects of price fluctuations, mainly because they greatly affect the foreign trade of developing countries. Sophisticated compensation mechanisms, such as commodity funds, have been introduced to counterbalance the transitory effects of price shocks. But the long-term evolution of prices also affects policy design and development strategies and may have a more important role in fostering long-run growth. The evidence presented by Prebisch (1950) and Singer (1950) of a secular negative trend in the price of commodities in 1870-1945 implies an increasingly weak position for developing countries relative to industrial economies. This hypothesis by Prebisch and Singer has been strongly debated, both theoretically and empirically, during the past four decades. Using recent advances in econometric theory, the authors analyze the long-run dynamics of the price of the 24 most-traded commodities in 1900-92. The method they use tests for nonstationarity (unit roots) in the series with a technique that allows structural breaks to be endogenously determined. The results show that 15 of the 24 commodity prices present negative trends, six are trendless, and three exhibit positive trends. Thus, the Prebisch-Singer hypothesis though not universal, holds for most commodities. This evidence rejects, to some extent, previous evidence by Cuddington (1992) and others. The authors extend the econometric analysis to determine the persistence of shocks to commodity prices. Knowledge of the persistence of shocks is important when designing counterbalancing policies such as commodity funds. The authors use a nonparametric estimator of persistence (the multiple variance ratio) and find that 19 of the 24 commodity prices present persistence levels substantially lower than previous estimates. This evidence suggests that there may be substantial room for stabilization and price support mechanisms for most commodities.

Analysis system for good seller commodity

Abstract: PURPOSE:To provide an analysis system for good seller commodities to grasp why some specific commodities sell well. CONSTITUTION:This analysis system comprises a mail order data base DB including the image information that shows the external appearance of commodities, a planning information DB which stores the information on the using purposes of commodities (planning purposes, purchasing purposes, purchasing reasons), a selling result DB which stores the POS data showing the sales of commodities, the good seller commodity extracting means (ST10-ST20) which extracts the good seller commodities out of the POS data, a good seller commodity information extracting means (ST22) which takes the information (incl. images) on the good seller commodities out of the mail order DB and also takes the information on the using purposes of commodities out of the planning information DB, and a display means (ST26) which shows the sample images of the good seller commodities out of the commodity information and also shows the information on the using purposes of commodities.

Agricultural research in an era of adjustment : policies, institutions, and progress

Abstract: In most developing countries, agriculture is a major source of incomes, employment, and export earnings. National governments, often supported by donors, have made considerable efforts to develop this sector. The economic environment for agricultural development has changed considerably in the past two decades. Economy-wide policy reforms, known more commonly as structural adjustment programs, have been launched by many developing economies struggling to overcome the economic instability arising from commodity price shocks, domestic economic mismanagement, and diminishing access to international capital flows. Such programs have had profound effects on the operation and performance of public sector institutions, including agricultural research systems. Most adjustment programs alter production incentives, investment levels, public sector outlays, management of public sector institutions, and private demand for new technologies. Implemented together with agricultural adjustment programs to improve the sectoral policy framework and with investment projects to strengthen rural infrastructure and institutions, structural adjustment programs have emerged as a principal tool in resetting the course of agriculture. Research institutions themselves must adjust to the changing policy environment. But this may take time, and such adjustments are not without cost. The results show that, in the case of agricultural research, structural adjustment and institutional development are by no means mutually exclusive objectives. By capitalizing on the lessons of past experience, developing countries should be able to ensure that future structural adjustment will strengthen rather than constrain the national agricultural research effort. To bring about such developments, policymakers will need to be more sensitive to the possible effects of adjustment on technological capacity. Conversely, research leaders will need to take a more active role in contributing to decisionmaking on economic policy reform. It is hoped that this book will contribute to the necessary dialogue on this topic.

The Equity Impact of the Value-Added Tax in Bangladesh

Abstract: This paper investigates the income distributional implications of different value-added tax (VAT) schemes in Bangladesh. The results indicate that a revenue-neutral uniform VAT is regressive (relative to the pre-reform situation) in its impact on the income of different households. This paper explores the income distributional impact of an alternative policy package, consisting of a basic rate of VAT with exemptions and excise taxes for certain commodity groups, chosen on the basis of their distributional characteristics. The welfare consequences of the alternative package are found to be superior to those of the uniform VAT.

Problems of measuring price distortion and price transmission: a framework for analysis

Abstract: In the contemporary condition where IMF and IBRD lending policies to less‐developed countries (LDCs) involve imposing conditions for agricultural price and trade policy reform, and where the reform requirements are based on measures of price distortion and protection, this paper examines aspects of the robustness of these measures. It presents a framework for deriving measures of price distortion and price transmission. Using this, it considers the links between both types of measure, and something of the types of results which can be expected. It also considers general aspects of the relationship between domestic LDC and international commodity prices, and argues that many studies use, or assume, measures of price distortion and transmission which are flawed.

Internationalization in Small, Commodity Based Economies: The New Zealand Example

Abstract: Many studies have dealt with internationalization of business firms in the past years, few, however, have explored the pattern and process of internationalization in small, commodity based economies. In this study, the situation in New Zealand is considered, in part because it is a small, export and commodity based economy, unlike most countries previously studied. Five different clusters of New Zealand companies were found as related to the stages of internationalization. These include “Worried Beginners”, “Half‐hearted Domestics”, “Maturing Adapters”, “Conservative Exporters”, and “Experienced Succeeders”. Variables which appear to reflect stages of internationalization are also explored and presented in this study.

The 1993 revised system of national accounts: where do we go from here?

Abstract: The 1993 System of National Accounts is a remarkable document, but the System also has some major imbalances and omissions. The present paper spells out four aspects of the SNA that require further development: (1) accounting for the costs of economic change; (2) delineation of information as an economic commodity; (3) overhaul of the methodology underlying input-output accounts; and, (4) consequences of the System's implicit use of compacted accounting. These developments can be incorporated in a Supplementary Document in the near future. We need not wait 25 years.