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The World Bank Research Observer 2004 19(2):199-230; doi:10.1093/wbro/lkh022
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Right arrow Q18 - Agricultural Policy; Food Policy
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The World Bank Research Observer, vol. 19, no. 2,
© The International Bank for Reconstruction and Development / THE WORLD BANK 2004; all rights reserved.

Policies on Managing Risk in Agricultural Markets

Donald F. Larson, Jock R. Anderson and Panos Varangis

Abstract

Over the past dozen years, policymakers have largely abandoned long-standing popular approaches for addressing risk in agriculture without fully resolving the question of how best to manage the negative consequences of volatile agricultural markets. The article reviews the transition from past policies and describes current approaches that distinguish between the trade-related fiscal consequences of commodity market volatility and the consequences of price and production risks for vulnerable rural households and communities. Current policies rely more heavily on markets, even though markets for risk are incomplete in numerous ways. The benefits and limitations of market-based instruments are examined in the context of risk management strategies, and innovative approaches to extend the reach of risk markets are discussed.


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