Morrow, D.T.
(1980)
The economics of the international stockholding of wheat.
Other.
International Food Policy Research Institute, Washington.
Abstract
The report seeks to assess the rationale for an international agreement to increase wheat stockholding. To do so, it attempts to explain the behaviour of stockholding in the world wheat economy since 1960, to predict that behaviour for the near future, and to consider possible benefits from an international agreement to increase stockholding above the predicted level. The economic theory on stockholding as it would occur in an efficient world market without government intervention is examined and the way in which government policies can affect the level, location and welfare consequences of stockholding are discussed. The value of raising international stockholding above expected levels is assessed and it is argued that if an international agreement is to be considered, it should be designed to bring about only a modest increase in stockholding above predicted levels because the benefits are probably limited. It should supplement rather than substitute for stockholding that would take place anyway
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