Working paper

Agricultural trade distortions during the Global Financial Crisis

30 Apr 2012
Description

This paper provides new evidence of the extent of change in domestic relative to international prices in both food-exporting and food-importing countries.

The recent upward spike in the international price of food led some countries to raise export barriers. As in previous price spike periods, that response by some food-exporting countries was accompanied by a lowering of import restrictions by numerous food-importing countries. Both actions exacerbate the international price spike. This paper provides new evidence of the extent of change in domestic relative to international prices in both groups of countries, and compares it with responses during previous food price spike periods. Stronger WTO disciplines on export restrictions are needed to limit government responses that exacerbate such price shocks.

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Published year only: 
2012
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