15
benefits to producers. However, it has only been able to mitigate and delay the impacts of
extreme fluctuations in international commodity prices. Even with its “long memory”, the
APBS, as currently structured, cannot reverse the impacts of long-run declines in real
international commodity prices.
References
Greene, W. Econometric Analysis. 3rd Edition. New Jersey: Prentice-Hall, Inc. 1997.
Hazell, P.B.R., et al. “The Relationship Between World Price Instability and the Prices
Farmers Receive in Developing Countries,” Journal OfAgricultural Economics
41(1990): 227-241.
Hinchy, M., and B.S. Fisher. “Benefits from Price Stabilization to Producers and
Processors: The Australian Buffer-Stock Scheme for Wool,” American Journal of
Agricultural Economics 70(1988): 604-615.
Islam, N., and S. Thomas. Foodgrain Price Stabilization in Developing Countries: Issues
and Experiences in Asia. Food Policy Review #3, International Food Policy
Research Institute, Washington, D.C. 1996.
Josling, T. Agricultural Trade Policies in the Andean Group: Issues and Options. World
Bank Technical Paper No. 364, World Bank, Washington, D.C., 1997.
Knudsen, O., and J. Nash. “Domestic Price Stabilization Schemes in Developing
Countries,” Economic Development and Cultural Change 30(1990): 539-558.
Larson, D.F. Policies for Coping with Price Uncertainty for Mexican Maize. Working
Paper No. 1120, World Bank, Washington, D.C. 1993.
Mendoza, J.R. The Central American Price Band Policy and Its Effects on Price
Variabilty and Welfare. Unpublished M.S. thesis, Department of Agricultural
Economics, Cornell University, Ithaca, New York, 1998.
Newbery, D.M.G., and J.E. Stiglitz. The Theory of Commodity Price Stabilization. New
York: Oxford University Press, 1981.
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