Price vs. revenue stabilization through a buffer stock: Which is more financially feasible for LDCs?
Abstract Optimal control theory is used to analyze the implications of the adoption of price and LDC export revenue stabilization objectives by an international buffer stock for cocoa. The results obtained for the period 1956–76 suggest that the stabilization of either price or revenue at systematic trend would reduce the instability of both variables from that during the sample period. Although the stabilization of revenues at systematic trend decreases their average level, the stabilization of price has the opposite effect. Because of this, it may be financially feasible for the LDCs to provide the necessary resources for a price-stabilizing buffer stock.
INSTABILITY IN WORLD GRAIN MARKETS
The paper discusses the nature of international price variability for wheat and coarse grains. In particular, it explores the relationship between variability in national grain markets and international trade. Empirical evidence is presented on the degree to which short-run fluctuations in domestic grain production are transmitted to the world market by major countries or country aggregates, and on their absorption of international market variability. The impact of possible structural or policy changes upon future international price variability is explored. It is argued that multilateral action to promote greater international stability should focus on the modification of domestic storage policies to reduce the transmission of short-run domestic fluctuations in supply or demand to world markets.
Cuisine and Empire: Cooking in World History
List of Illustrations List of Tables Acknowledgments Introduction 1. Mastering Grain Cookery, 20,000--300 B.C.E. 2. The Barley-Wheat Cuisines of the Ancient Empires, 500 B.C.E.--400 C.E. 3. Buddhist Cuisines, 260 B.C.E.--4800 C.E. 4. Islam Transforms the Cuisines of Central and West Asia, 800--1650 C.E. 5. Christianity Transforms the Cuisines of Europe and the Americas, 100--1650 C.E. 6. Prelude to Modern Cuisines: Northern Europe, 1650--1840 7. Modern Cuisines: The Expansion of Middling Cuisines, 1810--1920 8. Modern Cuisines: The Globalization of Middling Cuisines, 1920--2000 Notes Bibliography Index