English, Article, Journal or magazine article edition: Is commodity-dependence pessimism justified? Critical factors and government policies that characterize dynamic commodity sectors Nanae Yabuki; Takamasa Akiyama

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Is commodity-dependence pessimism justified? Critical factors and government policies that characterize dynamic commodity sectors
Author
  • Nanae Yabuki
  • Takamasa Akiyama
Physical Description
  • preprint
Notes
  • Economists often associate a country's dependence on primary commodities, for exports, income, and employment with underdevelopment and low income. The authors explore this commodity pessimism theoretically and empirically and suggest that it may be ill-founded. If it is, it could have adverse ramifications for many commodity-dependent developing countries. They examine successful commodity-exporting countries and show that commodity dependence does not necessarily lead to low income and export growth. Successful commodity-exporting countries achieve dynamic and viable commodity sectors by implementing appropriate policies that encourage private sector initiative and investment. Drawing on successful cases - including Uganda's coffee sector, Ghana's gold mines, Colombia's cut-flower industry - the authors identify government policies that encourage viable commodity sectors. These include: 1) eliminating price controls and state monopolies; 2) promoting research and extension; 3) developing sound infrastructure in transport and communications; 4) enticing foreign capital and technology transfers; and 5) establishing a legal system that encourages the use of innovative financial instruments, especially risk management instruments and a sound warehouse receipt system.
  • Environmental Economics&​Policies,Economic Theory&​Research,Labor Policies,Commodities,International Terrorism&​Counterterrorism,Economic Theory&​Research,Environmental Economics&​Policies,Crops&​Crop Management Systems,Commodities,International Terrorism&​Counterterrorism
  • RePEc:wbk:wbrwps:1600
Language
  • English
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