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© 1992 International Bank for Reconstruction and Development / The World Bank

research-article

On the Transmission of World Agricultural Prices

Yair Mundlak and Donald F. Larson

Yair Mundlak is with the University of Chicago and the International Food Policy Research Institute. Donald F. Larson is with the International Economics Department at the World Bank. The authors are grateful to Ronald C. Duncan, D. Gale Johnson for comments and suggestions on an earlier draft.

Two questions are asked about the relationship between domestic prices and world prices of agricultural commodities: are variations in world prices transmitted to domestic prices, and do these variations in world prices constitute an important component of variations in domestic prices? Domestic prices are regressed on world prices in various forms, taking into account the possible effects of exchange rates and inflation. The empirical analysis is based on data from the Food and Agriculture Organization of the United Nations for 58 countries for 1968–78 and for the countries of the European Community for 1961–85. The results show that most of the variations in world prices are transmitted and that they constitute the dominant component in the variations of domestic prices.


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