Black markets for currency, hoarding activity and policy reforms

World Cereals Markets under Alternative Common Agricultural Policy Reforms

Previous quantitative assessments of likely impacts of recent reforms of the Common Agricultural Policy (in particular the Agenda 2000) differ across empirical studies. Differences are mainly due to the ways the policy instruments are taken into account (explicit modeling or implicit modeling i.e. using ad-valorem equivalents). The aim of this paper is to assess empirically the impacts of recen...

Searching for Policy Reforms∗

We construct a model of policy reform in which two players continually search for Pareto improving policies. The players have imperfect control over the proposals that are considered. Inefficient gridlock takes place due to the difficulty in finding moderate policies. The reform process is path dependent, with early agreements determining long-run outcomes. The process may also be cyclical, as ...

DAIRY: ASSESSING world MARKETS AND POLICY REFORMs: IMPLICATIONS FOR DEVELOPING COUNTRIES

sources of economies in procurement, processing and logistics, and foreign direct investment. Policy reforms leading to free markets would pitch consumers against producers in most countries because of the large transfers implied by current policies and their removal. In importing countries with high barriers (Asia), consumers’ gains are larger than producers’ losses because the dairy sector is...

Wheat Policy Reform in Egypt: Adjustment of Local Markets and Options for Future Reforms

MultiFractality in Foreign Currency Markets

The standard hypothesis concerning the behavior of asset returns states that they follow a random walk in discrete time or a Brownian motion in continuous time. The Brownian motion process is characterized by a quantity, called the Hurst exponent, which is related to some fractal aspects of the process itself. For a standard Brownian motion (sBm) this exponent is equal to 0.5. Several empirical...