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The question we raise is whether Bhagwati's (1998a) arguments against free trade in capital are restricted to capital flows. Arguments are that capital market and capital market only is intrinsically instable and prone to crisis. We assume equivalence relationships between operators and prices behaviour on a given market. Then we comparre the dynamic properties of agricultural and capital markets on an original set of data. Focusing on 22 prices series and 9 behavioural indicators, we find that agricultural markets exhibit similar patterns and behaviours as those stigmatised on capital markets. Some consequences on WTO disciplines are derived in conclusion.

The question we raise is whether Bhagwati's (1998a) arguments against free trade in capital are restricted to capital flows. Arguments are that capital market and capital market only is intrinsically instable and prone to crisis. We assume equivalence relationships between operators and prices behaviour on a given market. Then we comparre the dynamic properties of agricultural and capital markets on an original set of data. Focusing on 22 prices series and 9 behavioural indicators, we find that agricultural markets exhibit similar patterns and behaviours as those stigmatised on capital markets. Some consequences on WTO disciplines are derived in conclusion.

In this paper, we try to evaluate the change in welfare gains due to trade liberalization when imperfect information is considered. The results of two versions of a CGE model, using GTAP database and representing goods as well as capital flows, are compared. In the first one, a standard world CGE approach is followed. In the second version we included risk aversion, imperfect information and production lag in the agricultural sector. After a brief description of the two versions, changes in welfare, represented by the income of two types of household (middle-low and middle-high) in three regions (Europe, United States, Rest of the World) after agricultural trade liberalisation are presented. Theoretical and political consequences of the results are discussed.

L'analyse de l'efficacité des marchés agricoles ne peut se faire qu'en se référant à une théorie permettant une représentation de ces marchés. Elle suppose la comparaison entre des situations réelles et des représentations stylisées que la théorie propose. Il existe plusieurs théories de référence. Certaines sont brièvement rappelées. Aucune ne suffit à embrasser la complexité des phénomènes économiques et sociaux à l'oeuvre dans le fonctionnement des marchés. Mais chacune offre un angle de vue particulier utile pour la connaissance et pour préparer des décisions publiques visant à l'amélioration de l'efficacité. En Afrique, la grande diversité des formes de marché amène aussi à utiliser ces théories en vue d'élaborer des typologies permettant de représenter les différents aspects de cette diversité et de faciliter la compréhension des économies de marché dans leur ensemble. Cinq cas de filières ont été analysés ce qui est très insuffisant pour tirer des conclusions. D'autres références d'études de filières et de marchés ont été utilisées en complément. L'analyse conforte l'idée que l'efficacité d'un marché ne peut d'abord se concevoir que dans les cadres institutionnels propres aux sociétés dans lequel il se situe. Mais tout système de marché peut changer de cadre institutionnel au cours du temps, en vue, notamment, de satisfaire à de nouveaux critères d'efficacité qui servent alors de critères de jugement. C'est actuellement le cas en Afrique où s'impose peu à peu un cadre de marché basé sur la référence de concurrence parfaite qui fait émerger des formes plus libérales de fonctionnement des marchés. Dans ce contexte, il reste que, pour comprendre les phénomènes en cours, le cadre d'analyse de la concurrence parfaite est insuffisant et qu'il est utile d'en utiliser plusieurs de manière éclectique afin de limiter les risques de définition d'application de politiques inappropriées.

In this paper, we try to evaluate the change in welfare gains and their distribution due to trade liberalization when imperfect information is considered. The results of two versions of a computable general equilibrium (CGE) model, using GTAP database and representing goods as well as capital flows, are compared. In the firt one, a standard world CGE approach is followed. In the second version we include risk aversion, imperfect information and production lag in the agricultural sector. After a brief description of the two versions, changes in welfare, represented by the income of two types of household (middle-low and middle-high) in three regions (Europe, United States, Rest of the World) after agricultural trade liberalization are presented. Theoritical and political consequences of the results are discussed.

When public goods are joint outputs of agricultural production, there is a trade-off between agricultural and non-agricultural provision of the public good. The principle of minimal price distortion in the reform of agricultural policies has led to a theoretical recommendation that public goods, if under-provided at agricultural free market level, should be promoted through non agricultural policies instead of agricultural policies. We show that the economies of scope between the agricultural production and the joint public good play a key role in determining the optimal way of providing this latter. If the policy designed is a non-agricultural policy, the production cost of the public good is higher than with an agricultural policy. If the policy designed is an agricultural policy, the production cost is lower but generates marginally increasing deadweight losses. Under the assumption of strictly positive economies of scope, we show that the optimal policy is a mix of agricultural and non-agricultural policy. We confirm this result in the two-country case, demonstrating the optimal level of agricultural support for public good provision is strictly positive and lower than in the case of one contry.

In this paper, we try to evaluate the change in welfare gains due to trade liberalization when imperfect information is considered. The results of two versions of a CGE model, using GTAP database and representing goods as well as capital flows, are compared. In the first one, a standard world CGE approach is followed. In the second version we included risk aversion, imperfect information and production lag in the agricultural sector. After a brief description of the two versions, changes in welfare, represented by the income of two types of household (middle-low and middle-high) in three regions (Europe, United States, Rest of the World) after agricultural trade liberalisation are presented. Theoretical and political consequences of the results are discussed.

L'analyse de l'efficacité des marchés agricoles ne peut se faire qu'en se référant à une théorie permettant une représentation de ces marchés. Elle suppose la comparaison entre des situations réelles et des représentations stylisées que la théorie propose. Il existe plusieurs théories de référence. Certaines sont brièvement rappelées. Aucune ne suffit à embrasser la complexité des phénomènes économiques et sociaux à l'oeuvre dans le fonctionnement des marchés. Mais chacune offre un angle de vue particulier utile pour la connaissance et pour préparer des décisions publiques visant à l'amélioration de l'efficacité. En Afrique, la grande diversité des formes de marché amène aussi à utiliser ces théories en vue d'élaborer des typologies permettant de représenter les différents aspects de cette diversité et de faciliter la compréhension des économies de marché dans leur ensemble. Cinq cas de filières ont été analysés ce qui est très insuffisant pour tirer des conclusions. D'autres références d'études de filières et de marchés ont été utilisées en complément. L'analyse conforte l'idée que l'efficacité d'un marché ne peut d'abord se concevoir que dans les cadres institutionnels propres aux sociétés dans lequel il se situe. Mais tout système de marché peut changer de cadre institutionnel au cours du temps, en vue, notamment, de satisfaire à de nouveaux critères d'efficacité qui servent alors de critères de jugement. C'est actuellement le cas en Afrique où s'impose peu à peu un cadre de marché basé sur la référence de concurrence parfaite qui fait émerger des formes plus libérales de fonctionnement des marchés. Dans ce contexte, il reste que, pour comprendre les phénomènes en cours, le cadre d'analyse de la concurrence parfaite est insuffisant et qu'il est utile d'en utiliser plusieurs de manière éclectique afin de limiter les risques de définition d'application de politiques inappropriées.

In this paper, we try to evaluate the change in welfare gains and their distribution due to trade liberalization when imperfect information is considered. The results of two versions of a computable general equilibrium (CGE) model, using GTAP database and representing goods as well as capital flows, are compared. In the firt one, a standard world CGE approach is followed. In the second version we include risk aversion, imperfect information and production lag in the agricultural sector. After a brief description of the two versions, changes in welfare, represented by the income of two types of household (middle-low and middle-high) in three regions (Europe, United States, Rest of the World) after agricultural trade liberalization are presented. Theoritical and political consequences of the results are discussed.

When public goods are joint outputs of agricultural production, there is a trade-off between agricultural and non-agricultural provision of the public good. The principle of minimal price distortion in the reform of agricultural policies has led to a theoretical recommendation that public goods, if under-provided at agricultural free market level, should be promoted through non agricultural policies instead of agricultural policies. We show that the economies of scope between the agricultural production and the joint public good play a key role in determining the optimal way of providing this latter. If the policy designed is a non-agricultural policy, the production cost of the public good is higher than with an agricultural policy. If the policy designed is an agricultural policy, the production cost is lower but generates marginally increasing deadweight losses. Under the assumption of strictly positive economies of scope, we show that the optimal policy is a mix of agricultural and non-agricultural policy. We confirm this result in the two-country case, demonstrating the optimal level of agricultural support for public good provision is strictly positive and lower than in the case of one contry.

Using the example of food supply in Vietnam, this paper describes how a centrally planned system gave way to a successful competitive market in terms of price and supply effectiveness. It also shows that this evolution brought new problems, such as poor performance of some commodity chains in ensuring satisfying food quality, food safety and price stability. It appears that traders do not feel equipped to cope with these problems and are demanding more public intervention. The paper argues that solving these problems might take more than just more state intervention. It builds on recent and on-going field studies on marketing problems in the Red River Delta undertaken a collaboration project between the Centre [de Coopération] International de Recherche en Agronomie pour le Développement (CIRAD), the Vietnam Agricultural Science Institute (VASI) and the Regional Co-ordination Centre for Research and Development of Coarse Grains, Pulses, Roots and Tuber Crops in the Humid Tropics of Asia and the Pacific (CGPRT Centre).

Using the example of food supply in Vietnam, this paper describes how a centrally planned system gave way to a successful competitive market in terms of price and supply effectiveness. It also shows that this evolution brought new problems, such as poor performance of some commodity chains in ensuring satisfying food quality, food safety and price stability. It appears that traders do not feel equipped to cope with these problems and are demanding more public intervention. The paper argues that solving these problems might take more than just more state intervention. It builds on recent and on-going field studies on marketing problems in the Red River Delta undertaken a collaboration project between the Centre [de Coopération] International de Recherche en Agronomie pour le Développement (CIRAD), the Vietnam Agricultural Science Institute (VASI) and the Regional Co-ordination Centre for Research and Development of Coarse Grains, Pulses, Roots and Tuber Crops in the Humid Tropics of Asia and the Pacific (CGPRT Centre).

A model of the world sugar industry shows that sugar prices are naturally chaotic. As a consequence, and contrary to the conventional creed, liberalisation, instead of damping fluctuations out, is likely to increase them. But since decision makers are risk averse, and restrain production when faced with uncertain prices, the average price level without is significantly lower than with liberalisation, thus jeopardising the benefits of a more efficient use of resources due to comparative advantage. The policy implication is that care should be taken not to create undesired situations for the right purpose of a better division of labour between nations.

A model of the world sugar industry shows that sugar prices are naturally chaotic. As a consequence, and contrary to the conventional creed, liberalisation, instead of damping fluctuations out, is likely to increase them. But since decision makers are risk averse, and restrain production when faced with uncertain prices, the average price level without is significantly lower than with liberalisation, thus jeopardising the benefits of a more efficient use of resources due to comparative advantage. The policy implication is that care should be taken not to create undesired situations for the right purpose of a better division of labour between nations.