INSTABILITY IN WORLD GRAIN MARKETS
研究了小麦和粗粮国际价格波动的本质，探讨了国内谷物市场波动如何通过主要国家传导至世界市场，并分析了政策变化对未来价格稳定性的影响。
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.