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The performance of Bulgarian food markets during reform, Volume 1
 
Author:Larson, Donald F.; Sarris, Alexander; Country:World; Bulgaria;
Date Stored:2009/03/25Document Date:2009/03/01
Document Type:Policy Research Working PaperSubTopics:Transport Economics Policy & Planning; Markets and Market Access; Economic Theory & Research; Agribusiness; Access to Markets
Language:EnglishMajor Sector:Agriculture, fishing, and forestry
Rel. Proj ID:1W-Rural Growth Experiences -- -- P043136;Region:The World Region; Europe and Central Asia
Report Number:WPS4876Sub Sectors:General agriculture, fishing and forestry sector
Collection Title:Policy Research working paper ; no. WPS 4876TF No/Name:TF039484-WORLD - AREA-BASED INDEX INSURANCE; TF039041-WORLD - PRICE UNCERTAINTY, ECONOMIC GROWTH AND POVERTY; TF033077-GLOBAL - AGRICULTURAL SECTOR DEVELOPMENT
Volume No:1  

Summary: Food policy often depends on markets and markets depend on institutions. But how good do institutions have to be before reforms can be launched? Relying on well timed surveys of agricultural prices and a joint study by the Government of Bulgaria and the World Bank on agricultural market institutions, this paper presents evidence that performance in food markets improved following significant policy reforms in Bulgaria, although public institutions remained weak. This suggests that even though strong institutions are preferred to weak ones, it can be costly and impractical to delay policy reforms until work on strengthening institutions is finished. Still, measured performance varied by place and by commodity, suggesting that markets developed at different tempos and that the distribution of benefits from improved markets was uneven. This points to the need to address the costs of adjustment as policies change. The paper introduces a new approach to measure market performance based on composite-error techniques.

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