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International Monetary Fund

world price equivalent to be paid to farmers would be much lower, and probably no more than half of what is actually paid to them. 67 The difference is equivalent to a producer price subsidy. 116. The government bears the cost of the subsidy through the government-owned Agricultural Bank . There is no pass-through of the cost to the CMO. The CMO purchases cotton in cash directly from producers at the administered price, but receives compensation from the government through the Agricultural Bank. At the beginning of the season, the Agricultural Bank lends the CMO

George B. Baldwin

agriculture) is the methodology’s dependence on sectors where “sales to individuals or firms … offer at least a good starting point for the estimation of benefits” (p. 31). Page references in this article are to Volume II of the Manual unless otherwise stated. 2 The key value of labor is brought into this system of world prices at its proper relative value by first giving it a hypothetical or shadow price in terms of its domestic scarcity and then translating this into its world-price equivalent. 3 This is the test they recommend for any agency or government


its prices in Sudan are determined by market forces, farmers are not subsidized on this account. Rather, they are subsidized indirectly through the omission of any land and water charges from their cost structure—a significant amount relative to sorghum’s low output value per feddan, salvaging its profitability and accounting for the strong support its cultivation has among the tenants. 14 Sugar production in 1972/73 at a world price equivalent to US$0.08 a pound, which prevailed at that time, appears to have been quite competitive when evaluated in terms of the

International Monetary Fund
Syria faces two interrelated medium-term challenges posed by the prospective decline in its oil reserves. The recently approved five-year plan (FYP) laid down a comprehensive strategy to address these challenges. Syria’s public finances are headed for challenging times in the coming 10–15 years. Large fiscal deficits have marked the economic history of many developed and developing countries alike during the 1970s and 1980s, with damaging consequences to their economies. Although financial markets can help keep the deficit bias in check, market discipline has proved mostly inadequate.
International Monetary Fund. External Relations Dept.
This paper discusses the role of the IMF in financial stability and planning in world trade. The paper highlights that the IMF was set up to assist in the maintenance of an international monetary system that is conducive to the expansion of international trade. To this end, the IMF was provided with both a regulatory and financial role. In the execution of these functions, the IMF has gradually evolved as a center for international financial cooperation and a source of advice and technical assistance to its members.
International Monetary Fund. Research Dept.
This paper reports the results of some preliminary research into the repercussions, for income distribution, of stabilization programs associated with the use of IMF resources in the upper credit tranches. In the first section, it explores the relationship between the balance of payments and the distribution of income from a theoretical perspective. The general concern is whether adjustment influences the distribution of income in some systematic manner; the concern is to delineate the conditions under which a decline in the real wage is necessary for adjustment actually to take place. Using neoclassical analysis, one finds that the ratio of the nominal wage to the price of exports must decline, but whether this involves a fall in the overall real wage depends on many variables, including the relative proportions of traded and nontraded goods in the consumer's market basket. Second, it presents a qualitative analysis of the distributional effects of the measures that tend to be included in these programs, viz., ceilings on net credit expansion, currency depreciation, and the relaxation and simplification of exchange restrictions and controls.