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"INTERNATIONAL PRICES"
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Grain Price Spikes and Beggar-thy-Neighbor Policy Responses: A Global Economywide Analysis
When prices spike in international grain markets, national governments often reduce the extent to which that spike affects their domestic food markets. Those actions exacerbate the price spike and international welfare transfer associated with that terms of trade change. Several recent analyses have assessed the extent to which those policies contributed to the 2006–08 international price rises but only by focusing on one commodity or by using a back-of-the envelope (BOTE) method. The present more comprehensive analysis uses a global, economy-wide model that is able to take account of the interactions between markets for farm products that are closely related in production and/or consumption and able to estimate the impacts of those insulating policies on grain prices and on the grain trade and economic welfare of the world's various countries. Our results support the conclusion from earlier studies that there is a need for stronger WTO disciplines on export restrictions.
Journal Article
The Philippines and the International Monetary Fund negotiations on petroleum and imports : toward a theory of negotiation
\"Examines the Philippine-International Monetary Fund negotiations on petroleum and imports from 1984 to 1994. It develops a midrange theory with which to examine country-IMF negotiations\"-- Provided by publisher.
Book
WHAT IF PRICES CHANGE? ANALYSIS OF INTERNATIONAL TOURIST MARKET SEGMENTS' COMPOSITION IN THE FACE OF INFLATION FLUCTUATIONS
The Changes Price Index has considerable volatility that makes massive changes in the global market; subsequently, it could affect tourism demand and transform visitor profiles. The paper aims to answer the effect of it on international tourists and know the segment(s) beneficiated by this context. The research also considers that the CPI is inhomogeneous and involves different types to expand the analysis. The analysis will run a Latent Class model over the international tourist survey data conducted by the Spanish Statistic Office, first to obtain the clusters and later to analyze the elasticity of exogenous variables over the groups. The results show how low-expenditure profile is more sensitive to price changes; meanwhile, others with more added value are more inelastic. The main conclusion is that the business focused on the sun and sand segment and low expenses should adapt their supply by increasing the international tourist perceived value. El Índice de Precios al Consumo (IPC) tiene una volatilidad considerable que provoca cambios masivos en el mercado mundial; en consecuencia, podría afectar a la demanda turística y transformar los perfiles de los visitantes. El objetivo del trabajo es responder al efecto que tiene sobre los turistas internacionales y conocer el segmento o segmentos beneficiados por este contexto. La investigación también considera que el IPC es heterogéneo e involucra diferentes tipos para ampliar el análisis. El análisis correrá un modelo de Clases Latentes sobre los datos de la encuesta de turismo internacional realizada por la INE, primero para obtener los clusters y después para analizar la elasticidad de las variables exógenas sobre los grupos. Los resultados muestran cómo el perfil de bajo gasto es más sensible a los cambios de precios; mientras, otros de mayor valor añadido son más inelásticos. La principal conclusión es que los negocios centrados en el segmento de sol y playa y bajo gasto deberían adaptar su oferta incrementando el valor percibido por el turista internacional.
Journal Article
Agricultural trade distortions during the global financial crisis
Import barriers are often raised during turbulent times, as governments worry about immediate domestic concerns such as unemployment. The recent global financial crisis, however, was accompanied by an exogenous upward spike in the international price of food, which led some countries to raise export barriers, thereby exacerbating both the price spike and the international welfare transfer associated with that change in the terms of trade. As in previous price-spike periods, that response by some food-exporting countries was accompanied by a lowering of import restrictions by numerous food-importing countries, further exacerbating the international price spike. This paper provides new evidence up to 2010 on the extent of the change in domestic relative to international prices in both groups of countries, and compares it with responses during two previous food price-spike periods. It concludes that there is a need for stronger World Trade Organization disciplines on export as well as import restrictions, so as to limit the extent to which beggar-thy-neighbour government responses to international price spikes (up or down) exacerbate those shocks.
Journal Article
Monitoring the impact of regulatory measures on medicine pricing in Thailand: an observation over a 16-year span
Following a 2007 report by the Thai Food and Drug Administration highlighting disparities in drug pricing across different sectors, there has been a concerted effort to establish and enforce a cohesive medicine pricing policy in Thailand. This study aims to explore the government interventions on medicine pricing in Thailand.
Employing a mixed-methods approach, this research included a literature review and a cross-sectional survey of medicine prices using the World Health Organization/Health Action International (WHO/HAI) methodology. Data were collected from both public and private sectors across six provinces in Thailand during April-May 2023. Additionally, international price comparisons were conducted with countries including Australia, Canada, Denmark, Malaysia, and New Zealand.
The research identified a significant reduction in the median price ratios (MPRs) of medicines, closer alignment of prices with international benchmarks, and decreased variability in pricing between regions and sectors. These changes illustrated the positive effects of Thailand's pricing policies implemented over the past 16 years.
The strategic interventions implemented by the Thai government have markedly enhanced the regulation and affordability of medicine prices. However, to sustain these achievements and ensure the viability of the local pharmaceutical industry, ongoing efforts and policy adaptations are essential. This study emphasises the critical need for continuous evaluation of these policies to respond effectively to evolving healthcare and economic conditions.
Journal Article
International Price Comparisons of Anticancer Drugs: A Scheme for Improving Patient Accessibility
Background: The demand for implementing a new listing scheme to expedite patient access to novel oncology drugs has increased in South Korea. This study was conducted to compare the prices of anticancer drugs between eight countries and to explore the feasibility of a ‘pre-listing and post-evaluation’ scheme to expedite patient access to oncology drugs. Methods: This study included 34 anticancer drugs, which were reimbursed between 1 January 2007 and 31 December 2017. The unit price and sales volume of the study drugs were collected from eight countries and IQVIA data, respectively. The prices were adjusted to estimate the ex-factory prices using the discount/rebate rate suggested by the Health Insurance Review Agency (HIRA). The four price indices of Laspeyres, Paasche, Fisher, and the unweighted index were calculated using the price in each country, the average price, and lowest price among the study countries. Each currency was converted using the currency exchange rate and purchasing power parity (PPP). The budget impact of implementing the proposed pre-listing and post-evaluation scheme on payers was calculated. Results: Based on the currency exchange rate, anticancer drug prices were higher in other countries (index range: 1.05–2.78) compared to Korea. The prices in Korea were similar to countries with the lowest prices. When the PPP was applied, prices were higher in the US, Germany, Italy, and Japan than in Korea (range: 1.10–2.13); however, the prices were lower in the UK, France, and Switzerland than in Korea (range: 0.72–0.99). The financial burden of implementing the pre-listing and post-evaluation scheme was calculated at 0.83% of the total anticancer drug sales value in Korea from 2013–2017. Conclusions: The prices of anticancer drugs in Korea were similar to the lowest prices among the seven other study countries. A pre-listing and post-evaluation scheme should be considered to improve patient access to novel anticancer drugs by reducing the reimbursement review time and uncertainties.
Journal Article
Enhancing the prospects for growth and trade of the Kyrgyz Republic
The Kyrgyz Republic has made major strides in the past decade in its transition to a market-based economy. Its trade and investment policies are arguably the most liberal among the member countries of the Commonwealth of Independent States. Despite the generally progressive stance on structural policies and a sound record of macroeconomic management in recent years, economic growth has been modest, living standards are low, a large burden of external debt has accumulated, and integration into global production and trade remains limited. The growth agenda must address more carefully the constraints to greater supply-side response to ongoing reformsan agenda that can facilitate a broad-based growth of economic activity and exports. Risks to sustainability of current growth rates and continued poverty reduction will otherwise remain high as will the economys vulnerability to external shocks. This report is aimed at assisting authorities fashioning this agenda by focusing on three key challenges:Identifying strategic options to strengthen prospects for medium- and long-term growth and poverty reduction; Assessing ways of leveraging domestic trade policy reforms and existing regional and multilateral trade agreements for further regional and global integration; and Identifying key areas where greater efforts are necessary to facilitate improvements in enterprise capability and productivity.
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