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Commodity exchanges and warehouse receipts in Malawi: Current status and their implications for the development of structured markets
This study examines the landscape in which Malawi’s two agricultural commodity exchanges (Comex) and warehouse receipts systems (WRS) operate and makes recommendations on how to improve their performance and benefits to key stakeholders. A mixed methods approach was adopted, involving semi-structured interviews with key market participants, compilation and analysis of secondary data from Malawi and other African Comex, and a review of existing literature. A review of international experience indicates that historically Comex often develop hand-in-hand with warehouse receipt systems (WRS), which help stimulate demand from off takers for standardized contracts while providing financing that ...
Feasibility of nationwide warehouse receipt system: An assessment of the potential for a nationwide warehouse receipt system and recommendation for the requisite legal and regulatory framework
Warehouse receipts systems (WRS) have been used to tackle multiple challenges faced by farmers. In the absence of adequate collateral and consequent credit constraints, a WRS enables the use of inventory as collateral for loans, thus removing a key constraint farmers face. With growing digital reach, electronic based Negotiable Warehouse Receipts (e-NWR) that can be swapped, exchanged and traded and can assist in deepening financial markets while maintaining the integrity of the system. While e-NWRS can potentially address farmer level constraints, they can also be viewed from a larger policy perspective as a system that aids government plans for food security and manage public procurement o...
Institutions and Agrarian Development
This book argues that development strategies have thus far failed in Western Africa because the many challenges afflicting the area have yet to be explored and understood from the perspective of institutional resources. With a particular focus on three countries on the bend of the Upper West African coast – Guinea, Liberia and Sierra Leone – this book offers a theory to account for the nature of these institutional elements, to test deductions against evidence, and finally to propose a reset for rural development policy to make fuller use of local institutional resources. Based on quantitative analysis and eight years of multidisciplinary field research, this volume features several large-scale RCTs in the domain of rural development, local governance, and nature conservation. The authors address one of the biggest topics in agricultural and development economics today: the structural transformation of poor, agrarian economies, and they do so through the important and unique lens of institutions.
Market information and access to structured markets by small farmers and traders: Evidence from an action research experiment in central Malawi
Small farmers and traders often lack the market information they need to earn the most from their crop sales. This paper analyzes the effects of an action research experiment in central Malawi, in which four groups of smallholder farmers were provided with maize and soybean price information from a local commodity exchange during the 2019 marketing season, while four other groups of smallholder farmers did not receive this information. Using data from a panel survey of 399 farmers and 78 traders conducted before and after the main marketing season and using kernel propensity score matching approach to account for possible differences between the treated and non-treated farmers, we estimate t...
Structure, conduct and performance of maize markets in Malawi
Seasonal analysis of the structure, conduct, and performance (SCP) of markets for staple crops has received relatively little attention in food policy analysis yet it has important implications for food and nutrition security. This study employs a mixed methods approach to analyze the SCP of maize markets in Malawi in the 2018/19 main harvest and lean seasons. We interviewed 749 traders from 74 markets across 8 districts, held 28 focus group discussions (FGD) with a total of 480 farmers and analyzed daily and weekly price data from 13 regional markets. The structure of maize markets was explored by examining marketing channels, barriers to entry and the competitiveness of different tiers of ...
Value Chains in Sub-Saharan Africa
Development largely depends on how given places participate in global economic processes.The contributions to this book address various features of the integration of sub-Saharan Africa into the world economy via value chains, so as to explain corresponding challenges and opportunities. The book deals with five issues that have not been covered adequately in scientific debates: first, policies are essential to promote value chains and increase their impact on development; second, value chains are diverse, and the variance between them has major economic and political implications; third, regional value chains appear to constitute a viable alternative to global ones (or, at least, are complementary to them), promising better developmental outcomes for the Global South; fourth, political and socio-economic factors are important considerations for a complete assessment of value chains; fifth, cities and city regions are also crucial objects of study in seeking to achieve a comprehensive assessment of value chains.
The Economic Function of Futures Markets
This book offers an explanation of why commodity processors and dealers use futures markets. It argues that they use futures contracts as part of an implicit method of borrowing and lending commodities, contrary to the accepted view of dealers averse to the fluctuating value of their inventories wanting insurance against price risk. Employing models developed to explain the demand for money, this book demonstrates that risk-neutral dealers have sufficient reason to use futures markets. Moreover, the book exposes major internal inconsistencies in the accepted explanation. Rather than insurance markets, the appropriate analogy is the money market, which is the point the book establishes through discussing actual loan markets in commodities. This insight into the function of futures markets is then used to explain how futures prices for different delivery dates express a term structure of commodity-specific interest rates and why futures markets flourish for some types of commodities and not for others.
