Despite recent reforms, world agricultural markets remain highly distorted by government policies. Traditional indicators of those price distortions can be poor guides to the policies? economic effects. Recent theoretical literature provides indicators of trade and welfare-reducing effects of...

For decades the worldÂ’s agricultural markets have been highly distorted by national government policies, but very differently for different commodities such that a ranking of weighted average nominal rates of assistance across countries can be misleading as an indicator of the trade or...