For decades the worldÂ’s agricultural markets have been highly distorted by government policies, but 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 welfare effects of...

Despite recent reforms, world agricultural markets remain highly distorted by government policies. Traditional indicators of those price distortions such as producer and consumer support estimates (PSEs and CSEs) can be poor guides to the policiesÂ’ economic effects. Recent theoretical...