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Managing Risk in Agriculture

Policy Assessment and Design

image of Managing Risk in Agriculture

This book examines the implications of risk management for policy in agriculture.  Opening with a chapter on risk management principles and guidelines for policy design in agriculture, the book goes on to look at quantitative analysis of risk and then at policy in various countries.

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Foreword

The agricultural policy reform process in many OECD countries seeks to implement less distorting forms of support while improving farm incomes. These reforms have increased the exposure of farmers to price risks, particularly where price support has been reduced. At the same time, food security and adapting to climate change are increasingly important priorities for policy makers around the world. These and other factors indicate the growing awareness of the need for agricultural risk management. Several countries are thus implementing programmes to manage risk. These programmes include financial contributions to risk market instruments (e.g. insurance and future contracts), payments that partly cover the producers’ risks (e.g. revenue insurance programme, counter-cyclical payments, ad hoc assistance), and, in some cases, market interventions. The United States’ 2008 Farm Bill included a new average Crop Revenue Election (ACRE) programme; Canada’s Growing Forward policy framework has four components on business risk management; Australia is currently revising its drought policy; Mexico has expanded its programmes on price hedging in recent years, the European Union’s Health Check opened the possibility of using EU funds to support some risk management policies (crop insurance and mutual funds), and a new EU risk management toolkit is under discussion. India and, more recently, China are implementing crop insurance programmes with government support. Interactions between risks, strategies and government programmes need rigorous analysis, to which this publication hopes to contribute.

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