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- Publisher
- Wiley
- Copyright
- Copyright © 2019 Australian Agricultural and Resource Economics Society Inc.
- ISSN
- 1364-985X
- eISSN
- 1467-8489
- DOI
- 10.1111/1467-8489.12337
- Publisher site
- See Article on Publisher Site
Abstract
This paper provides a policy commentary on the collapse in 1991 of the Australian Reserve Price Scheme for wool. A key cause of the collapse in the Scheme was a change in the RPS's governance arrangements, which led to increased political pressures to raise prices to unsustainable levels. In addition, in this paper an estimation has been made of the direct, upfront costs of the operation of the scheme, drawing on the financial accounts of the various agencies operating the RPS and subsequent wool stockpile. This was undertaken to determine the scale of the policy failure.
Journal
The Australian Journal of Agricultural Resource Economics – Wiley
Published: Oct 1, 2019
Keywords: ; ;