Staritz Cornelia, Tröster Bernhard, Grumiller Jan, Maile Felix
Department of Development Studies, University of Vienna, Sensengasse 3/2/2, 1090 Vienna, Austria.
Austrian Foundation for Development Research (ÖFSE), Sensengasse 3, 1090 Vienna, Austria.
Eur J Dev Res. 2022 Jun 23:1-29. doi: 10.1057/s41287-022-00543-z.
This paper calls for integrating price-setting power and related uneven exposure to price risks into the analysis of governance in global value chains (GVCs) as it adds to other power dimensions in producing unequal distributional outcomes. This is shown for the cocoa GVC, in which-unlike in today's mostly liberalised market structures-the world's top cocoa-producing countries, Côte d'Ivoire and Ghana, pursue price stabilisation measures. These measures address intra-seasonal producer price volatility, and recent collaboration has achieved a living-income differential on top of export prices, but such measures do not shield export and producer prices from inter-seasonal variations in world prices determined on commodity derivatives markets. Based on interviews with actors along the cocoa GVC, we argue that this is related to the price-setting power of 'grinder-traders' and the key role of financial hedging and trading on commodity derivatives markets in their business strategies. Financialisation processes have increased derivatives trading's complexity and short-termism, accelerating consolidation among grinder-traders and making price stabilisation more challenging. Through their price stabilisation systems, Côte d'Ivoire and Ghana have maintained some price-setting power in the cocoa GVC, but largely remain 'global price-takers', with prices determined on derivatives markets and transmitted along the cocoa GVC through grinder-traders.
The online version contains supplementary material available at 10.1057/s41287-022-00543-z.
本文呼吁将定价权以及相关的价格风险不均衡暴露纳入全球价值链（GVC）治理分析，因为这会加剧其他权力维度导致不平等分配结果的产生。可可全球价值链的情况就说明了这一点，与当今大多自由化的市场结构不同，世界最大的可可生产国科特迪瓦和加纳采取了价格稳定措施。这些措施解决了季节内生产者价格波动问题，近期的合作在出口价格之上实现了生活收入差异，但这些措施无法使出口价格和生产者价格免受商品衍生品市场决定的世界价格季节性变化的影响。基于对可可全球价值链各行为主体的访谈，我们认为这与“研磨商 - 贸易商”的定价权以及金融套期保值和商品衍生品市场交易在其商业战略中的关键作用有关。金融化进程增加了衍生品交易的复杂性和短期性，加速了研磨商 - 贸易商之间的整合，使价格稳定更具挑战性。通过其价格稳定系统，科特迪瓦和加纳在可可全球价值链中保持了一定的定价权，但很大程度上仍是“全球价格接受者”，价格由衍生品市场决定，并通过研磨商 - 贸易商沿可可全球价值链传导。
在线版本包含可在10.1057/s41287 - 022 - 00543 - z获取的补充材料。
