LES HAUTS ET LES BAS : COMMENT LA VOLATILITÉ DES PRIX DES PRODUITS DE BASE EMPÊCHE LA RÉDUCTION DE LA PAUVRETÉ, ET CE QUE L’ON PEUT FAIRE

The document argues that commodity price volatility, which can vary by up to 50% in a single year, hinders long-term financial planning and environmental management, thereby trapping producers in a cycle of poverty and dependency. It emphasizes that the core issue is income volatility rather than price volatility itself. The report evaluates five strategic options: supply management (controlling output to influence price), national revenue management (using stabilization funds like National Revenue Funds), market-based risk management (using futures and options), compensatory financing (emergency grants or loans), and alternative trade initiatives (certification and fair trade). It concludes that no single 'silver bullet' exists and recommends a complementary approach involving the private sector and flexible, simple policies to achieve sustainable income stability.

• Approximately two billion people, nearly one-third of the global population, depend on the production of primary commodities such as rice, cotton, and copper for their livelihoods.
• Commodity prices are highly volatile in the short term, with some experiencing fluctuations of up to 50% within a single year.
• Over the long term, the price of primary products has declined relative to manufactured goods, increasing the cost for producers to invest in technology and finished products.
• The primary problem is not price volatility itself, but the resulting volatility of national and individual incomes, which obstructs long-term planning and leads to environmental degradation.
• National Revenue Funds (NRFs) can stabilize government spending by channeling excess profits during booms into a fund to be used during price drops, as seen in Norway, Chile, and Botswana.
• Market-based risk management tools, such as futures and options, provide income predictability over short periods (6 months to 2 years) by transferring risk to investors, though access remains a barrier for small producers.
• Alternative trade initiatives, including fair trade and organic certifications, can mitigate income variations through minimum prices and premiums, though they currently represent a very small fraction of total commodity sales.
• Compensatory financing mechanisms, such as the IMF's CFF or the EU's STABEX, have often been ineffective due to rigid eligibility criteria and procyclical disbursements, where funds arrive after prices have already recovered.
• Supply management can restore balance in buyer-dominated chains, but its success depends on a well-defined market, a credible administrator, and agreement among all parties on objectives.
• The report concludes that there is no 'silver bullet' policy; instead, a combination of complementary policies, private sector engagement, and flexible programs is required to stabilize incomes.

APA

Brown, O., Crawford, A., & Gibson, J. (2008). LES HAUTS ET LES BAS : COMMENT LA VOLATILITÉ DES PRIX DES PRODUITS DE BASE EMPÊCHE LA RÉDUCTION DE LA PAUVRETÉ, ET CE QUE L’ON PEUT FAIRE. International Institute for Sustainable Development. https://www.iisd.org/system/files/publications/boom_or_bust_commodity_fr.pdf

Chicago

Brown, Oli, Alec Crawford, and Jason Gibson. LES HAUTS ET LES BAS : COMMENT LA VOLATILITÉ DES PRIX DES PRODUITS DE BASE EMPÊCHE LA RÉDUCTION DE LA PAUVRETÉ, ET CE QUE L’ON PEUT FAIRE. International Institute for Sustainable Development, 2008. https://www.iisd.org/system/files/publications/boom_or_bust_commodity_fr.pdf.

Wikipedia

{{cite report |last1=Brown |first1=Oli |last2=Crawford |first2=Alec |last3=Gibson |first3=Jason |title=LES HAUTS ET LES BAS : COMMENT LA VOLATILITÉ DES PRIX DES PRODUITS DE BASE EMPÊCHE LA RÉDUCTION DE LA PAUVRETÉ, ET CE QUE L’ON PEUT FAIRE |publisher=International Institute for Sustainable Development |date=January 2008 |url=https://www.iisd.org/system/files/publications/boom_or_bust_commodity_fr.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{brown2008les, author = {Brown, Oli and Crawford, Alec and Gibson, Jason}, title = {{LES HAUTS ET LES BAS : COMMENT LA VOLATILITÉ DES PRIX DES PRODUITS DE BASE EMPÊCHE LA RÉDUCTION DE LA PAUVRETÉ, ET CE QUE L’ON PEUT FAIRE}}, institution = {International Institute for Sustainable Development}, year = {2008}, month = jan, url = {https://www.iisd.org/system/files/publications/boom_or_bust_commodity_fr.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }