ifpridp00958 27 |
Save page Remove page | Previous | 27 of 36 | Next |
|
small (250x250 max)
medium (500x500 max)
Large
Extra Large
large ( > 500x500)
Full Resolution
All (PDF)
|
This page
All
|
Object Description
| Rating | |
| Title | Rethinking the global food crisis: The role of trade shocks |
| Author | Headey, Derek D. |
| ORCID | http://orcid.org/0000-0003-2476-5131 Headey, Derek |
| Year | 2010 |
| Abstract | From 2003 to their peak in mid 2008, the nominal prices of maize and wheat roughly doubled, while those of rice tripled in a matter of months rather than years. Although fundamental factors were clearly responsible for shifting the world to a higher equilibrium price during this time, there is little doubt that when food prices peaked in June 2008, they soared well above the new equilibrium price. Numerous arguments have been proposed to explain overshooting, including financial speculation, depreciation of the United States (U.S.) dollar, low interest rates, and reductions in grain stocks. However, observations that international rice prices surged in response to export restrictions by India and Vietnam suggested that trade-related factors could be an important basis for overshooting, especially given the very tangible link between export volumes and export prices. In this paper, we revisit the trade story by closely examining monthly data from the largest export markets for rice (Thailand), wheat, maize and soybeans (the United States). In each case, we find that large surges in export volumes preceded the price surges. The presence of these demand surges, together with back-of-the-envelope estimates of their price impacts, suggest that trade events played a much larger and more pervasive role than previously thought. This further implies that improving the international grain markets should be a central focus of the international policy agenda going forward. |
| Series Name | IFPRI Discussion Paper |
| Series Number | 958 |
| Publisher | International Food Policy Research Institute (IFPRI) |
| Place of publication | Washington, D.C. |
| Language | English |
| Record Type | Discussion paper |
| Peer Reviewed - PR or Non-PR | Non-PR |
| Subject - country location | WORLD |
| Subject - keywords |
world food crisis export volumes international grain trade export markets export restrictions panic purchases export prices equilibrium price |
| IFPRI Descriptors |
IFPRI1 GRP2 |
| IFPRI Division | DSGD |
| Access Rights | Open Access |
| Related Documents | Book http://ebrary.ifpri.org/cdm/ref/collection/p15738coll2/id/5724 English brief http://ebrary.ifpri.org/cdm/ref/collection/p15738coll2/id/124953 |
| Display Notes | Effective January 2007, the Discussion Paper series within each division and the Director General's Office of IFPRI were merged into one IFPRI-wide Discussion Paper series. The new series begins with number 00689, reflecting the prior publication of 688 discussion papers within the dispersed series. The earlier series are available on IFPRI's website at http://www.ifpri.org/publications/results/taxonomy%3A468. IFPRI Discussion Papers contain preliminary material and research results. They have not been subject to formal external reviews managed by IFPRI's Publications Review Committee but have been reviewed by at least one internal and/or external reviewer. They are circulated in order to stimulate discussion and critical comment. |
| LOC call number | IFPRIDP00958 |
| Physical description | 28 pages |
| IFPRI Web link | http://www.ifpri.org/publication/rethinking-global-food-crisis |
| RePEc Downloads | https://ideas.repec.org/p/fpr/ifprid/958.html |
| Requests | mailto:ifpri-library@cgiar.org |
| CONTENTdm file name | 832.cpd |
| Date cataloged | 2017-11-29 |
| Date modified | 2017-11-29 |
| OCLC number | 778452754 |
| CONTENTdm number | 831 |
Description
| Title | ifpridp00958 27 |
| Access Rights | Open Access |
| CONTENTdm file name | 822.pdfpage |
| Date cataloged | 2017-08-03 |
| Date modified | 2017-08-03 |
| CONTENTdm number | 821 |
Tags
Comments
Post a Comment for ifpridp00958 27
