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Impacts of monetary and macroeconomic factors on food prices in West Africa

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  • Kargbo, J.M.
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    Abstract

    After almost two decades of implementing structural and macroeconomic adjustment programmes, some West African countries continue to experience declining trends in per capita domestic food production, rising food imports and volatile food prices. Real food prices increased up to 7 percent per year during the 1980-1998 period. A vector error correction model was used in investigating the impacts of monetary and macroeconomic factors on food prices during the 1960-1998 period. Food price shocks have significant impacts on domestic food production, and are a major source of macroeconomic instability in West Africa. Trade, exchange rate and monetary policy reforms have significant impacts on food prices and domestic agricultural production. These policies influence consumption patterns, and have serious implications for poverty reduction, food security issues and agricultural growth in Africa.

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    File URL: http://purl.umn.edu/31697
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    Bibliographic Info

    Article provided by Agricultural Economics Association of South Africa (AEASA) in its journal Agrekon.

    Volume (Year): 44 (2005)
    Issue (Month): 2 (June)
    Pages:

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    Handle: RePEc:ags:agreko:31697

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    Web page: http://www.aeasa.org.za/
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    Keywords: Demand and Price Analysis;

    References

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    1. Kargbo, Joseph M., 2003. "Cointegration Tests of Purchasing Power Parity in Africa," World Development, Elsevier, vol. 31(10), pages 1673-1685, October.
    2. Van Duyne, Carl, 1979. "The macroeconomic effects of commodity market disruptions in open economies," Journal of International Economics, Elsevier, vol. 9(4), pages 559-582, November.
    3. Joseph Kargbo, 2000. "Impacts of monetary and macroeconomic factors on food prices in eastern and southern Africa," Applied Economics, Taylor & Francis Journals, vol. 32(11), pages 1373-1389.
    4. Dale E. Hathaway, 1974. "Food Prices and Inflation," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 5(1), pages 63-116.
    5. Chambers, Robert G. & Just, Richard E., 1982. "An investigation of the effect of monetary factors on agriculture," Journal of Monetary Economics, Elsevier, vol. 9(2), pages 235-247.
    6. Davidson, Russell & MacKinnon, James G., 1993. "Estimation and Inference in Econometrics," OUP Catalogue, Oxford University Press, number 9780195060119, September.
    7. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January.
    8. Dorward, Andrew & Kydd, Jonathan & Morrison, Jamie & Urey, Ian, 2004. "A Policy Agenda for Pro-Poor Agricultural Growth," World Development, Elsevier, vol. 32(1), pages 73-89, January.
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    Cited by:
    1. Catherine Laroche-Dupraz & Marilyne Huchet-Bourdon & Anned-Linz SENADIN, 2012. "Impact du taux de change sur la sécurité alimentaire des pays en développement," Working Papers 169742, Institut National de la Recherche Agronomique, France.
    2. Marilyne Huchet Bourdon & Catherine Laroche Dupraz & Anned-Linz Sénadin, 2013. "Impact du taux de change sur la sécurité alimentaire des pays en développement," Working Papers SMART - LERECO 13-10, INRA UMR SMART.
    3. Asjaha, T.A. & Jooste, Andre, 2007. "The Effect of Monetary Changes on Relative Agricultural Prices," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 46(4), December.

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