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Navigating the perfect storm: reflections on the food, energy, and financial crises

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  • Derek Headey
  • Sangeetha Malaiyandi
  • Shenggen Fan

Abstract

The closely interlinked food, energy, and financial crises pose a significant new challenge to the global effort to reduce poverty. In 2008, food prices rose sharply in many countries, and global poverty and hunger levels increased quite markedly. The good news is that the agricultural supply response in many countries was also strong. The impacts of the financial crisis on poor countries have yet to fully roll out, but it is clear that more people have fallen into poverty and more are suffering from hunger. Lastly, there are strong indications that the global food system is fundamentally changing in a number of dimensions. Biofuels are here to stay, and energy and food prices appear to have adjusted to a higher equilibrium and will in turn raise the prospects of renewed volatility in agricultural commodity markets. Trade protection has also resurfaced, but so have renewed investments in agriculture. These fundamental shifts bring with them opportunities and risks that require internationally coordinated responses with strong national buy-in, as well as timely and relevant research. Copyright (c) 2010 International Association of Agricultural Economists.

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Bibliographic Info

Article provided by International Association of Agricultural Economists in its journal Agricultural Economics.

Volume (Year): 41 (2010)
Issue (Month): s1 (November)
Pages: 217-228

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Handle: RePEc:bla:agecon:v:41:y:2010:i:s1:p:217-228

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Cited by:
  1. Naude, Wim, 2009. "The Global Economic Crisis after One Year: Is a New Paradigm for Recovery in Developing Countries Emerging?," Working Paper Series UNU-WIDER UNU Policy Brie, World Institute for Development Economic Research (UNU-WIDER).
  2. Keil, Alwin & Saint-Macary, Camille & Zeller, Manfred, 2011. "Agricultural Commercialization in the Uplands of Northern Vietnam: How to Achieve Both Poverty Reduction and Environmental Sustainability Goals?," 51st Annual Conference, Halle, Germany, September 28-30, 2011 114487, German Association of Agricultural Economists (GEWISOLA).
  3. Peri, Massimo & Baldi, Lucia, 2013. "The effect of biofuel policies on feedstock market: Empirical evidence for rapeseed oil prices in EU," Resource and Energy Economics, Elsevier, vol. 35(1), pages 18-37.
  4. Keil, Alwin & Saint-Macary, Camille & Zeller, Manfred, 2013. "Intensive Commercial Agriculture in Fragile Uplands of Vietnam: How to Harness its Poverty Reduction Potential while Ensuring Environmental Sustainability?," Economics Papers from University Paris Dauphine 123456789/11399, Paris Dauphine University.

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