Three bubbles and a panic: An explanatory review of recent food commodity price events
AbstractThis paper is a summary of the behaviour of food commodity prices in 2007-2008 and a review of the causes of the price increases, extracted from a report to the Chief Scientific Advisor to Her Majesty's Government [Thirtle, C., Piesse, J., 2008. An Explanatory Review of the World Food Commodity Price Events of 2007-2008. A Report to the Chief Scientific Advisor. Department for Innovation, Universities and Skills, London]. The historical background shows that the price spike was much less severe than in the 1970s. The conventional wisdom that prices of the main food commodities were falling prior to 2006 is questioned. Most ceased falling and were quite stable from the 1980s. The paper separates the causes of the spike from the underlying changes driving the long run trends. The literature on the causes of the spike is critically reviewed and summarised. There is a reasonably broad consensus on most of the causes, but much less on the impact of the depreciation of the US Dollar. There are also concluding speculations on the future.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Elsevier in its journal Food Policy.
Volume (Year): 34 (2009)
Issue (Month): 2 (April)
Contact details of provider:
Web page: http://www.elsevier.com/locate/foodpol
Food prices Speculation Supply Demand;
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Rausser, Gordon C. & James, Chalfant A. & Love, H. Alan & Stamoulis, Kostas G., 1986.
"Macroeconomic linkages, taxes, and subsidies in the U.S. agricultural sector,"
Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series
qt1nj635tk, Department of Agricultural & Resource Economics, UC Berkeley.
- Rausser, Gordon C. & Chalfant, James A. & Love, H. Alan & Stamoulis, Kostas G., 1986. "Macroeconomic linkages, taxes, and subsidies in the U.S. agricultural sector," CUDARE Working Paper Series 393, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy.
- John Baffes, 1997. "Explaining stationary variables with non-stationary regressors," Applied Economics Letters, Taylor & Francis Journals, vol. 4(1), pages 69-75.
- Abbott, Philip C. & Hurt, Christopher & Tyner, Wallace E., 2008. "What's Driving Food Prices?," Issue Reports 37951, Farm Foundation.
- Mitchell, Donald, 2008. "A note on rising food prices," Policy Research Working Paper Series 4682, The World Bank.
- Christopher L. Gilbert, 2008. "Commodity Speculation and Commodity Investment," Department of Economics Working Papers 0820, Department of Economics, University of Trento, Italia.
- Pardey, Philip G. & Beintema, Nienke M. & Dehmer, Steven & Wood, Stanley, 2006. "Agricultural research: a growing global divide?," Food policy reports 17, International Food Policy Research Institute (IFPRI).
- Colin Thirtle & Lin Lin Lin & Jim Holding & Lindie Jenkins & Jenifer Piesse, 2004. "Explaining the Decline in UK Agricultural Productivity Growth," Journal of Agricultural Economics, Wiley Blackwell, vol. 55(2), pages 343-366.
This item has more than 25 citations. To prevent cluttering this page, these citations are listed on a separate page. reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).
If references are entirely missing, you can add them using this form.