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Global Financial and Food Price Crisis: A Double Shock on ASEAN Food Security

Author

Listed:
  • Chayoot Wana

    (Department of Business Economics, Faculty of Management Science, Chandrakasem Rajabhat University, Bangkok, Thailand)

  • Bernadette Andreosso-O'Callaghan

Abstract

The food price crisis that occurred in the mid-2000s and the global financial crisis that transpired in 2008 had an enduring impact on developing and emerging countries where investment growth rates have declined sharply. Food insecurity has also become an important concern. Using a food security assessment model, an analysis of the medium- to long-term repercussions of the food price and global financial crises on ASEAN food security revealed that the effects of the food price crisis are expected to be more negative than those of the global financial crisis. When a financial crisis occurs in the USA and Europe, investment flows to emerging markets, suggesting that countries like Lao PDR, Singapore, Thailand, and Vietnam benefit from it. However, when a global financial crisis occurs, other ASEAN countries like Cambodia, Indonesia, Malaysia, and the Philippines are negatively affected.

Suggested Citation

  • Chayoot Wana & Bernadette Andreosso-O'Callaghan, 2017. "Global Financial and Food Price Crisis: A Double Shock on ASEAN Food Security," Asian Journal of Agriculture and Development, Southeast Asian Regional Center for Graduate Study and Research in Agriculture (SEARCA), vol. 14(1), pages 1-15, June.
    • Handle: RePEc:sag:seajad:v:14:y:2017:i:1:p:1-15
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    Citations

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    Cited by:

    1. Viet HOANG, 2018. "Assessing the agricultural trade complementarity of the Association of Southeast Asian Nations countries," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 64(10), pages 464-475.
    2. Gregory J. Scott & Athanasios Petsakos & Henry Juarez, 2019. "Climate change, food security, and future scenarios for potato production in India to 2030," Food Security: The Science, Sociology and Economics of Food Production and Access to Food, Springer;The International Society for Plant Pathology, vol. 11(1), pages 43-56, February.

    More about this item

    Keywords

    food crisis; ASEAN; food security; global financial crisis;
    All these keywords.

    JEL classification:

    • Q18 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Policy; Food Policy; Animal Welfare Policy
    • Q11 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Aggregate Supply and Demand Analysis; Prices

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