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Food, Financial Crises, and Complex Derivatives: A Tale of High Stakes Innovation and Diversification

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  • Songwe, Vera

    ()
    (World Bank)

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    Abstract

    The 2008 food price crisis was an integral part of the financial crisis. In fact, the food price crisis was the second crisis in a chain of events that began in 2007 with the mortgage crisis, and culminated in the worst financial crisis since the Great Depression. Contrary to what was generally believed in 2008, developing countries, particularly food-importing countries, were part of the early wave of the financial crisis via food price increases, and later suffered another wave via the real sector. The events leading up to the food crisis were global and complex in nature. As a result, as the G-20 discusses solutions to the financial crisis, any new framework must include developing countries, especially low-income countries. In addition, developing countries, especially in Africa, must pay close attention to the work of the Financial Stability Board (FSB) and its recommendations on financial market reform, and over-the-counter (OTC) derivatives in particular, because these reforms will have important consequences for their housing, food, fuel, financial markets, and ultimately their growth and poverty reduction objectives.

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    Bibliographic Info

    Article provided by The World Bank in its journal Economic Premise.

    Volume (Year): (2011)
    Issue (Month): 69 (November)
    Pages: 1-9

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    Handle: RePEc:wbk:prmecp:ep69

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    Keywords: food prices; food price crisis; financial crisis; derivatives; G-20; OTC; Africa; Financial Stability Board; developing countires; poverty reduction;

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    1. Salant, Stephen W & Henderson, Dale W, 1978. "Market Anticipations of Government Policies and the Price of Gold," Journal of Political Economy, University of Chicago Press, vol. 86(4), pages 627-48, August.
    2. Xavier Sala-i-Martin & Maxim Pinkovskiy, 2010. "African Poverty is Falling...Much Faster than You Think!," NBER Working Papers 15775, National Bureau of Economic Research, Inc.
    3. Rajdeep Sengupta & William R. Emmons, 2007. "What is subprime lending?," Monetary Trends, Federal Reserve Bank of St. Louis, issue Jun.
    4. Mitchell, Donald, 2008. "A note on rising food prices," Policy Research Working Paper Series 4682, The World Bank.
    5. Minot, Nicholas, 2010. "Transmission of World Food Price Changes to African Markets and its Effect on Household Welfare," Food Security Collaborative Working Papers 58563, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    6. von Braun, Joachim & Ahmed, Akhter & Asenso-Okyere, Kwadwo & Fan, Shenggen & Gulati, Ashok & Hoddinott, John & Pandya-Lorch, Rajul & Rosegrant, Mark W. & Ruel, Marie & Torero, Maximo & van Rheenen, Te, 2008. "High food prices: The what, who, and how of proposed policy actions," Policy briefs 1A, International Food Policy Research Institute (IFPRI).
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