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On the effectiveness of mutual funds to cope with lasting market risks: The case of FMD in Brittany

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  • Rault, Arnaud

Abstract

Foot and Mouth disease, like other epizootic outbreaks, can have wide and lasting impacts exceeding the agricultural field. Within Europe various ad hoc policies exist to cope with these consequences. In this paper we develop a dynamic CGE model allowing us to simulate a FMD outbreak, its economic consequences and the effect of the implementation of a mutual fund as a structural risk management policy. Our results show that a financial support to farmers thanks to the mutual fund may encourage a quicker recovery from the market losses, especially helping to rebuild the cattle herds after a period of trade bans. However, counterproductive effects may be encountered in the case of mandatory participation of farmers to finance the mutual fund.

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Bibliographic Info

Paper provided by European Association of Agricultural Economists in its series 126th Seminar, June 27-29, 2012, Capri, Italy with number 125994.

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Date of creation: Jun 2012
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Handle: RePEc:ags:eaa126:125994

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Keywords: dynamic CGE; catastrophic event; animal disease; risk management policy; Agricultural and Food Policy; Agricultural Finance; Risk and Uncertainty; Q11; Q18;

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  1. Devarajan, Shantayanan & Go, Delfin S., 1998. "The Simplest Dynamic General-Equilibrium Model of an Open Economy," Journal of Policy Modeling, Elsevier, vol. 20(6), pages 677-714, December.
  2. Gohin, Alexandre & Rault, Arnaud, 2012. "Assessing the economic costs of an outbreak of Foot and Mouth Disease on Brittany: A dynamic computable general equilibrium," 86th Annual Conference, April 16-18, 2012, Warwick University, Coventry, UK 134712, Agricultural Economics Society.
  3. Zhao, Zishun & Wahl, Thomas I. & Marsh, Thomas L., 2006. "Invasive Species Management: Foot-and-Mouth Disease in the U.S. Beef Industry," 2006 Annual Meeting, August 12-18, 2006, Queensland, Australia 25490, International Association of Agricultural Economists.
  4. Gohin, Alexandre & Rault, Arnaud, 2012. "Assessing the economic costs of an outbreak of Foot and Mouth Disease on Brittany: A dynamic computable general equilibrium approach," 123rd Seminar, February 23-24, 2012, Dublin, Ireland 122438, European Association of Agricultural Economists.
  5. St├ęphane Blancard & Jean-Philippe Boussemart & Walter Briec & Kristiaan Kerstens, 2005. "Short- and Long-Run Credit Constraints in French Agriculture: A Directional Distance Function Framework Using Expenditure-Constrained Profit Functions," Working Papers 2005-ECO-02, IESEG School of Management.
  6. Carlo Cafiero & Fabian Capitanio & Antonio Cioffi & Adele Coppola, 2007. "Risk and Crisis Management in the Reformed European Agricultural Policy," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 55(4), pages 419-441, December.
  7. Brandon Schaufele & James R. Unterschultz & Tomas Nilsson, 2010. "AgriStability with Catastrophic Price Risk for Cow-Calf Producers," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 58(3), pages 361-380, 09.
  8. George Philippidis & Lionel Hubbard, 2005. "A Dynamic Computable General Equilibrium Treatment of the Ban on UK Beef Exports: A Note," Journal of Agricultural Economics, Wiley Blackwell, vol. 56(2), pages 307-312.
  9. Allan Mussell & Larry Martin, 2001. "What Future for Agricultural Safety Net Programs?," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 49(4), pages 529-541, December.
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