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

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Author Info

  • Headey, Derek
  • Malaiyandi, Sangeetha
  • Fan, Shenggen

Abstract

"The closely interlinked food, fuel and financial crises pose a significant new challenge to the global effort to reduce poverty. In short run, the oil-biofuels nexus was clearly the driving force behind the surge in food prices, but export restrictions and panic purchases turned a tightened market situation into a crisis. New evidence reveals that food prices rose sharply in many countries and that global poverty levels have increased markedly. The good news is that the supply response in many countries was strong. The impacts of the financial crisis on poor countries have yet to fully roll out, but it is clear that additional people will fall into poverty and become food insecure. In the long run, 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 have adjusted to a higher equilibrium, albeit with large volatility. Trade protection has also resurfaced, but so too have renewed investments in the agricultural sector. 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." from authors' abstract

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Bibliographic Info

Paper provided by International Food Policy Research Institute (IFPRI) in its series IFPRI discussion papers with number 889.

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Date of creation: 2009
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Handle: RePEc:fpr:ifprid:889

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Related research

Keywords: Food crisis; Energy crisis; Financial crisis; Agricultural development; Poverty; Public investment; Development strategies;

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References

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  1. Maros Ivanic & Will Martin, 2008. "Implications of higher global food prices for poverty in low-income countries-super-1," Agricultural Economics, International Association of Agricultural Economists, vol. 39(s1), pages 405-416, November.
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  3. von Braun, Joachim & Torero, Maximo, 2009. "Exploring the Price Spike," Choices, Agricultural and Applied Economics Association, vol. 24(1).
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Citations

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Cited by:
  1. 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).
  2. 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.
  3. 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.
  4. 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).

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