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Money, Meat, and Inflation

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Author Info

  • Rodney Ramcharan

Abstract

Sudanese inflation dramatically fell in 2000. But just prior to the sharp decline, an export ban was placed on Sudanese livestock. Motivated by this clue, and in the absence of any reliable income or employment data, this paper systematically develops simultaneous models of the consumer price index (CPI) and the exchange rate to assess the economic impact of the export ban. It finds that livestock exports play a large economic role as an important source of income and as a store of value. In the long run, livestock exports are positively associated with nonfood inflation. In the short run, food price movements are negatively associated with livestock exports: to help smooth income, lower food prices generate increased livestock exports. Therefore, unable to export livestock, farmers may have flooded the local market with meat, lowering food prices. Moreover, the loss of income and the decline in wealth lowered aggregate demand, leading to the decline in nonfood prices.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 02/84.

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Length: 40
Date of creation: 01 May 2002
Date of revision:
Handle: RePEc:imf:imfwpa:02/84

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Related research

Keywords: Livestock; Money; inflation; money growth; livestock export; money supply; livestock exports; aggregate demand; inflation rate; price level; price inflation; monetary policy; annual inflation; foreign currency; livestock sales; livestock holdings; lower inflation; livestock production; actual inflation; livestock markets; livestock prices; inflation data; high inflation; livestock data; inflation rates; wage inflation; rate of inflation; loss of livestock; relative prices; inflationary impact; terms of trade shock; increase in inflation; rift valley fever; change in inflation; livestock price; terms of trade; livestock sector; annual inflation rate; rise in inflation;

References

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  1. Marcel Fafchamps & Chris Udry & Katherine Czukas, . "Drought and Saving in West Africa: Are Livestock a Buffer Stock?," Working Papers 97013, Stanford University, Department of Economics.
  2. Alexei Kireyev, 2001. "Financial Reforms in Sudan," IMF Working Papers 01/53, International Monetary Fund.
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Cited by:
  1. Mohamed, Issam A.W., 2010. "Assessment of the Role of Agriculture in Sudan Economy," MPRA Paper 33119, University Library of Munich, Germany.

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