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Income Versus Prices: How Does The Business Cycle Affect Food (In)-Security?

Author

Listed:
  • Mr. Christian Bogmans
  • Mr. Andrea Pescatori
  • Ervin Prifti

Abstract

We study how two aspects of food insecurity - caloric insufficiency and diet composition - are affected by aggregate economic fluctuations. The use of cross-country panel data allows us to adopt a global prospective on the identification of the macroeconomic determinants of food insecurity. Income shocks are the most relevant driver of food insecurity, displaying high elasticities at the early stages of economic development. The role of food price shocks is more limited. Social protection has a direct effect and mitigates the impact of income shocks. Effects are highly heterogeneous across a range of structural characteristics of the economy, highlighting the role of distributional aspects and of food import dependency.

Suggested Citation

  • Mr. Christian Bogmans & Mr. Andrea Pescatori & Ervin Prifti, 2021. "Income Versus Prices: How Does The Business Cycle Affect Food (In)-Security?," IMF Working Papers 2021/238, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2021/238
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