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Supply response to changes in agricultural commodity prices in Asian countries

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  • Katsushi Imai
  • Raghav Gaiha
  • Ganesh Thapa

Abstract

The objective of the present study is to examine the extent to which the production of different agricultural commodities, namely, maize, wheat, rice, fruit, vegetable, and oilseeds, responds to price changes in selected Asian countries given the recent high and volatile agricultural prices. Our analysis confirms a strong positive yield response to higher prices in a panel of 10 Asian countries. However, there is considerable variation in the strength and speed of yield responses of these different commodities. We found that the yield response in the current period is strongest for oilseeds. The price of oil has a negative effect on yields of most of the commodities. For wheat, rice, vegetable, and oilseeds, the yield responses weakened after 2000. From a policy perspective, our analysis points to the potential of price policy in inducing a large supply of foodgrains given the high output elasticity of marketed supply.

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Bibliographic Info

Paper provided by Economics, The University of Manchester in its series The School of Economics Discussion Paper Series with number 0808.

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Date of creation: 2008
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Handle: RePEc:man:sespap:0808

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  7. Rosegrant, Mark W. & Kasryno, Faisal & Perez, Nicostrato D., 1998. "Output response to prices and public investment in agriculture: Indonesian food crops," Journal of Development Economics, Elsevier, vol. 55(2), pages 333-352, April.
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  9. Kanwar, Sunil, 2006. "Relative profitability, supply shifters and dynamic output response, in a developing economy," Journal of Policy Modeling, Elsevier, vol. 28(1), pages 67-88, January.
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Cited by:
  1. Bingxin Yu & Shenggen Fan, 2011. "Rice production response in Cambodia," Agricultural Economics, International Association of Agricultural Economists, vol. 42(3), pages 437-450, 05.
  2. Ganesh Thapa & Raghav Gaiha & Katsushi S. Imai & Varsha S. Kulkarni, 2009. "Soaring Food Prices: A Threat or Opportunity in Asia?," Brooks World Poverty Institute Working Paper Series 6909, BWPI, The University of Manchester.

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