What Drove the Crop Price Hikes in the Food Crisis?
AbstractIn the late 2000s, the world grain markets experienced severe turbulence with rapid crop price rises caused by bad crops, oil price hikes, export restrictions, and the emergence of biofuels as well as financial speculation. We review the impacts of the first four real-side factors using a world trade computable general equilibrium model. Our simulation results show that oil and biofuels-related shocks were the major factors among these four in crop price hikes but that these real-side factors in total can explain only about 10% of the actual crop price rises.
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Bibliographic InfoPaper provided by National Graduate Institute for Policy Studies in its series GRIPS Discussion Papers with number 11-16.
Length: 32 pages
Date of creation: Dec 2011
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This paper has been announced in the following NEP Reports:
- NEP-AGR-2012-01-03 (Agricultural Economics)
- NEP-ALL-2012-01-03 (All new papers)
- NEP-CMP-2012-01-03 (Computational Economics)
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