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The impacts of the global food and financial crises on household food security and economic well-being: evidence from Bangladesh

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  • Sonia, Akter
  • Syed Abul, Basher

Abstract

This paper presents the first household-level study to examine the combined impacts of the global food and financial crises on household food security and economic well-being in a developing country. Using longitudinal survey data of 1,800 rural households from 12 districts of Bangladesh over the period 2007–2010, we estimated a three-stage hierarchical logit model to identify the key sources of household food insecurity. A difference-in-difference estimator was then employed to compare pre- and post-crises expenditure for those households who experienced acute food shortages and those who managed to avoid the worst impacts of the crises. On the basis of our results we conclude that: (1) the soaring food prices of 2007–2008 unequivocally aggravated food insecurity in the rural areas of Bangladesh in 2008; (2) there was some weak evidence to suggest that the global economic downturn, which followed the global food crisis, contributed towards worsening food insecurity in 2009; (3) the adverse impacts of these crises appeared to have faded over time due to labor and commodity market adjustments, regional economic growth, and domestic policy responses, leaving no profound, long-lasting impacts on households’ economic well-being; and (4) although the immediate adverse consequences of rising food prices were borne disproportionately by the poor and farming communities, the longer term consequences were distributed more evenly across the rich and poor and, in general, were favorable for the farming community.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 47859.

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Date of creation: 27 Jun 2013
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Handle: RePEc:pra:mprapa:47859

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Related research

Keywords: Food security; Food price shocks; financial crises; Discrete choice modeling; Household survey data; Economic welfare; Bangladesh;

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  1. Ivanic, Maros & Martin, Will, 2008. "Implications of higher global food prices for poverty in low-income countries," Policy Research Working Paper Series 4594, The World Bank.
  2. 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.
  3. Raihan, Selim, 2013. "The political economy of food price policy: The case of Bangladesh," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
  4. Marijke Verpoorten & Abhimanyu Arora & Johan F.M. Swinnen, 2012. "Self-Reported Food Insecurity in Africa During the Food Price Crisis," LICOS Discussion Papers 30312, LICOS - Centre for Institutions and Economic Performance, KU Leuven.
  5. Rafael E. de Hoyos & Denis Medvedev, 2011. "Poverty Effects of Higher Food Prices: A Global Perspective," Review of Development Economics, Wiley Blackwell, vol. 15(3), pages 387-402, 08.
  6. Kenneth Harttgen & Stephan Klasen, 2012. "Analyzing Nutritional Impacts of Price and Income Related Shocks in Malawi and Uganda," Working Papers 2012-014, United Nations Development Programme, Regional Bureau for Africa (UNDP/RBA).
  7. Debapriya Bhattacharya & Shouro Dasgupta & Dwitiya Jawher Neethi, 2012. "Assessing the Impact of the Global Economic and Financial Crisis on Bangladesh: An Intervention Analysis," CPD Working Paper 97, Centre for Policy Dialogue (CPD).
  8. Migotto, Mauro & Davis, Benjamin & Carletto, Gero & Beegle, Kathleen, 2006. "Measuring Food Security Using Respondents' Perception of Food Consumption Adequacy," Working Paper Series RP2006/88, World Institute for Development Economic Research (UNU-WIDER).
  9. Derek D. Headey, 2013. "The Impact of the Global Food Crisis on Self-Assessed Food Security," World Bank Economic Review, World Bank Group, vol. 27(1), pages 1-27.
  10. World Bank, 2011. "Migration and Remittances Factbook 2011 : Second Edition," World Bank Publications, The World Bank, number 2522, July.
  11. Bruce D. Meyer & James X. Sullivan, 2003. "Measuring the Well-Being of the Poor Using Income and Consumption," NBER Working Papers 9760, National Bureau of Economic Research, Inc.
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