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The Impact of Financial Crisis on Russia's Agro-Food Sector

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  • Serova, Eugenia
  • von Braun, Joachim
  • Wehrheim, Peter

Abstract

Russia's 1998 financial crisis, although a result of home-made causes, was triggered by effects from international financial crises. In the agro-food economy, many households reacted to declining real income and rapidly rising prices by stockpiling food to meet short-term needs. In the medium term, further substitution of inferior for normal products and increased household production will be encouraged. The crisis should increase the price competitiveness of domestic agriculture and the food industry. However, greater price competitiveness may not compensate for the negative impact of the overall declining performance of the Russian economy on the agro-food sector. The sector's potential to adjust to the price signals sent by the crisis is limited by Russia's poor institutional setting and extensive bartering in agro-food exchanges. Along with ad hoc policies to counteract potential food shortages, some protectionist measures were also introduced. Therefore, the crisis may further increase the inconsistency of Russia's agro-food policies. Copyright 1999 by Oxford University Press.

Suggested Citation

  • Serova, Eugenia & von Braun, Joachim & Wehrheim, Peter, 1999. "The Impact of Financial Crisis on Russia's Agro-Food Sector," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 26(3), pages 349-370, August.
    • Handle: RePEc:oup:erevae:v:26:y:1999:i:3:p:349-70
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    Cited by:

    1. Serova, Eugenia, 2000. "Land Reforms and Emerging Agri-food Markets: the Russian Experience," 2000 Conference, August 13-18, 2000, Berlin, Germany 197198, International Association of Agricultural Economists.
    2. Poganietz, Witold-Roger, 2000. "Russian Agri-Food Sector: 16 Months After The Breakdown Of The Monetary System," IAMO Discussion Papers 14937, Institute of Agricultural Development in Transition Economies (IAMO).
    3. Bezlepkina, Irina V., 2002. "What is Behind the Fall in Russian Agricultural Production?," 2002 International Congress, August 28-31, 2002, Zaragoza, Spain 24785, European Association of Agricultural Economists.
    4. Koshelev, Valery M. & Bezlepkina, Irina V. & Bogdanovitch, Galina V., 2002. "Recent Development in Russian Agro-Food Sector and Its Further Policies," 13th Congress, Wageningen, The Netherlands, July 7-12, 2002 6961, International Farm Management Association.
    5. Raushan Bokusheva & Irina Bezlepkina & Alfons Oude Lansink, 2009. "Exploring Farm Investment Behaviour in Transition: The Case of Russian Agriculture," Journal of Agricultural Economics, Wiley Blackwell, vol. 60(2), pages 436-464, June.
    6. Poganietz, Witold-Roger, 2000. "Russian agri-food sector: 16 months after the breakdown of the monetary system," IAMO Discussion Papers 25, Leibniz Institute of Agricultural Development in Transition Economies (IAMO).
    7. Weber, Gerald, 2003. "Russia's and Kazakhstan's agro-food sectors under liberalized agricultural trade: a case for national product differentiation," Economic Systems, Elsevier, vol. 27(4), pages 391-413, December.

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