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A quantitative analysis of trade policy responses to higher world agricultural commodity prices:

In: Agriculture, development, and the global trading system: 2000– 2015

Author

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  • Yu, T. Edward
  • Tokgoz, Simla
  • Wailes, Eric
  • Chavez, Eddie C.

Abstract

From 2007 through mid-2008, world prices of major agricultural commodities, such as cereals, oilseeds, and their by-products, experienced unprecedented surges since World War II (Baffes and Haniotis 2010).1 The world food price indexes produced by the Food and Agricultural Organization (FAO) of the United Nations increased by 56 percent between 2006 and 2008, while cereals and vegetable oils price indexes doubled during the same period (FAO 2010). Although price pressure for these commodities was temporarily relieved in late 2008 and 2009, the world price indexes for food, grains, and vegetable oils have rebounded in 2011 to their former high levels again (Figure 11.1). The sudden price spikes of agricultural and food commodities in 2007– 2008 quickly caught worldwide attention because cereal grains such as rice and wheat are staples in many developing economies, while corn is an important feedstock for the growing livestock sector in both developed and developing countries. For some food-deficit developing economies that rely heavily on imports for food consumption, drastic increases in the prices of these crops threatened the nutritional needs and social stability of these economies. Moreover, in major Asian rice-producing and rice-consuming countries, rice availability and affordability is a focus of national food security and policies (Wailes 2005).

Suggested Citation

  • Yu, T. Edward & Tokgoz, Simla & Wailes, Eric & Chavez, Eddie C., 2017. "A quantitative analysis of trade policy responses to higher world agricultural commodity prices:," IFPRI book chapters, in: Bouët, Antoine & Laborde Debucquet, David (ed.), Agriculture, development, and the global trading system: 2000– 2015, chapter 11, International Food Policy Research Institute (IFPRI).
  • Handle: RePEc:fpr:ifpric:9780896292499-11
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    References listed on IDEAS

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    1. Joachim von Braun, 2008. "Rising Food Prices: What Should Be Done?," EuroChoices, The Agricultural Economics Society, vol. 7(SpecialIs), pages 30-35, August.
    2. Yu, T. Edward & Tokgoz, Simla & Wailes, Eric & Chavez, Eddie C., 2017. "A quantitative analysis of trade policy responses to higher world agricultural commodity prices:," IFPRI book chapters,in: Agriculture, development, and the global trading system: 2000– 2015, chapter 11 International Food Policy Research Institute (IFPRI).
    3. von Braun, Joachim, 2008. "Rising food prices: What should be done? [In Chinese]," Policy briefs 1 CH, International Food Policy Research Institute (IFPRI).
    4. David Coady & Paul Dorosh & Bart Minten, 2008. "Evaluating Alternative Policy Responses to Higher World Food Prices: The Case of Increasing Rice Prices in Madagascar," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(3), pages 711-722.
    5. Trostle, Ronald, 2008. "Factors Contributing to Recent Increases in Food Commodity Prices (PowerPoint)," Seminars 43902, USDA Economists Group.
    6. Craig Sugden, 2009. "Responding to High Commodity Prices," Asian-Pacific Economic Literature, Asia Pacific School of Economics and Government, The Australian National University, vol. 23(1), pages 79-105, May.
    7. Bouet, Antoine & Laborde Debucquet, David, 2010. "Economics of export taxation in a context of food crisis," IFPRI discussion papers 994, International Food Policy Research Institute (IFPRI).
    8. Coady, David & Dorosh, Paul & Minten, Bart, 2008. "AJAE Appendix for Evaluating Alternative Policy Responses to Higher World Food Prices: The Case of Increasing Rice Prices in Madagascar," American Journal of Agricultural Economics APPENDICES, Agricultural and Applied Economics Association, vol. 91(3), pages 1-8, December.
    9. Cummings, Ralph Jr. & Rashid, Shahidur & Gulati, Ashok, 2006. "Grain price stabilization experiences in Asia: What have we learned?," Food Policy, Elsevier, vol. 31(4), pages 302-312, August.
    10. Joachim Braun, 2009. "Addressing the food crisis: governance, market functioning, and investment in public goods," Food Security: The Science, Sociology and Economics of Food Production and Access to Food, Springer;The International Society for Plant Pathology, vol. 1(1), pages 9-15, February.
    11. von Braun, Joachim & Ahmed, Akhter & Asenso-Okyere, Kwadwo & Fan, Shenggen & Gulati, Ashok & Hoddinott, John & Pandya-Lorch, Rajul & Rosegrant, Mark W. & Ruel, Marie & Torero, Maximo & van Rheenen, Te, 2008. "High food prices: The what, who, and how of proposed policy actions," Policy briefs 1A, International Food Policy Research Institute (IFPRI).
    12. Nouve, Kofi & Wodon, Quentin, 2008. "Impact of rising rice prices and policy responses in Mali : simulations with a dynamic CGE model," Policy Research Working Paper Series 4739, The World Bank.
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    Citations

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    Cited by:

    1. Pio Baake & Steffen Huck, 2013. "Crop Failures and Export Tariffs," Discussion Papers of DIW Berlin 1342, DIW Berlin, German Institute for Economic Research.
    2. David Laborde & Simla Tokgoz & Maximo Torero, 2013. "Long-Term Drivers of Food and Nutrition Security," FOODSECURE Working papers 6, LEI Wageningen UR.
    3. Yu, T. Edward & Tokgoz, Simla & Wailes, Eric & Chavez, Eddie C., 2017. "A quantitative analysis of trade policy responses to higher world agricultural commodity prices:," IFPRI book chapters,in: Agriculture, development, and the global trading system: 2000– 2015, chapter 11 International Food Policy Research Institute (IFPRI).
    4. Brockhaus, Jan & Kalkuhl, Matthias & Kozicka, Marta, 2016. "What Drives India’s Rice Stocks? Empirical Evidence," 2016 Annual Meeting, July 31-August 2, Boston, Massachusetts 235659, Agricultural and Applied Economics Association.
    5. repec:fpr:ifpric:9780896293496_05 is not listed on IDEAS
    6. repec:ags:aerrae:274827 is not listed on IDEAS
    7. repec:eee:jfpoli:v:84:y:2019:i:c:p:1-9 is not listed on IDEAS
    8. Götz, Linde & Glauben, Thomas & Brümmer, Bernhard, 2013. "Wheat export restrictions and domestic market effects in Russia and Ukraine during the food crisis," Food Policy, Elsevier, vol. 38(C), pages 214-226.
    9. Christian Elleby, 2014. "Poverty and Price Transmission," IFRO Working Paper 2015/01, University of Copenhagen, Department of Food and Resource Economics.
    10. Estrades, Carmen, 2015. "The Role of Export Restrictions in Agriculture Trade," 2015: Trade and Societal Well-Being, December 13-15, 2015, Clearwater Beach, Florida 229229, International Agricultural Trade Research Consortium.
    11. Lee, Youngjae & Kennedy, Lynn, 2016. "Analyzing Collective Trade Policy Actions in Response to Cyclical Risk in Agricultural Production: The Case of International Wheat," 2016 Annual Meeting, July 31-August 2, Boston, Massachusetts 235430, Agricultural and Applied Economics Association.
    12. Wailes, Eric J. & Chavez, Eddie C., 2011. "World Rice Outlook International Rice Baseline Projections, 2011-2020," Staff Papers 112998, University of Arkansas, Department of Agricultural Economics and Agribusiness.
    13. Djuric, Ivan & Götz, Linde, 2016. "Export restrictions – Do consumers really benefit? The wheat-to-bread supply chain in Serbia," Food Policy, Elsevier, vol. 63(C), pages 112-123.
    14. Liefert, William M. & Westcott, Paul C., 2016. "Modifying agricultural export taxes to make them less market-distorting," Food Policy, Elsevier, vol. 62(C), pages 65-77.
    15. Rude, James & An, Henry, 2015. "Explaining grain and oilseed price volatility: The role of export restrictions," Food Policy, Elsevier, vol. 57(C), pages 83-92.
    16. von Braun, Joachim & Tadesse, Getaw, 2012. "Global Food Price Volatility and Spikes: An Overview of Costs, Causes, and Solutions," Discussion Papers 120021, University of Bonn, Center for Development Research (ZEF).

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