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Hard Currency Constraints And East European Grain Imports

Author

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  • Cochrane, Nancy J.

Abstract

A four-equation model was estimated to evaluate the response of Eastern European grain import demand and livestock production to foreign exchange availability. The results suggest that despite the rigidities of central planning, production and trade plans in a centrally planned economy (CPE) car be altered fairly rapidly in response to changes in world conditions. While it is often assumed that CPE imports are insensitive to wce ld prices, estimation of the model shows coarse grain imports to have a price elasticity between zero and unity. Wheat imports, however, are price inelastic. Both wheat and coarse grain imports, and consequently livestock production, turn out to be highly sensitive to fluctuations in foreign exchange availability.

Suggested Citation

  • Cochrane, Nancy J., 1988. "Hard Currency Constraints And East European Grain Imports," Staff Reports 278009, United States Department of Agriculture, Economic Research Service.
    • Handle: RePEc:ags:uerssr:278009
    DOI: 10.22004/ag.econ.278009
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    File URL: https://ageconsearch.umn.edu/record/278009/files/ers-report-338.pdf
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    Citations

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    Cited by:

    1. Garcia, Roberto J. & Miljkovic, Dragan & Gómez, Miguel I., 1998. "Import Prices and Hard Currency Constraints in Eastern Europe: Implications for Coarse Grain Imports and Production of Meat," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 30(1), pages 201-215, July.
    2. Sheffield, Sharon S. & Hoskin, Roger, 1995. "Russian Federation: Determinants of Corn Import Demand," Staff Reports 278777, United States Department of Agriculture, Economic Research Service.

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