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This book examines the issue of price volatility in agricultural
commodities markets and how this phenomenon has evolved in recent
years. The factors underlying the price spike of 2007-08 appear to
be global and macroeconomic in nature, including the rapid growth
in demand by developing countries, the international financial
crisis, and exchange rate movements. Some of these factors are new,
appearing as influences on price volatility only in the last
decade. Although volatility has always been a feature of
agricultural commodity markets, the evidence suggests that
volatility has increased in certain commodity markets. A growing
problem is that agricultural price shocks and volatility disrupt
agricultural markets, economic incentives and incomes. With
increased globalization and integration of financial and energy
markets with agricultural commodity markets, the relationships
between markets are expanding and becoming more complex. When a
crisis such as a regional drought, food safety scare or a financial
crisis hits a particular market, policy-makers often do not know
the extent to which it will impact on other markets and affect
producer, consumer and trader decisions. Including contributions
from experts at the World Bank, the Food and Agriculture
Organization of the United Nations, the USDA, and the European
Commission, the research developed throughout the chapters of this
book is based on current methodologies that can be used to analyze
price volatility and provide directions for understanding this
volatility and the development of new agricultural policies. The
book highlights the challenges facing policy makers in dealing with
the changing nature of agricultural commodities markets, and offers
recommendations for anticipating price movements and managing their
consequences. It will be a practical guide for both present and
future policy-makers in deciding on potential price-stabilizing
interventions, and will also serve as a useful resource for
researchers and students in agricultural economics.
Since the financial and food price crises of 2007, market
instability has been a topic of major concern to agricultural
economists and policy professionals. This volume provides an
overview of the key issues surrounding food prices volatility,
focusing primarily on drivers, long-term implications of volatility
and its impacts on food chains and consumers. The book explores
which factors and drivers are volatility-increasing and which
others are price level-increasing, and whether these two
distinctive effects can be identified and measured. It considers
the extent to which increasing instability affects agents in the
value chain, as well as the actual impacts on the most vulnerable
households in the EU and in selected developing countries. It also
analyses which policies are more effective to avert and mitigate
the effects of instability. Developed from the work of the
European-based ULYSSES project, the book synthesises the most
recent literature on the topic and presents the views of
practitioners, businesses, NGOs and farmers' organizations. It
draws policy responses and recommendations for policy makers at
both European and on international levels.
Since the financial and food price crises of 2007, market
instability has been a topic of major concern to agricultural
economists and policy professionals. This volume provides an
overview of the key issues surrounding food prices volatility,
focusing primarily on drivers, long-term implications of volatility
and its impacts on food chains and consumers. The book explores
which factors and drivers are volatility-increasing and which
others are price level-increasing, and whether these two
distinctive effects can be identified and measured. It considers
the extent to which increasing instability affects agents in the
value chain, as well as the actual impacts on the most vulnerable
households in the EU and in selected developing countries. It also
analyses which policies are more effective to avert and mitigate
the effects of instability. Developed from the work of the
European-based ULYSSES project, the book synthesises the most
recent literature on the topic and presents the views of
practitioners, businesses, NGOs and farmers' organizations. It
draws policy responses and recommendations for policy makers at
both European and on international levels.
This book examines the issue of price volatility in agricultural
commodities markets and how this phenomenon has evolved in recent
years. The factors underlying the price spike of 2007-08 appear to
be global and macroeconomic in nature, including the rapid growth
in demand by developing countries, the international financial
crisis, and exchange rate movements. Some of these factors are new,
appearing as influences on price volatility only in the last
decade. Although volatility has always been a feature of
agricultural commodity markets, the evidence suggests that
volatility has increased in certain commodity markets. A growing
problem is that agricultural price shocks and volatility disrupt
agricultural markets, economic incentives and incomes. With
increased globalization and integration of financial and energy
markets with agricultural commodity markets, the relationships
between markets are expanding and becoming more complex. When a
crisis such as a regional drought, food safety scare or a financial
crisis hits a particular market, policy-makers often do not know
the extent to which it will impact on other markets and affect
producer, consumer and trader decisions. Including contributions
from experts at the World Bank, the Food and Agriculture
Organization of the United Nations, the USDA, and the European
Commission, the research developed throughout the chapters of this
book is based on current methodologies that can be used to analyze
price volatility and provide directions for understanding this
volatility and the development of new agricultural policies. The
book highlights the challenges facing policy makers in dealing with
the changing nature of agricultural commodities markets, and offers
recommendations for anticipating price movements and managing their
consequences. It will be a practical guide for both present and
future policy-makers in deciding on potential price-stabilizing
interventions, and will also serve as a useful resource for
researchers and students in agricultural economics.
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