Exchange Rate Volatility And Global Food Supply Chains
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Exchange Rate Volatility And Global Food Supply Chains
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Author : Sandro Steinbach
language : en
Publisher:
Release Date : 2021
Exchange Rate Volatility And Global Food Supply Chains written by Sandro Steinbach and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
This paper analyzes the impact of exchange rate risk on global food supply chains. Although the theoretical literature suggests ambivalence regarding the sign and magnitude of this effect, most empirical studies indicate a negative association between exchange rate volatility and international trade flows. I contribute to the ongoing debate by investigating the relationship at the product-level using a sectoral gravity model and relying on detailed retrospective trade and exchange rate data for a balanced panel of 159 countries for 2001 to 2017. I study the relationship for 781 agricultural and food products and estimate the trade effects of short-run and long-run exchange rate volatility. My findings indicate significant heterogeneity in the trade effects of exchange rate risk. While the mean trade effects are positive for short-run and long-run volatility, these effects vary substantially according to product and industry characteristics. I find a positive association between exchange rate volatility and the trade effects for upstreamness and a negative association for downstreamness of the traded products. I show that the significant and adverse trade effects in earlier studies result from model misspecification and measurement errors. This research enhances the understanding of the implications of exchange rate volatility which is a primary source of international risk exposure for global food supply chains.
Risks In Agricultural Supply Chains
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Author : Pol Antràs
language : en
Publisher: University of Chicago Press
Release Date : 2023-09-13
Risks In Agricultural Supply Chains written by Pol Antràs and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-09-13 with Business & Economics categories.
An essential guide to the role of microeconomic incentives, macro policies, and technological change in enhancing agriculture resilience. Climate change and the recent COVID-19 pandemic have exposed the vulnerability of global agricultural supply and value chains. There is a growing awareness of the importance of interactions within and between these supply chains for understanding the performance of agricultural markets. This book presents a collection of research studies that develop conceptual models and empirical analyses of risk resilience and vulnerability in supply chains. The chapters emphasize the roles played by microeconomic incentives, macroeconomic policies, and technological change in contributing to supply chain performance. The studies range widely, considering for example how agent-based modeling and remote sensing data can be used to assess the impact of shocks, and how recent shocks such as the COVID-19 pandemic and the African Swine fever in China affected agricultural labor markets, the supply chain for meat products, and the food retailing sector. A recurring theme is the transformation of agricultural supply chains and the volatility of food systems in response to microeconomic shocks. The chapters not only present new findings but also point to important directions for future research.
Agricultural Supply Chains And The Challenge Of Price Risk
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Author : John Williams
language : en
Publisher: Routledge
Release Date : 2013-12-04
Agricultural Supply Chains And The Challenge Of Price Risk written by John Williams and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-04 with Business & Economics categories.
This book discusses the issues of integration within food and fibre supply chains and the challenges in managing price risk. The problems of integration and price risk are interwoven in agricultural supply chains with production and supply risk as well as hoarding. However, without supply chain integration through commercial trade markets there can be no forward market upon which forward transactions and the management of price risk can be based. Without a forward market that can reduce opportunistic behaviour, there is likely to be little security of supply, particularly under high production risk and price uncertainty. Whilst price risk management is possible under certain circumstances, there are many factors that can prevent the development of forward markets or cause them to collapse, thus undermining the ability to manage price risk within acceptable risk and return parameters. Market positions therefore need to be valued and often settled daily due to the risk of contract default. In addition, the issue of currency risk and its management applies to international market positions and transactional exposures. The book analyses a range of price risk management strategies from forward contracting through to futures and options hedging, and finally to over-the-counter products. Evaluation techniques are developed to aid decision-making. The author concludes that forward market development may be the exception rather than the norm, and that whilst favourable price risk management outcomes may be possible, they can sometimes be caused more by luck than through good management. It is shown how tactics are an important consideration in decision-making to minimize costs and losses.
Food Price Volatility And Its Implications For Food Security And Policy
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Author : Matthias Kalkuhl
language : en
Publisher: Springer
Release Date : 2016-04-12
Food Price Volatility And Its Implications For Food Security And Policy written by Matthias Kalkuhl and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-12 with Business & Economics categories.
This book provides fresh insights into concepts, methods and new research findings on the causes of excessive food price volatility. It also discusses the implications for food security and policy responses to mitigate excessive volatility. The approaches applied by the contributors range from on-the-ground surveys, to panel econometrics and innovative high-frequency time series analysis as well as computational economics methods. It offers policy analysts and decision-makers guidance on dealing with extreme volatility.
What Explains The Rise In Food Price Volatility
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Author : Mr.Shaun K. Roache
language : en
Publisher: International Monetary Fund
Release Date : 2010-05-01
What Explains The Rise In Food Price Volatility written by Mr.Shaun K. Roache and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-05-01 with Business & Economics categories.
The macroeconomic effects of large food price swings can be broad and far-reaching, including the balance of payments of importers and exporters, budgets, inflation, and poverty. For market participants and policymakers, managing low frequency volatility—i.e., the component of volatility that persists for longer than one harvest year—may be more challenging as uncertainty regarding its persistence is likely to be higher. This paper measures the low frequency volatility of food commodity spot prices using the spline- GARCH approach. It finds that low frequency volatility is positively correlated across different commodities, suggesting an important role for common factors. It also identifies a number of determinants of low frequency volatility, two of which—the variation in U.S. inflation and the U.S. dollar exchange rate—explain a relatively large part of the rise in volatility since the mid-1990s.
Localizing Global Food
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Author : Agni Kalfagianni
language : en
Publisher: Routledge
Release Date : 2018-11-05
Localizing Global Food written by Agni Kalfagianni and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-11-05 with Political Science categories.
Short food supply chains (SFSCs) rely primarily on local production and processing practices for the provision of food and are, in principle, more sustainable in social, economic and environmental terms than supply chains where production and consumption are widely separated. This book reviews and assesses recent initiatives on this topic from an interdisciplinary perspective. In theoretical terms it draws on and advances two key concepts, namely, place (particularly embeddedness in local economic networks and communities) and governance (particularly in addressing sustainability concerns in an inclusive and socially just manner). Empirically, the book examines a diverse set of SFSCs such as small-scale entrepreneurship, farmers’ markets, community supported agriculture and grassroots and solidarity networks. The main examples discussed are from Europe and North America, but the issues are applicable in a global context. The book is of interest to advanced students, researchers and professionals in food studies, sociology, geography, planning, politics and environmental studies.
Safeguarding Food Security In Volatile Global Markets
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Author : Adam Prakash
language : en
Publisher: Bright Sparks
Release Date : 2011
Safeguarding Food Security In Volatile Global Markets written by Adam Prakash and has been published by Bright Sparks this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Food prices categories.
A timely publication as world leaders deliberate the causes of the latest bouts of food price volatility and search for solutions that address the recent velocity of financial, economic, political, demographic, and climatic change. As a collection compiled from a diverse group of economists, analysts, traders, institutions and policy formulators - comprising multiple methodologies and viewpoints - the book exposes the impact of volatility on global food security, with particular focus on the world's most vulnerable.
Global Food Price Volatility And Spikes
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Author : Joachim von Braun
language : en
Publisher:
Release Date : 2012
Global Food Price Volatility And Spikes written by Joachim von Braun and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
Since the 2007-08 food crisis, many thoughtful analyses have addressed the causes and impacts of high and volatile international food prices and proposed solutions to the crisis. These studies have covered global as well as local food price dynamics and policy reactions. The food price problem is, however, far-reaching, and its impacts are wide and interrelated. The price formation mechanism has become highly complex and dynamic. Policy actions are politically and economically sensitive. This situation calls for continuous and comprehensive assessments of the problem to provide timely and evidence-based knowledge for policy makers. This paper reviews existing evidence and theories and presents new thoughts and insights from analyses to enlighten the course of actions to be taken. Our review implies that the current body of literature concentrates on high food prices. Commodity price analysis should, however, differentiate between three types of price changes: trends, volatility, and spikes. While price trends are important in the long term, volatility and spikes are more important in the short to medium terms. Descriptive statistics indicate that all three price changes are increasing over time and show strong correlations among themselves. A rising medium-term price trend has triggered extreme short-term price spikes and increased volatility. An assessment of the costs of price volatility has shown that the existing literature follows a conventional marginal-cost approach that considers only few cost components. Direct and immediate components have not been adequately analyzed, and long-term effects have been overlooked. The effect on child nutrition and health is one such long-term effect. Under-nutrition in early childhood has negative consequences for lifetime earnings capacity because of the physical and mental impairment it causes. Economy wide distortions and misallocations also threaten the long-term development of commodity-dependent economies. Measuring and estimating the cost of food price volatility should factor in ongoing processes such as economic growth and technological changes. The supply, demand, and market explanations for high and volatile global prices have been differentiated as exogenous and endogenous factors. To help further identify the drivers of food price changes, they are categorized as root causes, intermediate causes, and immediate causes. Both empirical and theoretical evaluations suggest extreme weather events from the supply side, biofuel production from the demand side, and speculation in commodity futures from the market side are the three most important root causes of observed price volatility. The theoretical and empirical effects of speculation in commodity futures are not yet well understood. However, speculative trading in commodity futures should not be viewed as a random bet that can be smoothed out through the price system. It is important to consider the market and nonmarket contexts that guide the behavioral and strategic choices of speculators. Whereas speculation caused by manipulative, disorderly behaviors and "financialization" are damaging, speculation caused by demand and supply in physical markets can serve as price discovery, liquidity, and risk-hedging mechanisms. Our empirical analysis to quantify the importance of these factors shows that speculation effect is stronger than demand- and supply-side shocks for short term price spikes. Overall policy interventions at global, regional, and local levels should concentrate on reducing price spikes and protecting poor people from short- and long-term crises. The viii formulation and implementation of such policies must be supported with timely information and research-based evidence. A comprehensive portfolio of policy actions is proposed here, rather than over-extended individual measures to address the root causes or over-regulation of markets to address volatility and spikes. Evaluation of policy instruments should weigh the true costs associated with both, action versus inaction. Research must focus on developing price and food security indicators and models that will guide policy implementation also in the short run. Such models are currently missing. -- food security ; prices ; volatility ; poverty ; food policy ; speculation ; economic crises
Competition And Efficiency In International Food Supply Chains
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Author : John Williams
language : en
Publisher: Routledge
Release Date : 2012
Competition And Efficiency In International Food Supply Chains written by John Williams and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Business & Economics categories.
This book examines an array of different distortions that are causing food supply chain dysfunction in many countries. It outlines the underlying changes that are currently occurring, which will have an influence on the direction of future food supply chains, and provides some solutions to the current food security problem.
Handbook Of Agricultural Economics
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Author :
language : en
Publisher: Elsevier
Release Date : 2022-06-29
Handbook Of Agricultural Economics written by and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-06-29 with Social Science categories.
Handbook of Agricultural Economics, Volume Six highlights new advances in the field, with this new release exploring comprehensive chapters written by an international board of authors who discuss topics such as The Economics of Food Loss and Waste, Empowering Communities Using an Integrated Design of Food Networks, Concentration in Food and Agricultural Markets, Agriculture and trade, Producers, Consumers, and Value Chains in Developing Countries, The Multiple Burdens of Malnutrition: Dietary Transition and Food System Transformation in Economic Development, Psychophysiological Measures and Consumer Food Choice, and The Economics of Health and Nutrition Related Food Policies: The Effects on the Public Health and Malnutrition. Presents the latest release in the Handbook of Agricultural Economics Written and contributed by leaders in the field Covers topics such as Economics on Food Loss and Waste, Integrated Design of Food Networks, Agriculture and Trade, and more