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Policy Responses in Emerging Economies to International Agricultural Commodity Price Surges

Darryl Jones and Andrzej Kwieciński
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Andrzej Kwieciński: OECD

No 34, OECD Food, Agriculture and Fisheries Papers from OECD Publishing

Abstract: This report examines and classifies policy responses in ten major emerging economies to the rise in international agricultural commodity prices in 2006-08. It also analyses impacts of these responses on the domestic market to evaluate their effectiveness in meeting stated policy objectives. The report separates government responses into four major types: market interventions to limit the rise in food prices, market interventions to control inflation, assistance to consumers through safety nets and support to producers. As an indication of the relative importance of these responses in a given country, the report estimates the fiscal costs of policies applied. Developments in trade flows, price transmission, inflation, consumption and production were used to investigate impacts on domestic markets and to draw policy conclusions. Market interventions to minimise the impact on consumers were not always successful, even if trade flows were disrupted, and had taxing effects on farmers who could not benefit from higher international prices. These taxing effects were often partly compensated by increased input-linked support to farmers, which had a relatively high fiscal cost in some instances.

Keywords: emerging economies; food price spikes; policy conclusions; policy responses to food price rise (search for similar items in EconPapers)
JEL-codes: I38 J33 O10 O13 O57 Q10 Q13 Q17 Q18 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-agr
Date: 2010-10-01
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