INDEX 119
as, xiii–xiv, 14–19; on demand side, 6, 14, 19, 28, 51, 53, 88; dietary changes as, xiii–xiv, 14, 97; dynamic processes, 53; export restrictions as, 6, 96, 98; futures market speculation as, 40–43, 53; govern- ment intervention as, 6; indirect, 15–19; interconnected factors, xiii, 51–53, 52f; interest rates as, 39–40; as “near-perfect storm,” 51–53; oil price increases as, xiii, 21, 25–28, 51; stock depletion as, 31–38, 52; summary model of, 52–53, 52f; on supply side, 6, 14, 53; timeline of events, 14, 15f; trade shocks as, 43–51; U.S. dollar depreciation as, 13, 38–39, 51–52; U.S.-specific factors, 7 Food-deficit countries, 56
Food imports: Chinese, 8, 14, 17–18; depen- dence on, 56–57, 60, 61t, 69, 93, 99; food aid, 94, 99; net food-importing countries, 56–57, 69, 99; recent changes in, 62, 102f; from United States, 7, 50, 60, 61t, 82, 84–85
Food price increases: behavioral responses to, 71; biofuels demand and, 29–30; country- level impacts of, 66–69; distributional effects of, 72, 75–76; effects on hunger and malnutrition, 75; effects on poor, xii, 1, 54, 55; explanations of, 53; global estimates of impacts of, 73–75; macroeconomic impacts of, 55–70, 58t; microeconomic simulations of effects on poverty, 70–77, 74t, 107t; peaks in, 64; producer responses to, 76–77, 78–79t; protests of, 54; real and nominal prices, 63, 64f; regional variations in, 66, 67–69, 105–6t; speed of, 9, 12; supply responses to, 76–77, 78–79t; transmission into domestic markets, 62–70, 80; trends in, 8–9, 10t; in United States, 87. See also Food crises
Food prices: consumer price index, 62–63, 68, 69; by country, 66–69, 67f, 105–6t; data collection, 2, 63, 95; declines in, 13–14, 81, 92; in developing countries, 2, 62–70, 80; oil prices and, 21, 25; real and nominal, 63, 64f; rural-urban differences in, 71; seasonality of, 7, 64; trends in, 63–66, 65t. See also Commodity prices; Grain prices
Food security: challenges, 92–93; criteria, 93; improving, 100–101
Foreign aid, 2–3, 88, 93, 94, 99, 100 Foreign exchange reserves, 60, 61t, 88 Frankel, J., 40 Fuels. See Biofuels; Energy; Oil Fuglie, K., 20
Futures markets: hedging in, 40–41; informa- tion transmission function of, 6; prices in, 96; speculation in, xv, 3, 40–43, 53
Ghana, effects of food price increases on poverty in, 71, 73
GIEWS (Global Information and Early Warning System) dataset, 2, 63, 66, 92, 95 Gilbert, C., 41–43
Global Food Response Program, 96 Global Information and Early Warning System. See GIEWS
Grain exports: of Europe, 21; maize, 7, 8, 28, 49, 50, 50f, 60, 61t; rice, 8, 19, 36, 44, 45, 46f; of United States, 7, 60, 61t, 82, 84–85; wheat, 19, 35, 48–49, 60, 61t, 85 Grain markets: basic facts of, 6–8; demand inelasticity of, 7, 31; elasticities of sub- stitution in, 69; export trends in, 82, 84f; improving functioning of, 95–97; inter- national, 6–8; long-term price trends in, 8–9, 9f, 10–11t; in 1970s, 82–84; seasonal- ity of, 7, 64; supply inelasticity of, 7; U.S. dominance of, 7
Grain prices: declines in, 92; increases in, xii, 12f, 13, 86–87; trends in, 9, 10t, 12, 12f. See also Maize prices; Rice prices; Soybean prices; Wheat prices
Grain production: in China, 17, 18; declining yield growth in, xiv; in Europe, 21, 24f, 49; global per capita, xiv; growth rates in, 20, 24t; in 1970s, 82, 85; per capita, 20, 23f, 24t; regional variations in, 99–100 Grain stocks: Australian, 33, 82; Canadian, 33, 82; Chinese, xiv, 18–19, 33, 35–36, 44; costs of, 38; declines in, xv, 32, 33, 37–38; depletion of as cause of food crisis, 31–38, 52; depletion of for biofuel production, 29, 33; European, 29, 33; Indian, xiv, 19, 33, 36, 84; maize, 31, 32, 32f, 33, 34t, 35f, 37, 37f; relationship of levels and prices, 31–32, 36–37; reserves, 3, 95–96, 96n; rice, 31, 32, 32f, 34t, 35–37, 44–45; trends in, 31, 32f, 33, 34t; of United States, xv, 33, 35, 35f, 37, 37f, 82; wheat, xv, 29, 31, 32, 32f, 33–35, 34t, 36f, 37, 82 Green Revolution, 20, 32, 86–87, 100 Gulati, A., 77
Gürkan, A. A., 56–57 Haddad, L., 76
Headey, D., 6, 42, 43, 44, 45–46, 49, 50, 95 Helbling, T., 31 Herrera, S., 70, 73
Household allocation of food, 76
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