The impacts of price insulation on world wheat markets during the 2022 food price crisis. (Special section on agricultural and food prices in times of crises.)
Australian Journal of Agricultural and Resource Economics
; 66(4):753-774, 2022.
Article
in English
| CAB Abstracts | ID: covidwho-2152562
ABSTRACT
This paper begins with a survey of recent commodity price developments that highlights the magnitude of this price surge and identifies the rapid rise in wheat prices as a key element. The analysis in this paper focuses on the extent to which domestic markets are insulated from these changes and on the resulting impacts on world prices. An econometric analysis using error-correction models finds stable long-term relationships between world wheat prices and most domestic prices of wheat and wheat products, but with considerable variation across countries in the rate of price transmission. A case study of the price shocks during the COVID-19 pandemic and the Ukraine food price crisis finds that price insulation roughly doubled the overall increase in world wheat prices and raised their volatility both during periods of price increase and price decline.
Full text:
Available
Collection:
Databases of international organizations
Database:
CAB Abstracts
Type of study:
Experimental Studies
Language:
English
Journal:
Australian Journal of Agricultural and Resource Economics
Year:
2022
Document Type:
Article
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