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Cited by 725Economics of Agriculture and Food MarketsMarket Dynamics and VolatilityAgricultural economics and policies

The DOI matches its Crossref record; 36 of the 38 references it cites were found in a registry or an index.

Anatomy of a crisis: the causes and consequences of surging food prices

Open access
Headey, Derek, Fan, Shenggen·2008·Agricultural Economics
DOI 10.1111/j.1574-0862.2008.00345.x
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Abstract

Although the potential causes and consequences of recent rising international food prices have attracted widespread attention, many existing appraisals are superficial and/or piecemeal. This article attempts to provide a more comprehensive review of these issues based on the best and most recent research, as well as on fresh theoretical and empirical analysis. We first analyze the causes of the current crisis by considering how well standard explanations hold up against relevant economic theory and important stylized facts. Some explanations turn out to hold up much better than others, especially rising oil prices, the depreciation of the U.S. dollar, biofuels demand, and some commodity‐specific explanations. We then provide an appraisal of the likely macro‐ and microeconomic impacts of the crisis on developing countries. We observe a large gap between macro and micro factors, which, when identifying the most vulnerable countries, often point in different directions. We conclude with a brief discussion of what ought to be learned from this crisis.

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Show all 38 references

Research works printed but not linked: 23

  1. ADB, 2008, Food Prices and Inflation in Developing Asia: Is Poverty Reduction Coming to an End?
  2. Benson T., 2008, An Assessment of the Likely Impact on Ugandan Households of Rising Global Food Prices: A Secondary Data Analysis
  3. CBC 2008.Is food commodity securitization worsening the world's food problem?Policy Brief. Conference Board of Canada . Available athttp://www.conferenceboard.ca/documents.asp?rnext=2662.
  4. Collins K. 2008.The Role of Biofuels and Other Factors in Increasing Farm and Food Prices: A Review of Recent Development with a Focus on Feed Grain Markets and Market Prospects. Report commissioned by Kraft Food Global June 19 2008. Available athttp://www.foodbeforefuel.org/files/Role%20of%20Biofuels%206‐19‐08.pdf.
  5. Conforti P., 2004, Price Transmission in Selected Agricultural Markets
  6. Dawe D., 2008, The Experience in Seven Large Asian Countries
  7. FAO, 1983, Approaches to World Food Security
  8. Gürkan A.A., 2003, Commodity Market Review 2003‐2004
  9. Headey D., 2008, Anatomy of a Crisis: The Causes and Consequences of Surging Food Prices
  10. Headey D., 2008, International Food Crises, Past and Present: A Comparison of Causes and Consequences
  11. Helbling T., 2008, Commodities boom: Riding a wave, Finance Dev., 45
  12. IMF, 2008, Fiscal Affairs, Policy Development and Review, and Research Departments
  13. IMF, 2008, International Financial Statistics (IFS)
  14. Lipsky J., 2008, Commodity Prices and Global Inflation
  15. Passa Orio J.C., 2008, Mimeo
  16. Rosegrant M.W., 2008, The Impact of Biofuel Production on World Cereal Prices
  17. Schmidhuber J. 2006.Impact of an increased biomass use on agricultural markets prices and food security: A longer‐term perspective.International symposium of Notre Europe Paris 2006.
  18. Sharma R., 1996, Review of Cereal Price Situation in Selected Developing Countries in 1995–96 and Policy Measures to Offset the Price Rise
  19. Sharma R., 2002, The Transmission of World Price Signals: Concepts, Issues and Some Evidence from Asian Cereal Markets
  20. USDA, 2008, Agricultural Projections to 2017. US Department of Agriculture
  21. USDA, 2008, Cost‐of‐Production Forecasts, Data Sets
  22. Van Ark B., 2008, Response to “Food crisis is a chance to reform global agriculture” by Martin Wolf, Financial Times, 2008
  23. World Bank, 2008, Addressing the Food Crisis: The Need for Rapid and Coordinated Action

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Metadata

Authors
Headey, D., & Fan, S.
Affiliations
International Food Policy Research Institute (US)
Corresponding author
Headey, Derek
ORCID
Venue
Agricultural Economics
Publisher
Wiley
Published
2008-11
Volume
39
Issue
s1
Pages
375-391
ISSN
  • 0169-5150 (ISSN-L)
  • 1574-0862
DOI
10.1111/j.1574-0862.2008.00345.x
OpenAlex
W2147281505
Cited by
725
References
38
Citations by year
2026: 41 · 2025: 28 · 2024: 25 · 2023: 33 · 2022: 29 · 2021: 44 · 2020: 33 · 2019: 38 · 2018: 29 · 2017: 26 · 2016: 50 · 2015: 37 · 2014: 68 · 2013: 71 · 2012: 58
FWCI
87.85
Type
journal article
Language
en
Open access
Licence
onlinelibrary.wiley.com/termsAndConditions#vor (vor, 37 d)
Locations
  • Agricultural Economics (publishedVersion)
  • RePEc: Research Papers in Economics (submittedVersion)
  • IFPRI E-brary (International Food Policy Research Institute) (submittedVersion)
  • CGSPace A Repository of Agricultural Research Outputs (Consultative Group for International Agricultural Research) (submittedVersion, other-oa)
  • CGSPace A Repository of Agricultural Research Outputs (Consultative Group for International Agricultural Research) (submittedVersion)
  • International Food Policy Research Institute (International Food Policy Research Institute) (submittedVersion)
Funders
International Fine Particle Research Institute
Topics
  • Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economics of Agriculture and Food Markets
  • Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Market Dynamics and Volatility
  • Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Agricultural economics and policies
Keywords
food price surge, global food prices, oil prices, U.S. dollar depreciation, commodity prices, macroeconomic effects, microeconomic impact, developing countries, food security

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