The impact of price insulation on world wheat markets during Covid-19 and the Ukraine crisis

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dc.creatorMartin, Will
dc.creatorMinot, Nicholas
dc.date2023-03-23
dc.date2024-03-14T12:09:21Z
dc.date2024-03-14T12:09:21Z
dc.date.accessioned2026-06-27T14:59:00Z
dc.descriptionThis 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 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.
dc.formatapplication/pdf
dc.identifierhttps://hdl.handle.net/10568/140339
dc.identifier.urihttp://hdl.handle.net/123456789/91126
dc.languageen
dc.publisherInternational Food Policy Research Institute
dc.rightsOpen Access
dc.sourceMartin, Will; and Minot, Nicholas. 2023. The impact of price insulation on world wheat markets during Covid-19 and the Ukraine crisis. IFPRI Discussion Paper 2175. Washington, DC: International Food Policy Research Institute (IFPRI). https://doi.org/10.2499/p15738coll2.136616.
dc.subjectmodels
dc.subjectcoronavirus
dc.subjectcovid-19
dc.subjectcoronavirinae
dc.subjectprice stabilization
dc.subjectcointegration
dc.subjectcoronavirus disease
dc.subjectfood prices
dc.subjectwheat
dc.subjectshocks
dc.subjectrussia-ukraine war
dc.titleThe impact of price insulation on world wheat markets during Covid-19 and the Ukraine crisis
dc.typeWorking Paper

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Instituto Internacional de Investigación sobre Políticas Alimentarias (IFPRI)