Global Food Price Inflation : Implications for South Asia, Policy Reactions, and Future Challenges
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Washington, DC: World Bank
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The surge in global commodity prices of
the past few years has presented a tremendous development
challenge for South Asian countries. The large loss of
income from the terms of trade shock has worsened
macroeconomic balances, fueled rapid inflation, and hurt
growth. Although commodity prices have come down recently,
the benefits are being clouded by the emergence of a severe
global financial crisis. The adverse consequences of the
food price hike for the poor are large; the global financial
crisis could further worsen the situation due to falling
economic opportunities and government revenues. South Asian
countries need to accelerate reforms to avoid facing a
serious downturn in economic activity, investment, exports,
and income. Governments in South Asia have responded by
stabilizing domestic food prices through a number of
short-term measures, tightened monetary policy to reduce
inflation, and increased spending on a range of safety net
programs for the poor. Some of the policies employed, such
as export bans, are not consistent with the long-term
welfare of the country or the region. Safety net
interventions need to be made consistent with a longer-term
poverty reduction strategy and fiscal sustainability. Most
importantly, policy attention now needs to shift toward
efforts to increase farm productivity, improve rural
infrastructure, and lower the vulnerability of the poor.
Palabras clave
ADVERSE CONSEQUENCES, ADVERSE EFFECT, ADVERSE EFFECTS, AGRICULTURAL PRODUCTIVITY, AGRICULTURE, AVERAGE PRICE, AVERAGE PRICES, AVERAGE PRODUCTIVITY, BASIC NEEDS, BINDING CONSTRAINT, BUFFER STOCKS, BUTTER, CALORIE INTAKE, CAPITAL INFLOWS, CASH CROPS, CASH TRANSFER PROGRAMS, CASH TRANSFERS, CEREALS, CHRONIC POVERTY, CIVIL WAR, CLIMATE CHANGE, COMMODITIES, COMMODITY, COMMODITY PRICE, COMMODITY PRICES, COMPARATIVE ADVANTAGE, COMPREHENSIVE STRATEGY, CONSUMERS, CONSUMPTION BEHAVIOR, COST INCREASE, CROP INSURANCE, CROP LOSSES, CURRENCY, CURRENT ACCOUNT BALANCE, DEBT, DEMAND MANAGEMENT, DEVELOPING COUNTRIES, DOMESTIC MARKET, DOMESTIC PRICE, DOMESTIC PRICES, DROUGHT, ECONOMIC DEVELOPMENT, ECONOMIC EFFICIENCY, ECONOMIC SHOCKS, EDIBLE OILS, EGS, ELASTICITY, EMERGING MARKETS, EMPLOYMENT GUARANTEE SCHEME, EMPLOYMENT GUARANTEE SCHEMES, EMPLOYMENT RATIONING, ENERGY PRICES, EXPENDITURE, EXPENDITURES, FAIR, FARM HOUSEHOLDS, FARM PRODUCTION, FARM PRODUCTIVITY, FARM TECHNOLOGY, FARMERS, FINANCIAL CRISIS, FISCAL DEFICIT, FISCAL DEFICITS, FISCAL POLICY, FLOUR MILLS, FOOD AVAILABILITY, FOOD CONSUMPTION, FOOD CROP, FOOD CROPS, FOOD DISTRIBUTION, FOOD EXPORTS, FOOD FOR WORK, FOOD GRAINS, FOOD ITEMS, FOOD MARKETS, FOOD POLICY, FOOD PRICE, FOOD PRICE INFLATION, FOOD PRICES, FOOD PRODUCTION, FOOD PRODUCTS, FOOD RATIONS, FOOD SECURITY, FOOD SHORTAGES, FOOD STOCKS, FOOD-FOR-EDUCATION, GDP, GLOBAL ECONOMY, GLOBAL MARKET, GLOBAL PUBLIC GOODS, GLOBAL STANDARDS, GOVERNMENT BUDGET, GOVERNMENT INTERVENTION, GRAIN PRODUCTION, GROWTH RATE, GROWTH RATES, HEDGE FUND, IFPRI, INCOME, INCOME GROUP, INCOME INEQUALITY, INCOMES, INEFFICIENCY, INFLATION RATE, INFLATION RATES, INFLATIONARY PRESSURE, INFLATIONARY PRESSURES, INPUT PRICES, IRRIGATION, LAND PRODUCTIVITY, LANDHOLDINGS, MACROECONOMIC POLICIES, MAIZE, MARKET EXPECTATIONS, MARKET PRICE, MARKET PRICES, MONETARY POLICIES, MONETARY POLICY, NATIONAL POVERTY, NATURAL DISASTERS, OUTPUT, OUTPUTS, PADDY, PER CAPITA CONSUMPTION, PETROLEUM PRICES, POLITICAL ECONOMY, POOR, POOR COUNTRIES, POOR HOUSEHOLD, POOR PEOPLE, POVERTY ASSESSMENT, POVERTY ESTIMATES, POVERTY HEAD, POVERTY HEADCOUNT RATE, POVERTY IMPACT, POVERTY LINE, POVERTY RATES, POVERTY REDUCTION, POVERTY REDUCTION STRATEGIES, POVERTY REDUCTION STRATEGY, PRICE CAP, PRICE CONTROLS, PRICE EFFECT, PRICE INCREASE, PRICE INCREASES, PRICE INDEX, PRICE STABILIZATION, PRICE SUPPORT, PRICE TREND, PRICE TRENDS, PRICE VOLATILITY, PRICING POLICIES, PRICING POLICY, PRODUCER PRICE, PRODUCTION OF WHEAT, PRODUCTIVITY, PUBLIC POLICY, PUBLIC SAFETY NET, PUBLIC SPENDING, PURCHASING, PURCHASING POWER, RAPID ECONOMIC GROWTH, RAPID GROWTH, RATE OF GROWTH, RENT SEEKING, RETAIL, RETAIL PRICE, RICE, RISK REDUCTION, RURAL, RURAL EMPLOYMENT, RURAL HOUSEHOLDS, RURAL INFRASTRUCTURE, RURAL POOR, RURAL POOR HOUSEHOLDS, RURAL ROADS, SAFETY NET, SAFETY NET MEASURES, SAFETY NET PROGRAMS, SAFETY NET SYSTEMS, SAFETY NETS, SALE, SALES, SCHOOL FEEDING, SCHOOL FEEDING PROGRAMS, SEAFOOD, SECURITY CONCERNS, SELF TARGETING, SOCIAL IMPACTS, SOCIAL PROTECTION, SOCIAL SAFETY NET, STABILIZATION POLICIES, STAPLE FOODS, STOCK MANAGEMENT, SUPPLIERS, SURPLUS, TARGETING, TRADE BALANCE, TRADE BARRIERS, TRADE OPPORTUNITIES, TRADE POLICIES, TRADE POLICY, TRADE REFORMS, VALUE ADDED, WAGES, WFP, WHEAT, WHEAT FLOUR, WORLD DEVELOPMENT INDICATORS, WORLD FOOD PROGRAM, WORLD MARKET