Three bubbles and a panic : an explanatory review of recent food commodity price events

dc.contributor.authorPiesse, J. (Jenifer)
dc.contributor.authorThirtle, Colin G., 1944-
dc.date.accessioned2009-08-06T09:00:07Z
dc.date.available2009-08-06T09:00:07Z
dc.date.issued2009
dc.description.abstractThis paper is a summary of the behaviour of food commodity prices in 2007–2008 and a review of the causes of the price increases, extracted from a report to the Chief Scientific Advisor to Her Majesty’s Government [Thirtle, C., Piesse, J., 2008.AnExplanatory Review of the World Food Commodity Price Events of 2007–2008. AReport to the Chief Scientific Advisor. Department for Innovation, Universities and Skills, London]. The historical background shows that the price spikewasmuchless severe than in the 1970s. The conventional wisdom that prices of the main food commodities were falling prior to 2006 is questioned. Most ceased falling and were quite stable from the 1980s. The paper separates the causes of the spike from the underlying changes driving the long run trends. The literature on the causes of the spike is critically reviewed and summarised. There is a reasonably broad consensus on most of the causes, but much less on the impact of the depreciation of the US Dollar. There are also concluding speculations on the future.en_US
dc.identifier.citationPiesse, J., Thirtle, C. Three bubbles and a panic: An explanatory review of recent ... Food Policy (2009), doi:10.1016/j.foodpol.2009.01.001en_US
dc.identifier.issn0306-9192
dc.identifier.other10.1016/j.foodpol.2009.01.001
dc.identifier.urihttp://hdl.handle.net/2263/10939
dc.language.isoenen_US
dc.publisherElsevieren_US
dc.rightsElsevieren_US
dc.subjectFood pricesen_US
dc.subjectSpeculationen_US
dc.subjectSupplyen_US
dc.subjectDemanden_US
dc.titleThree bubbles and a panic : an explanatory review of recent food commodity price eventsen_US
dc.typePostprint Articleen_US

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