The Financial Crisis and Its Impacts on Global Agriculture

The financial crisis arose in the industrial countries, but has affected developing countries through higher interest rates, sharp changes in commodity prices, and reductions in investment, trade, migration and remittances. For most low-income coun...

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Bibliographic Details
Main Authors:	Lin, Justin Yifu, Martin, Will
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	ACCELERATOR ADVANCED COUNTRIES ADVERSE CONSEQUENCES ADVERSE IMPACTS AGGREGATE DEMAND AGRICULTURAL COMMODITIES AGRICULTURAL COMMODITY AGRICULTURAL PRICE AGRICULTURAL PRICES AGRICULTURE AMOUNT OF CAPITAL BALANCE SHEETS BANK POLICY BASIS POINTS BOOM-BUST CYCLES CAPITAL FLOWS CAPITAL GOODS CAPITAL INFLOWS CAPITAL REQUIREMENTS COLLECTIVE ACTION COMMODITIES COMMODITY COMMODITY PRICE COMMODITY PRICES COMPARATIVE ADVANTAGE CONSUMER DURABLES CONSUMERS CORPORATE BONDS CORPORATE BORROWERS COST INCREASES COST OF CAPITAL COST OF FINANCE CREDIT RATIONING CREDIT RISK CRISIS COUNTRIES CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT BALANCES CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEBT DEBT BURDEN DEBT CRISES DEFAULT RATES DEFLATION DEREGULATION DEREGULATIONS DEVALUATION DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPMENT ECONOMICS DEVELOPMENT FINANCE DISCOUNT RATE DOMESTIC DEMAND DOMESTIC MARKET DOMESTIC PRICES DOMESTIC SAVINGS DOWNWARD PRESSURE ECONOMIC CRISIS ECONOMIC DEVELOPMENT ECONOMIC OUTLOOK ECONOMIC RESEARCH ELASTICITY EMERGING MARKET EMERGING MARKET COUNTRIES ENERGY PRICES EXCHANGE RATE EXPANSIONARY MONETARY POLICY EXPENDITURES EXPORT GROWTH EXPORT GROWTH RATES EXPORTERS EXPORTS FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL ASSETS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL FLOWS FINANCIAL INNOVATIONS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SECTOR POLICY FINANCIAL SECTORS FINANCIAL SYSTEM FISCAL POLICY FOOD PRICE FOOD PRICES FOOD PRODUCTION FOREIGN CURRENCY FOREIGN-CURRENCY BORROWING FORWARD CONTRACTS FUTURE PRICE FUTURES FUTURES CONTRACTS GDP GLOBAL DEVELOPMENT FINANCE GLOBAL ECONOMIC PROSPECTS GOVERNMENT DEBT GOVERNMENT REVENUES GOVERNMENT SUPPORT GROWTH RATES HOLDING HOST COUNTRY HOUSEHOLD INCOMES HOUSEHOLD WEALTH HOUSING LOANS HOUSING MARKET IMBALANCES IMPORTS INCOME INCOME ELASTICITIES INCOME LEVELS INCOMES INDIVIDUAL INVESTORS INDUSTRIAL COUNTRIES INFLATION INTEREST COSTS INTEREST RATE INTEREST RATE SPREADS INTEREST RATES INTEREST RATES ON LOANS INTERNAL RATE OF RETURN INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL FLOWS INVENTORIES INVENTORY INVESTING INVESTMENT DEMAND INVESTMENT GOODS LABOR MARKET LACK OF TRANSPARENCY LENDERS LEVERAGE LIQUIDITY LIQUIDITY PROBLEMS LOAN LONG-TERM ASSETS LONG-TERM LIABILITIES LOW-INCOME COUNTRIES MACROECONOMIC MODEL MACROECONOMIC POLICY MARKET DISTORTIONS MARKET FAILURE MARKET INDEX MARKET INDEXES MARKET PRICES MARKETING MONETARY FUND MONETARY POLICY MORTGAGE MORTGAGES NATIONAL INCOME NATIONAL MODELS OIL EXPORTERS OUTPUT POLICY RESPONSE POLICY RESPONSES PORTFOLIO PORTFOLIO MANAGERS PORTFOLIOS POVERTY REDUCTIONS PRICE BAND PRICE INDEXES PRICE OF OIL PRIVATE CAPITAL PRIVATE CAPITAL FLOWS PRODUCTION COSTS PRODUCTIVITY GROWTH PROTECTIONISM PUBLIC GOOD PURCHASING PURCHASING POWER RATE OF RETURN RATES OF RETURN REAL EXCHANGE RATE REAL WAGE RATES RECESSION REGULATORY FRAMEWORK REMITTANCE REMITTANCES RESERVES RETURNS RISK MANAGEMENT RISK PREMIUM RURAL INFRASTRUCTURE SALE SALES SAVINGS SAVINGS RATES SECONDARY MARKET SHORT-TERM LIABILITIES SOCIAL PROTECTION SOCIAL SAFETY NET SPOT PRICE SPREAD STOCK EXCHANGE STOCK MARKET STOCK MARKET DECLINE STOCK MARKET INDEX STOCK MARKET INDEXES STOCK MARKET PRICES STOCKS SURPLUS SURPLUSES SYSTEMIC RISKS TAX TAX RULES TRADE CREDIT TRADE FINANCE TRADE OPPORTUNITIES TRANSFER PAYMENTS TRANSPARENCY TREASURY TREASURY BILLS UNCERTAINTY VOLATILITY WAGE RATES WAGES WORKING CAPITAL WORLD INTEREST RATES WORLD MARKETS WORLD TRADE WORLD TRADE ORGANIZATION WTO
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100927084005 http://hdl.handle.net/10986/3914

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Summary:	The financial crisis arose in the industrial countries, but has affected developing countries through higher interest rates, sharp changes in commodity prices, and reductions in investment, trade, migration and remittances. For most low-income countries, shocks that affect food prices or wage rates for unskilled workers seem likely to have the largest impact on poverty, with the declines in key food prices associated with the crisis helping to reduce poverty, while declining trade, investment, and remittance flows have had adverse impacts on the poor. Policies to address the crisis must include measures to deal with financial sector problems, the resulting reductions in aggregate demand, and the particular vulnerabilities of poor people. Given the complexity of the impacts from financial crises and commodity price shocks, there is a strong case for developing better social safety net policies that can offset the adverse impacts of a wide range of different shocks on poor people without creating costly market distortions.

The Financial Crisis and Its Impacts on Global Agriculture

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