Price and volatility transmission from international to domestic food and fertilizer markets in Central America

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· IFPRI Discussion Papers ຫົວທີ 2299 · Intl Food Policy Res Inst
ປຶ້ມອີບຸກ
77
ໜ້າ
ມີສິດ
ບໍ່ໄດ້ຢັ້ງຢືນການຈັດອັນດັບ ແລະ ຄຳຕິຊົມ ສຶກສາເພີ່ມເຕີມ

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Following recent major global shocks that resulted in significant spikes in international food and fertilizer prices, this study analyses the degree of price and volatility transmission from international to selected domestic food and fertilizer markets across seven countries in Central America. We follow a multivariate GARCH approach using monthly data over the period 2000–2022. We find varying results by country and commodities and an overall low to moderate degree of price transmission in levels, but a stronger degree of volatility transmission. We similarly observe some changes in the degree of co-movement between international and domestic price variations over time—depending on the market and commodity under consideration—including after the COVID-19 pandemic and Russia’s invasion of Ukraine as well as after the 2007-2008 food price crisis. Back-of-the-envelope calculations of the effect of an increase in international prices of different food and fertilizers mimicking the peak inflation observed in 2022 reveal small yet non-negligible effects on consumer and producer welfare in Central American countries, which however do not match the magnitude of the food security crisis observed in the region.

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ສືບຕໍ່ຊຸດ

ເພີ່ມເຕີມຈາກ Hernandez, Manuel A.

ປຶ້ມອີບຸກທີ່ຄ້າຍຄືກັນ