The impact of trade liberalization and fluctuations of commodity prices on government finances: the case of Saint Lucia

Includes bibliography

World oil prices: prospects and implications for energy policy-makers in Latin America's oil-deficit countries

Includes bibliography

Precios al detalle de los productos refinados del petróleo en algunos países de América Latina: 1975-1989 = Retail prices for refined oil products in selected Latin American countries: 1975-1989

Incluye Bibliografía

Increased prices for world oil and the oil-deficit economies of Latin America and the Caribbean, 1973-1978

Includes bibliography

The escalation in world food prices and its implications for the Caribbean

During the last years, the steep increase in food prices has been one of the most distinctive characteristics of the world economy. Many factors have been hypothesized as the main drivers of this phenomenon, both structural and temporary. International food inflation has had perceptible effects on food importing countries and regions. As such, the Caribbean has suffered the impact mainly through four channels, namely, domestic inflation, imports bill and trade balance, poverty and indigence rates, and equity. This study addresses empirically these issues from a regional perspective.

Trade Liberalization, Corn Prices and a Rural Community in Guatemala

Trade liberalization policies in Guatemala have impacted agricultural production. This thesis focuses on how trade liberalization has happened, what have been the impacts at a national level and describes how a community has adapted to the implementation of these policies. The implementation of trade was influenced by several, international and national institutions. Among the international institutions are the World Bank, the World Trade Organization and the United States Agency for International Development. At the national level the institutions that have partaken in shaping the trade policies are the military and the owners of capital and labor. The implementation of trade policies at a national level has affected national corn prices, population level diets and to some extent reduced poverty levels. At a local level trade liberalization policies have impacted land holdings, increased intensification of agriculture, including agrochemical, machinery and crop plantations per year, and consumption rates of corn have been affected. Maximization of the benefits and minimization of the detrimental effects can happen with the implementation of policies that promote food security, improve access to health and education, and prevent environmental and human health consequences from the intensification of agriculture and at the same time continue with the production of non-traditional agricultural products.

Co-Product Prices May Be Nearing Seasonal Low

The supply of corn milling co-products from ethanol production has increased rapidly over the last several years. Based on United States Department of Agriculture (USDA) projections of corn ground for ethanol production, approximately 38 million tons of distillers grains would have been produced in the 2009-10 marketing year, with 40 million tons projected for the 2010-11 marketing year. While supply has grown, so too has demand from both domestic and international users. Cattle feeders in particular have found wet distillers grains plus solubles (WDGS), modified wet distillers grains plus solubles (MWDGS) and dried distillers grains plus solubles (DDGS) to be excellent feedstuffs that can lower cost of gain through performance efficiencies and lower ingredient costs. United States swine and poultry producers have also increasingly adopted DDGS in rations in response to higher corn prices, while international shipments of DDGS have also grown.

Food-Retail Development and the Myth of Everyday Low Prices: The Case of Brazil

This article analyses the changes in Brazilian food retailing by investigating the co-existence of, and the pricing variation across, large supermarket chains and small independent supermarkets. It uses cointegration tests to show that, despite the widespread belief that small supermarkets are inefficient and charge higher prices, they in fact charge lower prices. Accordingly, in contrast to the prevailing literature on food-retail development, competition in food retail is complex and cannot be described as a simple Darwinian process of market concentration. The article explores the survival of small retail and its consequences for the current discussion on modern food retail in developing countries.

A new global wheat marketmodel (GLOWMM) for the analysis of wheat export prices

Food commodity prices fluctuations have important impacts on poverty and food insecurity across the world. Conventional models have not provided a complete picture of recent price spikes in agricultural commodity markets, while there is an urgent need for appropriate policy responses. Perhaps new approaches are needed in order to better understand international spill-overs, the feedback between the real and the financial sectors and also the link between food and energy prices. In this paper, we present results from a new worldwide dynamic model that provides short and long-run impulse responses of wheat international prices to various real shocks.

Orthogonal gamma-based expansions for volatility option prices under jump-diffusion dynamics

In my work I derive closed-form pricing formulas for volatility based options by suitably approximating the volatility process risk-neutral density function. I exploit and adapt the idea, which stands behind popular techniques already employed in the context of equity options such as Edgeworth and Gram-Charlier expansions, of approximating the underlying process as a sum of some particular polynomials weighted by a kernel, which is typically a Gaussian distribution. I propose instead a Gamma kernel to adapt the methodology to the context of volatility options. VIX vanilla options closed-form pricing formulas are derived and their accuracy is tested for the Heston model (1993) as well as for the jump-diffusion SVJJ model proposed by Duffie et al. (2000).

Market Prices and Food Aid Local and Regional Procurement and Distribution: A Multi-Country Analysis

To date, no research has rigorously addressed the concern that local and regional procurement (LRP) of food aid could affect food prices and food price volatility in food aid source and recipient countries. We assemble spatially and temporally disaggregated data and estimate the relationship between food prices and their volatility and local food aid procurement and distribution across seven countries for several commodities. In most cases, LRP activities have no statistically significant relationship with either local price levels or food price volatility. The few exceptions underscore the importance of market monitoring. (C) 2013 Elsevier Ltd. All rights reserved.