The Financialization of Food: An Inquiry into the 2008-2011 Food Price Spikes

This dissertation investigates the question: has financial speculation contributed to global food price volatility since the mid 2000s? I problematize the mainstream academic literature on the 2008-2011 food price spikes as being dominated by neoclassical economic perspectives and offer new conceptual and empirical insights into the relationship between financial speculation and food. Presented in three journal style manuscripts, manuscript one uses circuits of capital to conceptualize the link between financial speculators in the global north and populations in the global south. Manuscript two argues that what makes commodity index speculation (aka ‘index funds’ or index swaps) novel is that it provides institutional investors with what Clapp (2014) calls “financial distance” from the biopolitical implications of food speculation. Finally, manuscript three combines Gramsci’s concepts of hegemony and ‘the intellectual’ with the concept of performativity to investigate the ideological role that public intellectuals and the rhetorical actor the market play in the proliferation and governance of commodity index speculation. The first two manuscripts take an empirically mixed method approach by combining regression analysis with discourse analysis, while the third relies on interview data and discourse analysis. The findings show that financial speculation by index swap dealers and hedge funds did indeed significantly contribute to the price volatility of food commodities between June 2006 and December 2014. The results from the interview data affirm these findings. The discourse analysis of the interview data shows that public intellectuals and rhetorical characters such as ‘the market’ play powerful roles in shaping how food speculation is promoted, regulated and normalized. The significance of the findings is three-fold. First, the empirical findings show that a link does exist between financial speculation and food price volatility. Second, the findings indicate that the post-2008 CFTC and the Dodd-Frank reforms are unlikely to reduce financial speculation or the price volatility that it causes. Third, the findings suggest that institutional investors (such as pension funds) should think critically about how they use commodity index speculation as a way of generating financial earnings.

The Financialization of Food: An Inquiry into the 2008-2011 Food Price Spikes

This dissertation investigates the question: has financial speculation contributed to global food price volatility since the mid 2000s? I problematize the mainstream academic literature on the 2008-2011 food price spikes as being dominated by neoclassical economic perspectives and offer new conceptual and empirical insights into the relationship between financial speculation and food. Presented in three journal style manuscripts, manuscript one uses circuits of capital to conceptualize the link between financial speculators in the global north and populations in the global south. Manuscript two argues that what makes commodity index speculation (aka ‘index funds’ or index swaps) novel is that it provides institutional investors with what Clapp (2014) calls “financial distance” from the biopolitical implications of food speculation. Finally, manuscript three combines Gramsci’s concepts of hegemony and ‘the intellectual’ with the concept of performativity to investigate the ideological role that public intellectuals and the rhetorical actor the market play in the proliferation and governance of commodity index speculation. The first two manuscripts take an empirically mixed method approach by combining regression analysis with discourse analysis, while the third relies on interview data and discourse analysis. The findings show that financial speculation by index swap dealers and hedge funds did indeed significantly contribute to the price volatility of food commodities between June 2006 and December 2014. The results from the interview data affirm these findings. The discourse analysis of the interview data shows that public intellectuals and rhetorical characters such as ‘the market’ play powerful roles in shaping how food speculation is promoted, regulated and normalized. The significance of the findings is three-fold. First, the empirical findings show that a link does exist between financial speculation and food price volatility. Second, the findings indicate that the post-2008 CFTC and the Dodd-Frank reforms are unlikely to reduce financial speculation or the price volatility that it causes. Third, the findings suggest that institutional investors (such as pension funds) should think critically about how they use commodity index speculation as a way of generating financial earnings.

Food price volatility and hunger alleviation-can Cannes work

Recent years have seen global food prices rise and become more volatile. Price surges in 2008 and 2011 held devastating consequences for hundreds of millions of people and negatively impacted many more. Today one billion people are hungry. The issue is a high priority for many international agencies and national governments. At the Cannes Summit in November 2011, the G20 leaders agreed to implement five objectives aiming to mitigate food price volatility and protect vulnerable persons. To succeed, the global community must now translate these high level policy objectives into practical actions. In this paper, we describe challenges and unresolved dilemmas before the global community in implementing these five objectives. The paper describes recent food price volatility trends and an evaluation of possible causes. Special attention is given to climate change and water scarcity, which have the potential to impact food prices to a much greater extent in coming decades. We conclude the world needs an improved knowledge base and new analytical capabilities, developed in parallel with the implementation of practical policy actions, to manage food price volatility and reduce hunger and malnutrition. This requires major innovations and paradigm shifts by the global community.

Domestic policy responses to the food price crisis: The case of Bolivia

In face of the global food crisis of 2007-2008, severe concerns arose about how developing countries would be affected by the extreme short-term fluctuations in international commodity prices. We examine the effects of the crisis on Bolivia, one of the poorest countries of the Americas. We focus on the effectiveness of the domestic policy interventions in preventing spillovers of the development of international food prices to domestic markets. Using a cointegration model, we study price interdependencies of wheat flour, sunflower oil and poultry. The analysis suggests that the policy measures taken had little effect on food security during the food crisis. Throughout the entire period, perfect price transmission between the Bolivian poultry and sunflower oil markets and the respective international reference markets existed. Bolivian prices were determined by international prices and the policy interventions in the markets of these two commodities were not found to have had an effect. The government's large-scale wheat flour imports did not shield Bolivian consumers from the shocks of international prices.

Mexico: food price increases and growth constraints

Includes bibliography

Modelling interregional links in electricity price spikes

Abnormally high price spikes in spot electricity markets represent a significant risk to market participants. As such, a literature has developed that focuses on forecasting the probability of such spike events, moving beyond simply forecasting the level of price. Many univariate time series models have been proposed to dealwith spikes within an individual market region. This paper is the first to develop a multivariate self-exciting point process model for dealing with price spikes across connected regions in the Australian National Electricity Market. The importance of the physical infrastructure connecting the regions on the transmission of spikes is examined. It is found that spikes are transmitted between the regions, and the size of spikes is influenced by the available transmission capacity. It is also found that improved risk estimates are obtained when inter-regional linkages are taken into account.

Food price and affordability update

This presentation outlines recent achievements in development of tools, protocols and methods to monitoring and benchmark food prices and affordability globally under International Network for Food and Obesity/non-communicable diseases Research, Monitoring and Action Support(INFORMAS)

IV Plano diretor da Embrapa Soja 2008-2011-2023.

Análise estratégica. Formulação estratégica.

IV Plano Diretor da Embrapa Informática Agropecuária 2008-2011-2023.

Introdução. Análise Estratégica. Formulação Estratégica. Desafios Científicos e Tecnológicos. Desafios Institucionais e Organizacionais. Análise do Ambiente Externo. Tendências para o ambiente de atuação. Principais Oportunidades e Ameaças. Definição preliminar de Oportunidade de Cooperação Tecnológica. Missão. Visão de futuro. Valores. Objetivos Estratégicos.

IV Plano Diretor da Embrapa Pecuária Sudeste: 2008 - 2011

Introdução; Análise estratégica; Principais oportunidades e principais ameaças; Formulação estratégica; Desafios científicos e tecnológicos; Colaboradores.

Exploratory Space-Time Analyses of Rift Valley Fever in South Africa in 2008-2011

Background: Rift Valley fever (RVF) is a zoonotic arbovirosis for which the primary hosts are domestic livestock (cattle, sheep and goats). RVF was first described in South Africa in 1950-1951. Mechanisms for short and long distance transmission have been hypothesised, but there is little supporting evidence. Here we describe RVF occurrence and spatial distribution in South Africa in 2008-11, and investigate the presence of a contagious process in order to generate hypotheses on the different mechanisms of transmission. Methodology/Principal Findings: A total of 658 cases were extracted from World Animal Health Information Database. Descriptive statistics, epidemic curves and maps were produced. The space-time K-function was used to test for evidence of space-time interaction. Five RVF outbreak waves (one in 2008, two in 2009, one in 2010 and one in 2011) of varying duration, location and size were reported. About 70% of cases (n = 471) occurred in 2010, when the epidemic was almost country-wide. No strong evidence of space-time interaction was found for 2008 or the second wave in 2009. In the first wave of 2009, a significant space-time interaction was detected for up to one month and over 40 km. In 2010 and 2011 a significant intense, short and localised space-time interaction (up to 3 days and 15 km) was detected, followed by one of lower intensity (up to 2 weeks and 35 to 90 km). Conclusions/Significance: The description of the spatiotemporal patterns of RVF in South Africa between 2008 and 2011 supports the hypothesis that during an epidemic, disease spread may be supported by factors other than active vector dispersal. Limitations of under-reporting and space-time K-function properties are discussed. Further spatial analyses and data are required to explain factors and mechanisms driving RVF spread. © 2012 Métras et al.

Impact on Policy Responses to Food Price Crisis and Rural Food Security in Sri Lanka

In Sri Lanka policy responses have direct impacts on rural dwellers. Over 80% of Sri Lanka’s population live in rural areas and 90% of them represent low income dwellers. Their production system may be hampered by fragmented landholding, poor economics of scale, low investment levels resulting from poor financial services as well as inappropriate or limited technology. They are vulnerable to price hikes of basic foods and food security issues due to fragmented landholding and poor financial services. Policy measures to reduce the transmission of higher international prices in domestic markets exist to protect the food security of the vulnerable population. This paper will discuss the food policy and strategies implemented by the government and outside to the above facts this paper also describes the effectiveness of the policies forwarded by the government. The objective of this study is to analyse the impact of policy responses to the food price crisis and rural food security in Sri Lanka. Outside of the above facts this study also treats the impact of policies and decisions on the nutritional condition of rural dwellers. Furthermore this study is to analyse the fluctuation of buying power with the price hikes and the relation of above facts with issues like malnutrition. This paper discusses why policy makers should pay greater attention to rural dwellers and describes the multiple pathways through which food price increases have on rural people. It also provides evidence of the impact of this crisis in particular, through hidden hunger, and discusses how current policy responses should adjust and improve to protect the rural dwellers in the short and long term.

Influencia de la formulación del Plan de Desarrollo bajo el modelo de Planeación Participativa, en la construcción de ciudadanía y gobernabilidad, en el Municipio de Zipaquirá, periodo 2008 2011

El texto permite al lector aproximarse al conocimiento de las dinámicas de participación en las ciudades y reconocer su importancia para la generación de una cultura cívica, el surgimiento de la acción colectiva y la consolidación de una responsabilidad compartida entre la sociedad civil y el Estado. La ciudadanía y la gobernabilidad son dos aspectos necesarios para la vida en los centros urbanos en la actualidad, para su construcción es necesario realizar procesos impulsados desde las administraciones municipales o por los ciudadanos, uno de los mecanismos es la formulación de los planes de desarrollo bajo el modelo de planeación participativa.

Análisis de los factores políticos y administrativos que han incidido en el cumplimiento de la Sentencia T - 025 de 2004 de la Corte Constitucional en la Alcaldía de Samuel Moreno Rojas (Periodo 2008 - 2011)

El fenómeno del desplazamiento interno forzado en el mundo representa una problemática de gran envergadura que impacta a aquellas personas que se ven obligadas a migrar dentro del territorio de su país huyendo de las zonas de conflictos y de las persecuciones de los actores armados, debido al contexto de violencia en el que se encuentran y del cual resultan ser las principales víctimas. Así pues, en el caso de Colombia, el desplazamiento forzado interno representa una de las principales consecuencias que ha dejado el contexto de violencia armada sufrido en el país a lo largo de las últimas décadas, lo cual ha llevado a las instancias constitucionales a pronunciarse sobre el accionar del Estado para darle solución a esta problemática. El trabajo se enfoca específicamente en la Sentencia T-025 de 2004 proferida por la Corte Constitucional donde se establece que el país atraviesa por un Estado de Cosas Inconstitucional. De manera particular, a lo largo del análisis se realiza una evaluación de la implementación, cumplimiento y alcance de la Sentencia en la Ciudad de Bogotá, durante la Administración de Samuel Moreno Rojas.

University of Southampton thesis chapter template for MS Word 2007/2010/2013/2016 for PC and Word 2008/2011/2016 for Apple

The University provides a template for the whole of a thesis but if you wish to construct a thesis by using separate files you can use this file as template for those. This template has mirror margins to account for double sided printing and odd and even page headers. Support materials for using the template are referenced near the start of the file. You will weant to use this in conjunction with the Front Matter http://www.edshare.soton.ac.uk/9405/ and End Matter templates http://www.edshare.soton.ac.uk/11998/.