How did policy interventions in wheat export markets in Russia and Ukraine during the food crisis 2007/2008 influence world market price transmission?
2010
L Götz
During the 2007/2008 global food crisis, Russia and Ukraine aimed to reduce wheat exports induced by extraordinarily high world market prices to secure sufficient wheat supply on the domestic markets. This paper investigates the impacts of export controls. Although instability increased on the world markets itself, the increase in the market instability was particularly pronounced in Russia and Ukraine. Also, the export restrictions dampened price transmission to the farmers’ prices, which pushed the growers’ prices below their long-run equilibrium level. Thus, investment incentives in wheat production which could result from high world market prices were foregone.
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