Cereal stocks,food aid and food security for the poor

This paper reviews recent events in world cereals markets, and argues that a significant proportion of the 1972–74 price increases resulted essentially from panic buying by a number of governments which controlled their countries' grain trade. Under these circumstances, a price stabilizing buffer stock would be beneficial, especially for poor countries in conjunction with food aid and emergency relief provisions. However, major producer countries might well lose from price stabilization, and may stand in the way of international agreement on buffer stocks.     

The need for switching to a new paradigm of the development and implementation of agricultural and food policy

This forecast of a possible future increase in the capacity of the domestic agricultural market implies that the existing potential for growth in agricultural production, based on the food and light industries’ demand for food and raw materials, may exhaust by the late 2020s. Detailed illustrations show that the saturation of traditional markets will lead to significant changes in the logic of interdependence between various developmental aspects of the agro-industrial complex (AIC) and in the logic of forming problem situations, which will arise in the development of the agrarian sector in the medium and long term. These changes must be reflected in approaches to the development and implementation of agricultural and food policy.     

Monetary policy responses of Asian countries to spillovers from US monetary policy

Regional integration in Asia has been considerably enhanced over the past 20 years or so. Whether integration helps Asian countries reduce their vulnerability to external shocks or is a channel for spreading external shocks remains an open question. This paper assesses the spillovers from US monetary policy shocks to Asian countries while taking into account country‐specific characteristics in explaining differences in timing and magnitude of responses across Asian countries. The results indicate that policy interest rates in Asian countries generally respond to innovations in the Fed rate in the same direction, but typically with a lag of one quarter. However, the size of the responses varies across Asian countries with respect to country‐specific characteristics. These results suggest that an independent monetary policy may not be feasible for an Asian developing country that adopts a pegged rate regime while being extensively integrated into the world economy. However, the hypothesis of the impossible trinity may not be relevant in the case of China.     

中美救市退出政策有差距

发生金融危机,政府采取措施救市是非常必要的。从美国来看,政府的救助资金将在被救助机构渡过危机后逐渐收回;而中国的4万亿资金已经被长期占用,退出很难。     

Shifting sands: The changing case for monetizing project food aid in Bangladesh

Monetization involves local sale of food aid commodities and using the cash to finance other programs. To explore the likely consequences of monetization, this paper combines a stockpile of recent microeconomic evidence from food and cash-for-work projects in Bangladesh together with a multimarket simulation model. Results suggest that a switch from food-for-work's (FFW) in-kind deliveries of wheat to an identical wheat-financed cash-for-work (CFW) program would unambiguously improve welfare of the poor.     

美国有机食品主导消费潮流

全球最大自然有机商品连锁超市——全食(Whole Foods Market)的老板约翰·麦基被喻为"有机食品业的比尔·盖茨"。在众多企业追求经济规模的时候",全食"这家"绿色企业"充当了另类近来,美国有机食品超市全食渐为人所熟悉,相对而言,其规模迷你,成长速     

美国的证券市场与货币政策工具

按照经常收支的会计恒等式(Ex-IM=(S-I)+(T-C))统计，美国从80年代开始经常收支出现逆差，沦为世界最大的借款国和最大的债务国。每年不得不依靠巨额国外资金流入来解决国内储蓄——投资缺口。80年代利用外资总额占GDP的1.8％，90年代为1.7％。是典型的负债型经济结构。……     

Food‐aid dependency in Lesotho: Issues and policy implications

This article analyses food‐aid dependency in Lesotho and how it can be reduced. The study uses primary data on food aid, statistics collected from various food‐aid agencies and institutions, and secondary data obtained from government sources. Food‐aid de pendency is likely to continue in the long term, as food aid enhances food security in Le sotho by supplementing commercial imports to meet the shortfall in local cereal produc tion. Food aid improves the nutritional and consumption levels of vulnerable Lesotho households but shows no correlation with producer and consumer prices. If the level of food‐aid dependence is to be reduced, measures to alleviate poverty and generate income must be implemented.     

Social development and macroeconomic policy

We have a clear idea of what it is that South Africa needs and deserves, both now and in the future. We also all agree that in order to create the conditions which will address those needs, we will have to go without some things in the short term. Until now, we, in this House, have not agreed on what it is that we should part with for the common good ...²     

加工贸易政策调整:政策信号与未来发展

近期有关加工贸易的政策调整相对比较频繁,这已引起了很多加工贸易企业的关注:政策调整信号如何理解?加工贸易未来的发展方向是什么?本文集中分析了加工贸易要不要发展,转型升级的障碍,以及未来政策调整的方向。本文认为,近期政策调整的信号可以概括为限制与发展,限制是为了更好的发展;无论是将加工贸易理解为保税监管的贸易形式,还是理解为国际生产分工的实现方式,当前阶段加工贸易发展的大格局不会改变。     

Project food aid and equitable growth: Income-transfer efficiency first!

This paper discusses the income transfer properties of food aid in order to shed light on the inputs necessary to ensure a contribution to equitable growth, particularly with reference to the alleviation of poverty and malnutrition. The author defines the concepts of income-transfer efficiency and nutrition efficiency and shows that food aid which is income-transfer efficient is usually also nutrition efficient. Some empirical evidence of the income-transfer efficiency of different commodities supplied to various countries is reviewed and policy implications for the selection of food aid commodities and projects are discussed. The author concludes with some working propositions designed to stimulate further debate on the selection and administration of food aid projects.     

Trade,aid and national development in Africa

Trade is crucial for economic growth, with exports providing earnings to finance imports. Trade also promotes investments and knowledge transfer. Trading countries exploit their comparative advantages to promote self-sufficiency, which is obviously better than dependence on foreign aid, whether low interest-bearing loans or transfer payments. All aid comes with some kind of conditionality attached, amounting to substantial burdens that often outweigh possible benefits. Donors often replace the administrative machinery of recipient governments, undermining their sovereignty and autonomy. These governments then struggle to extricate themselves from implied commitments to donors and prevent donor governments interfering in their domestic affairs. This paper looks at Africa's poor trade performance, arguing that among the consequences are the continent's continuing dependence on foreign aid and the accompanying burdensome negative sentiments from the rest of the world. It recommends that the new African programme New Partnership for Africa's Development be developed to a full economic integration to expand the regional markets.     

SDR-Creation,development aid and the adjustment process

Summary The principal arguments for and against the link with regard to its effects on the adjustment process are evaluated. While the direct enhancement of demand inflation is sometimes exaggerated, the greater uncertainty of individual countries of long-run adequacy of reserve growth under a link would aggravate the inconsistency between current account aims and thereby lead to increased exchange rate competition and restrictions and/or diminished aid. These effects might be mitigated somewhat by higher SDR creation, but then chiefly more inflation and greater external imbalance would ensue. It is concluded that the link would impair the environment for adjustment.The opinions advanced in this article should be attributed solely to the writer and not to the institution where he is employed. Gratitude is due to Prof. Dr. P. Hennipman, Prof. Dr. G. A. Kessler and Prof. Dr. P. B. Kreukniet for helpful comments which have led to improvements and clarifications for which, of course, the author assumes full responsibility.     

论金融政策与西部开发

<正>西部开发不但是一个长期的经济发展过程,而且是一个资本积累和发展的过程。在当前市场经济不断发育、投资渠道日趋多元化的情况下,西部开发就不是简单的资金投入,而是投融资机制的创新,是现代化金融体系的建立和完善过程。这要求我们必须以新的思路来构建符合市场经济条件,遵循国际原则,适应西部特点的投融资体系和机制,发挥市场配置金融资源的基础性作用。     

US and China aid to Africa: Impact on the donor-recipient trade relations

This paper investigates the impact of the US and China's foreign aids to Africa on trade flows between donor and recipient countries. Evidence from the gravity model estimates reveals that the two donors' exports are strengthened by their aids to African partners. Interestingly, China's aid shows a positive effect on its total volume of trade and imports from Africa, while the aid from the US exhibits little impact on the US-Africa total trade and its imports from Africa. A possible explanation for such a difference could be due to the dissimilar national interests of donors in Africa. This study finally suggests that African countries should accelerate the pace of advancing domestic economies and rely less on foreign assistance, in order to establish a fairer and more equal international economic order.     

US fiscal policy in a (brief?) era of surpluses

This paper has several objectives. First, it reviews the recent improvement in the US fiscal picture and discusses the sources of this trend. It then considers the implications for the future, taking into account the past performance of budget forecasts as well as the changing composition of the federal budget. Next, it provides some estimates of the long-term fiscal imbalance still faced by the US. Finally, it briefly discusses the various policy options available to address this imbalance, and suggests how the budget measurement and forecasting procedures should be changed to accommodate the current budget situation, in which the long-term problems are not adequately conveyed by short-term measures.     

Foreign aid,government behaviour,and fiscal policy in Papua New Guinea

The paper explores a number of long standing questions surrounding how foreign aid has influenced the fiscal behaviour of the PNG Government. This includes whether grant aid has encouraged the PNG government to be less fiscally responsible and accumulate higher levels of foreign debt; whether grant aid has tended to lower the PNG government's domestic revenue raising efforts; whether grant aid has drawn government expenditures away from key service delivery sectors; and whether budget support and project and program aid have had differential effects with respect to any of the foregoing questions. The analysis reveals several important insights regarding the interplay between foreign aid and public sector fiscal behaviour including evidence that grant aid has been an important source of debt reduction during this period. However, grant aid has tended to erode the domestic tax base, which has limited the government's ability to increase aggregate expenditure levels. Evidence is also found that suggests a significant portion of budget support was spent on key development sectors, although it also undermined domestic revenue collection. A number of policy implications follow.