Stock equilibrium in flexprice markets in macromodels for less developed economies: The case of food speculation |
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| Affiliation: | 1. Alfred-Weber-Institute for Economics, Heidelberg University, Germany;2. KOF Swiss Economic Institute, Switzerland;3. CEPR, UK;4. Georg-August University Goettingen, Germany;5. CESifo, Germany;6. Faculty of Economic and Social Sciences, Helmut-Schmidt-University Hamburg (HSU/UniBwH), Germany;7. Research Area “Poverty Reduction, Equity, and Development”, Kiel Institute for the World Economy, Germany;8. Department of Economics and SIAW-HSG, University of St. Gallen, Switzerland;9. AidData, Global Research Institute, The College of William and Mary, USA;10. Center for Global Development, USA;11. Department of Economics, Monash University, Australia;12. Department of Government, The College of William and Mary, USA;1. University of Wisconsin-Madison, United States;2. Florida International University, United States;1. Heidelberg University, Alfred-Weber-Institute for Economics, Bergheimer Strasse 58, 69115 Heidelberg, Germany;2. University of Zurich, IPZ, Affolternstrasse 56, 8005, Zurich, Switzerland;3. University of Mannheim, Department of Economics, L 7, 3-5, 68161, Mannheim, Germany;1. Faculty of Arts and Education, Deakin University, Melbourne, Australia;2. Te Kura Toi Tangata School of Education, University of Waikato, Hamilton, New Zealand |
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| Abstract: | This paper extends macroeconomic models of less developed economies with a flexprice agricultural sector and a fixprice non-agricultural sector to allow for stock equilibrium in flexprice markets as advocated by Hicks, and to thereby incorporate the empiricallu important phenomenon of food speculation. It is shown that models ignoring such features may yield incorrect insights regarding reality, and that increased speculation in foodgrains is likely to result in adverse consequences for both growth prospects and the distribution of income. |
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