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Erschienen in:
2015 | OriginalPaper | Buchkapitel
The Economics of Developing Country Policy Responses and Biofuel Policies
Erschienen in: The Economics of Biofuel Policies
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Recall in Chapter 1 that corn prices almost doubled in the six months beginning in September 2006, precipitating the Mexican tortilla crisis in January 2007 and India’s ban of wheat exports the following month. This was the beginning of a long list of countries restricting exports (export bans, export taxes, value-added tax rebates, and actions by state trading enterprises and government to government sales) and promoting imports (lowering import barriers and manipulating domestic prices to be below world prices).1 Even peasants hoarded rice (Timmer 2008), which can have the same effects as a developing country policy response. Developing countries are presumed to be responding to a world market price shock, which we argue was due to biofuel policies whereas most others argue it was a “perfect storm” of factors. The source of the shock does not concern us here; it is the economics of the policy responses.