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This paper considers the effects of real exchange rate depreciation on stochastic agricultural producer prices in low-incomeagriculture. Conventional wisdom, that real depreciation achieved through nominal currency devaluation stimulates tradablesproduction, does not universally hold in the presence of stochastic prices. In fact, real depreciation is only stimulative in twocases - importables that remain importable and nontradables that become exportable. GARCH estimation of time-series pricedata on several commodities from Madagascar support the hypotheses generated by the analytical model. © 1999 ElsevierScience B.V. All rights reserved.

Keywords: Depreciation ; Production under risk ; GARCH estimation ; Madagascar

Subject(s): Demand and Price Analysis

Production Economics

Issue Date: 1999-05

Publication Type: Journal Article

PURL Identifier: http://purl.umn.edu/174977 Published in: Agricultural Economics: The Journal of the International Association of Agricultural Economists, Volume 20, Issue 3 Page range: 215-230

Total Pages: 16

Record appears in: International Association of Agricultural Economists (IAAE) > Agricultural Economics: The Journal of the International Association of Agricultural Economists





Autor: Barrett, Christopher B.

Fuente: http://ageconsearch.umn.edu/record/174977?ln=en







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