2008 Financial Crises vs. COVID-19: The Painful Double-Knock of Food Prices.

- Riveros, J., Hassan, S.M, and Oduniyi, S. (2021). 2008 Financial Crises V.s. COVID 19: The Painful Double-Knock of Food Prices. MSR Working paper No. 001-2021.

18 Pages Posted: 21 Mar 2021

See all articles by John Riveros

John Riveros

M&S Research Hub

Sherif Maher Hassan

Suez Canal University - Faculty of Commerce; M&S Research Hub; The British University in Egypt - Faculty of Business Administration, Economics, and Political Science; University of Marburg, Center for Near and Middle Eastern Studies (CNMS)

Oluwaseun Samuel Oduniyi

University of South Africa (UNISA)

Date Written: March 19, 2021

Abstract

Food supply and demand chains are highly sensitive to global shocks. Unstable and sudden food price hikes cause serious malnutrition problems and increase the number of food-insecure people, especially in developing countries. Using FAO Food Price Index (FFPI), this study makes one of the first attempts to utilize monthly observations of FFPI in a dynamic time series ARDL and ARX settings for identifying food price effects of the COVDI 19 infection rates V.s. 2008 global financial crises. Our empirical findings confirm that the pandemic has a mild impact on food prices relative to the 2008 crisis, wherein 1 million new COVID 19 infection cases are associated with an increase of only 0.0509 points in FFPI.

Keywords: COVID 19, Food Price Index, ARDL

JEL Classification: I1, E31

Suggested Citation

Riveros, John and Hassan, Sherif Maher and Oduniyi, Oluwaseun Samuel, 2008 Financial Crises vs. COVID-19: The Painful Double-Knock of Food Prices. (March 19, 2021). - Riveros, J., Hassan, S.M, and Oduniyi, S. (2021). 2008 Financial Crises V.s. COVID 19: The Painful Double-Knock of Food Prices. MSR Working paper No. 001-2021. , Available at SSRN: https://ssrn.com/abstract=3807736 or http://dx.doi.org/10.2139/ssrn.3807736

John Riveros (Contact Author)

M&S Research Hub ( email )

Carlo Mierendorff Str.43
Kassel, 34132
Germany

Sherif Maher Hassan

Suez Canal University - Faculty of Commerce

Ismailia
Egypt

HOME PAGE: http://foc.scuegypt.edu.eg/?page=pages&page_id=9

M&S Research Hub ( email )

Carlo Mierendorff Str.43
Kassel, 34132
Germany

The British University in Egypt - Faculty of Business Administration, Economics, and Political Science ( email )

Egypt

University of Marburg, Center for Near and Middle Eastern Studies (CNMS) ( email )

Deutschhausstra├če 12
Marburg, Hessen 35037
Germany

Oluwaseun Samuel Oduniyi

University of South Africa (UNISA) ( email )

City of Tshwane
Pretoria
South Africa

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