Research Article
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Year 2023, Volume: 29 Issue: 2, 380 - 394, 31.03.2023
https://doi.org/10.15832/ankutbd.1112584

Abstract

References

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Analysis of the Relationships Between Agricultural Producer Protection and Macroeconomic Variables in Fragile Five Countries by Bootstrap Panel Causality Test

Year 2023, Volume: 29 Issue: 2, 380 - 394, 31.03.2023
https://doi.org/10.15832/ankutbd.1112584

Abstract

Agriculture is a leading sector that provides capital accumulation to sustain the economic development processes of developing countries’ economies. The low supply and demand elasticity of agricultural products cause fluctuations in agricultural product prices and producer income. Therefore, the first negative reflection of price instability that may arise from fluctuations is generally observed in farmers. Hence, policymakers intervene in the agricultural sector to reduce the instability in agricultural product prices and protect agricultural producers against these effects, as well as the capital accumulation needed for growth and development. Based on this background, this study analyzes the causality relationship between agricultural producer protection (PP) and the macroeconomic variables of Brazil, Indonesia, India, Türkiye, and South Africa, which are referred to as the Fragile Five countries, using the panel bootstrap panel causality test developed by Kónya (2006) with the data between 2000 and 2020. The study findings differ among the countries in the sample. It was determined that there are causality relationships between agricultural PP and economic growth, economic development and inflation variables in all countries involved in this study. Although it is difficult to generalize the main findings of the study to all countries in the sample, it can be concluded that economic growth, economic development and inflation, and agricultural PP variables interact with one another. The study also concludes that the protective and supportive measures for agriculture, a significant sector for the macroeconomic performance indicators of the country’s economies, are too important to be neglected.

References

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  • Bekun F V & Akadiri S S (2019). Poverty and agriculture in Southern Africa revisited a panel causality perspective. SAGE Open 9(1): 1-10. doi.org/10.1177/2158244019828853
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  • Edwards F, Dixon J, Friel S, Hall G, Larsen K, Lockie S & Hattersley L (2011). Climate change adaptation at the intersection of food and health. Asia Pac J Public Health 23(2): 91-104. doi.org/10.1177/1010539510392361
  • Ela A, Miran B, Bektaş Z K & Cankurt M (2016). The effects of alternative marketing and agricultural policies on supplies of conventional and organic raisins. Anadolu Journal of Agricultural Sciences 31(3): 345-352. doi.org/10.7161/omuanajas.269987
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  • Grossman G M & Krueger A B (1991). Environmental impacts of a North American free trade agreement. National Bureau of Economic Research 3914: 1-57. doi.org/10.3386/w3914 
  • Gruère G & Brooks J (2021). Characterising early agricultural and food policy responses to the outbreak of COVID-19. Food Policy 100: 102017. doi.org/10.1016/j.foodpol.2020.102017 
  • Gu Z (2014). Evolution of post-war agricultural support policies in China’s Taiwan. Asian Agricultural Research 6(11): 58-61.
  • Güloğlu B & Nazlıoğlu Ş (2013). Impacts of inflation on agricultural prices: panel smooth transition regression analysis. Siyaset, Ekonomi ve Yönetim Araştırmaları Dergisi 1(1): 1-20.
  • Hennessy D A (1998). The production effects of agricultural income support policies under uncertainty. American Journal of Agricultural Economics 80(1): 46-57. doi.org/10.2307/3180267 
  • Henningsen A, Kumbhakar S C & Lien G D (2009). Econometric analysis of the effects of subsidies on farm production in case of endogenous input quantities. AAEA & ACCI Joint Annual Meeting, Milwaukee, Wisconsin, USA.
  • Johnston B F & Mellor J W (1961). The role of agriculture in economic development. The American Economic Review 51(4): 566-593.
  • Jomo K S & Chowdhury A (2020). COVID-19 Pandemic Recession and Recovery. Development (Rome) 63(2-4): 226-237. doi.org/10.1057/s41301-020-00262-0
  • Kalabak A Y & Aslan R (2021). The effect of some area-based agricultural supports on wheat production: a case of Balıkesir (2009-2015). Hacettepe University Journal of Economics and Administrative Sciences 39(1): 85-102. doi.org/10.17065/huniibf.695851
  • Kırca M & Canbay Ş (2020). Phillips curve analysis for Fragile Five Countries. Journal of Economics Business and Political Researches 5(12): 130-140.
  • Kónya L (2006). Exports and growth: granger causality analysis on OECD countries with a panel data approach. Economic Modelling 23(6): 978–992. doi.org/10.1016/j.econmod.2006.04.008
  • Köse Z & Meral G T (2021). A study on the relationship between agricultural support, food security and economic growth in Turkey. Studies on Social Science Insights 1(2): 51-73. doi.org/10.53035/SOSSCI.21
  • Kumar A, Kumar P & Sharma A N (2011). Rural poverty and agricultural growth in India: implications for the twelfth five year plan. Indian Journal of Agricultural Economics 66(3): 269-278.
  • Kuznets S (1955). Economic growth and income inequality. The American Economic Review 45(1): 1-28
  • Kuznets S (1972). Notes sur le décollage. Croissance et structure économique, Paris, Calmannlévy.
  • Lundberg M (2005). Agricultural Market Reforms. A. Coudouel and S. Paternostro (Eds.), Analyzing the Distributional Impact of Reforms: A Practitioner’s Guide to Trade, Monetary and Exchange Rate Policy, Utility Provision, Agricultural Markets, Land Policy and Education. Washington DC: The World Bank.
  • Matlou R, Bahta Y T, Owusu-Sekyere E & Jordaan H (2021). Impact of agricultural drought resilience on the welfare of smallholder livestock farming households in the northern cape province of South Africa. Land 10(6): 562. doi.org/10.3390/land10060562
  • Malaisamy A (2021). Agricultural marketing system and price support-challenge, problems and policy suggestions for priority area in India. SELP Journal of Social Science 12(48): 24-29.
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Details

Primary Language English
Journal Section Research Article
Authors

Şerif Canbay 0000-0001-6141-7510

Publication Date March 31, 2023
Submission Date May 4, 2022
Acceptance Date July 20, 2022
Published in Issue Year 2023 Volume: 29 Issue: 2

Cite

APA Canbay, Ş. (2023). Analysis of the Relationships Between Agricultural Producer Protection and Macroeconomic Variables in Fragile Five Countries by Bootstrap Panel Causality Test. Journal of Agricultural Sciences, 29(2), 380-394. https://doi.org/10.15832/ankutbd.1112584

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