Search

Trends in agricultural trade for South and Central America are documented and the reform process is discussed. Performance of the agricultural sector of the region is evaluated. Challenges for policy makers are reviewed, ranging from macroeconomic policy to science and technology.

The value of a nation's currency is the most important price in its economy. Attempts to establish or maintain fixed exchange rates between countries are no longer possible due to the sheer size of international financial markets. The value of a nation's currency not only influences the relative prices between its tradeable and nontradeable sectors, it influences in very important ways a country relates to the rest of the international economy. The most significant effect of cyclical swings in exchange rates is the impact on trade where undervalued currencies amount to an export subsidy and an import tariff. U.S. foreign aid programs tend to strengthen the recipient country's foreign currency but hurt its development efforts. Needed stability in exchange rates can be achieved if countries pursue neutral monetary and fiscal policies

Feeding the World Vs. Domestic Agricultural Security

The structure of U.S. trade has undergone major changes in the post-World War II period. In this article we attempt to (1) document the major elements of that change, (2) suggest some hypotheses that may explain the change, and (3) draw some of the implications for economic policy. Of special interest in this latter regard is the apparent decline in productivity growth in U.S. agriculture and the declining support for agricultural research.

My comments are divided into five parts: (1) New perspective on the U.S. economy, (2) The Multilateral trade negotiations, (3) Exchange rate policy, (4) Stagnation in productivity growth, (5) Inflation.

Presented at the conference on the "Role of Marketing in the World Food Economy", Minneapolis, Minnesota, October 14-16, 1982.

I would like to divide my comments into four parts: (1) a discussion of flexible exchange rates and economic independence; (2) an analysis of macroeconomic policy with flexible exchange rates and an international capital market; (3) an analysis of macroeconomic policy and agriculture; and (4) a discussion of some of the implications for agricultural policy.

Prepared for the USAID Mission, Lima, Peru. USAID Contract 527-0166-C-00-3001-00 "Agricultural Sector Planning-Peru" October 6, 1982 - December 6, 1982

My paper is divided into three parts. The first part contains a brief review of recent changes in the structure of the international economy. The second part briefly reviews the recent experience of Brazil in its relations to the international economy. The third section discusses some of the institutional and policy implications that follow from the previous three sections. At the end I will have some concluding comments.

My comments are divided into five parts: (1) New perspective on the U.S. economy, (2) The Multilateral trade negotiations, (3) Exchange rate policy, (4) Stagnation in productivity growth, (5) Inflation.