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Fusões e aquisições na indústria de alimentos e bebidas do Brasil: análise dos efeitos nos preços ao consumidor; Mergers and Acquisitions in the Brazilian Food Industry: an analysis of the effects on consumer prices

Viegas, Claudia Assunção dos Santos
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Tese de Doutorado Formato: application/pdf
Publicado em 19/05/2006 Português
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Na década de 1990 o Brasil passou por um intenso processo de fusões e aquisições (F&A) que alteraram a configuração do parque industrial. A indústria de alimentos e bebidas teve destaque nesse processo. A proposta deste trabalho é avaliar se as F&A afetaram os preços ao consumidor na indústria de alimentos e bebidas do Brasil. Isso é feito no capítulo 3, utilizando-se dados do IPC-FIPE (Índice de Preços ao Consumidor da Fundação Instituto de Pesquisas Econômicas), da PIA-IBGE (Pesquisa Industrial Anual do Instituto Brasileiro de Geografia e Estatística) e do IPA-FGV (Índice de Preços no Atacado da Fundação Getúlio Vargas). Essa análise empírica é precedida por um estudo sobre a estrutura produtiva da indústria (Oferta: Capítulo 1) e um breve relato sobre as alterações recentes no mercado consumidor brasileiro (Demanda: Capítulo 2). Com isso, o trabalho oferece uma visão ampla sobre a indústria de alimentos e bebidas no Brasil, sinalizando mudanças após as fusões e aquisições, tanto na estrutura de oferta e demanda quanto no comportamento dos preços ao consumidor.; In the nineties, Brazil has gone through an intense process of mergers and acquisitions (M&A), with significant impacts on the country´s industrial plant. The Food and Beverage industry has had eminence in this process. This work intends to evaluate whether the M&A´s have had an effect on consumer prices of the food and beverage industry. This is the content of chapter 3...

Rising Food Prices and Household Welfare : Evidence from Brazil in 2008

Ferreira, Francisco H.G.; Fruttero, Anna; Leite, Phillippe; Lucchetti, Leonardo
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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Food price inflation in Brazil in the twelve months to June 2008 was 18 percent, while overall inflation was seven percent. Using spatially disaggregated monthly data on consumer prices and two different household surveys, we estimate the welfare consequences of these food price increases, and their distribution across households. Because Brazil is a large food producer, with a predominantly wage-earning agricultural labor force, our estimates include general equilibrium effects on market and transfer incomes, as well as the standard estimates of changes in consumer surplus. While the expenditure (or consumer surplus) effects were large, negative and markedly regressive everywhere, the market income effect was positive and progressive, particularly in rural areas. Because of this effect on the rural poor, and of the partial protection afforded by increases in two large social assistance benefits, the overall impact of higher food prices in Brazil was U-shaped, with middle-income groups suffering larger proportional losses than the very poor. Nevertheless...

Agricultural Distortions in Sub-Saharan Africa : Trade and Welfare Indicators, 1961 to 2004

Croser, Johanna; Anderson, Kym
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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For decades, agricultural price and trade policies in Sub-Saharan Africa have hampered farmers contributions to economic growth and poverty reduction. Although there has been much policy reform over the past two decades, the injections of agricultural development funding, together with ongoing regional and global trade negotiations, have brought distortionary policies under the spotlight once again. A key question asked of those policies is: How much are they still reducing national economic welfare and trade? Economy-wide models are able to address that question, but they are not available for many poor countries. Even where they are, typically they apply to just one particular previous year and so are unable to provide trends in effects over time. This paper provides a partial-equilibrium alternative to economy-wide modeling, by drawing on a modification of so-called trade restrictiveness indexes to provide theoretically precise indicators of the trade and welfare effects of agricultural policy distortions to producer and consumer prices over the past half-century. The authors generate time series of country level indexes...

Poverty Effects of Higher Food Prices : A Global Perspective

De Hoyos, Rafael E.; Medvedev, Denis
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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46.7%
The spike in food prices between 2005 and the first half of 2008 has highlighted the vulnerabilities of poor consumers to higher prices of agricultural goods and generated calls for massive policy action. This paper provides a formal assessment of the direct and indirect impacts of higher prices on global poverty using a representative sample of 63 to 93 percent of the population of the developing world. To assess the direct effects, the paper uses domestic food consumer price data between January 2005 and December 2007--when the relative price of food rose by an average of 5.6 percent --to find that the implied increase in the extreme poverty headcount at the global level is 1.7 percentage points, with significant regional variation. To take the second-order effects into account, the paper links household survey data with a global general equilibrium model, finding that a 5.5 percent increase in agricultural prices (due to rising demand for first-generation biofuels) could raise global poverty in 2010 by 0.6 percentage points at the extreme poverty line and 0.9 percentage points at the moderate poverty line. Poverty increases at the regional level vary substantially...

Inflation Dynamics and Food Prices in an Agricultural Economy : The Case of Ethiopia

Loening, Josef L.; Durevall, Dick; Birru, Yohannes A.
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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46.7%
Ethiopia has experienced a historically unprecedented increase in inflation, mainly driven by cereal price inflation, which is among the highest in Sub-Saharan Africa. Using monthly data from the past decade, the authors estimate error correction models to identify the relative importance of several factors contributing to overall inflation and its three major components, cereal prices, food prices, and non-food prices. The main finding is that, in a longer perspective, over three to four years, the main factors that determine domestic food and non-food prices are the exchange rate and international food and goods prices. In the short run, agricultural supply shocks and inflation inertia strongly affect domestic inflation, causing large deviations from long-run price trends. Money supply growth does affect food price inflation in the short run, although the money stock itself does not seem to drive inflation. The results suggest the need for a multi-pronged approach to fight inflation. Forecast scenarios suggest monetary and exchange rate policies need to take into account cereal production...

Oil Intensities and Oil Prices : Evidence for Latin America

Alaimo, Veronica; Lopez, Humberto
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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46.55%
Crude oil prices have dramatically increased over the past years and are now at a historical maximum in nominal terms and very close to it in real terms. It is difficult to argue, at least for net oil importers, that higher oil prices have a positive impact on welfare. In fact, the negative relationship between oil prices and economic activity has been well documented in the literature. Yet, to the extent that higher oil prices lead to lower oil consumption, it would be possible to argue that not all the effects of a price increase are negative. Climate change concerns have been on the rise in recent years and fossil fuel consumption is generally viewed as one of the main causes behind it. Thus this paper explores whether higher oil prices contribute to lowering oil intensities (that is, oil consumption per unit of gross domestic product). The findings show that following an increase in oil prices, OECD countries tend to reduce oil intensity. However, the same result does not hold for Latin America (and more generally for middle-income countries) where oil intensities appear to be unaffected by oil prices. The paper also explores why this is so.

Impact of Rising Rice Prices and Policy Responses in Mali : Simulations with a Dynamic CGE Model

Nouve, Kofi; Wodon, Quentin
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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The increase in the international price of rice is likely to have substantial negative impacts on the poor in countries such as Mali which are net importers of rice. This paper relies on a dynamic CGE model to estimate the likely impact of the recent increase in rice prices on poverty with and without policy responses. Two sets of policy responses are considered: import tax cuts on rice and measures to increase productivity of domestic rice production. The results suggest that an increase in productivity would have a much larger positive impact than a reduction in taxes.

Comparing the Impact of Food and Energy Price Shocks on Consumers : A Social Accounting Matrix Analysis for Ghana

Parra, Juan Carlos; Wodon, Quentin
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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Many countries have been affected by food and oil price shocks. Rising energy costs have manifested themselves through higher prices of gas at the pump and through price increases for many other goods such as kerosene and transport. But in some countries there has also been some degree of protection for consumers for example when authorities have chosen to try to keep electricity tariffs affordable through implicit subsidies (which are unfortunately often poorly targeted). For food prices, the effect on consumers has often been more rapid than for oil-related products, as the increase in import prices have been typically fully passed on to consumers and has often been accompanied by increases in the prices of domestically produced foods. Recent attention has therefore rightly been focused on food prices, but the issue of oil prices is important as well. While food prices tend to have a larger direct impact on consumers due to the larger share of food in total household consumption, oil prices may have larger multiplier effects than food prices because oil-related products are used as intermediary products in many productive sectors. It therefore remains an open question as to whether the medium-term impact of food or oil prices is likely to be larger in any given country. It also remains open to question as to whether urban as opposed to rural households are most likely to be affected. While urban households are likely to rely on consumption of imported goods more than rural households...

The Welfare Effects of a Large Depreciation : The Case of Egypt, 2000-05

Kraay, Aart
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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The Egyptian pound depreciated sharply between 2000 and 2005, declining by 26 percent in nominal trade-weighted terms. The author investigates the effect of the large depreciation on household welfare operating through exchange rate-induced changes in consumer prices. He estimates exchange rate pass-through regressions using disaggregated monthly consumer price indices to isolate the impact of the exchange rate changes on consumer prices. Then he uses household-level data from the 2000 and 2005 Egyptian household surveys to quantify the welfare effects of these consumer price changes at the household level. The average welfare loss due to exchange rate-induced price increases was equivalent to 7.4 percent of initial expenditure. Stronger estimated exchange rate pass-through for food items imply that this effect disproportionately affected poorer households.

Sugar Prices, Labor Income, and Poverty in Brazil

Krivonos, Ekaterina; Olarreaga, Marcelo
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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This paper assesses the impact that a potential liberalization of sugar regimes in OECD countries could have on household labor income and poverty in Brazil. The authors first estimate the extent of price transmission from world markets to 11 Brazilian states to capture the fact that some local markets may be relatively more isolated from changes in world prices. They then simultaneously estimate the impact that changes in domestic sugar prices have on regional wages and employment depending on worker characteristics. Finally, they measure the impact on household income of a 10 percent increase in world sugar prices. Results suggest that workers in the sugar sector and in sugar-producing regions have better employment opportunities and experience larger wage increases. More interestingly, households at the top of the income distribution experience larger income gains due to higher wages, whereas households at the bottom of the distribution experience larger income gains due to movements out of unemployment.

Implications of WTO Agreements and Unilateral Trade Policy Reforms for Poverty in Bangladesh : Short versus Long-Run Impacts

Annabi, Nabil; Khondker, Bazlul; Raihan, Selim; Cockburn, John; Decaluwe, Bernard
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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The authors examine the effects of WTO agreements and domestic trade policy reforms on production, welfare, and poverty in Bangladesh. They use a sequential dynamic computable general equilibrium (CGE) model, which takes into account accumulation effects, allowing for long-run analysis. The study is based on the 2000 Social Accounting Matrix (SAM) of Bangladesh including 15 production sectors, four factors of production (skilled and unskilled labor, agricultural and nonagricultural capital), and nine household groups (five in rural areas and four in urban areas). To examine the link between the macroeconomic effects and microeconomic effects in terms of poverty, the authors use the representative household approach with actual intra-group income distributions. The study presents five simulations for which the major findings are: (1) The Doha scenario has negative implications for the overall macroeconomy, household welfare, and poverty in Bangladesh. Terms of trade deteriorate and consumer prices, particularly food prices, increase more than nominal incomes, especially among poor households. (2) Free world trade has similar, but larger, impacts. (3) Domestic trade liberalization induces an expansion of agricultural and light manufacturing sectors...

The Price is Not Always Right : On the Impacts of (Commodity) Prices on Households (and Countries)

Lederman, Daniel; Porto, Guido
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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This paper provides an overview of the impact of once-and-for-all changes in commodity prices and other prices on household welfare. It begins with a collection of stylized facts related to commodities based on household survey data from Latin America and Africa. The data uncover strong commodity dependence in both continents: households typically allocate a large fraction of their budget to commodities and they often depend on commodities to earn their income. This income and expenditure dependency suggests sizable impacts and adjustments following commodity-price shocks. The paper explores these effects with a review of the literature. It studies consumption and income responses, labor-market responses, and spillovers across sectors. It ends up providing evidence on the relative magnitudes of various mechanisms through which commodity prices affect household (and national) welfare in developing economies.

Food Prices, Road Infrastructure, and Market Integration in Central and Eastern Africa

Brenton, Paul; Portugal-Perez, Alberto; Regolo, Julie
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Português
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56.57%
Market integration is key to ensuring sufficient and stable food supplies. This paper assesses the impediments to market integration in Central and Eastern Africa for three food staples: maize, rice, and sorghum. The paper uses a large database on monthly consumer prices for 150 towns in 13 African countries and detailed data on the length and quality of roads linking the towns. The analysis finds a substantial effect of distance and share of paved road on the level of market integration, as measured by relative prices. Furthermore, the paper evaluates the additional domestic and cross-border impediments to market integration in the region and represents them on a regional map. The analysis finds heterogeneous levels of domestic market integration across countries and significant "border effects" for the majority of contiguous countries in the sample, which reveal that markets are more integrated within than between countries. Countries that are members of the same regional trade agreement have substantially "thinner" borders with other members. Finally...

Policies, Prices, and Poverty

Mbaye, Ahmadou Aly; Golub, Stephen S.; English, Philip
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Trabalho em Andamento
Português
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Like many countries in Sub-Saharan Africa, Senegal has struggled to develop its industrial sector in the face of import competition. For basic food products, there is an implicit trade-off between the objectives of maintaining employment and lowering the cost of living, both of which figure prominently in current government policy. Conflicting pressures have led to a rather inconsistent policy mix of high levels of protection with price ceilings. The products of the three industries examined here—sugar, vegetable oil, and flour—account for roughly 14 percent of the consumption basket of the poor, so distortions in their prices can have a significant effect on poverty reduction. This paper compares domestic prices in Senegal with world prices since 2000, and then explains the difference by examining the protection enjoyed by these industries, along with their market structure. The analysis finds that high protection and market power have resulted in domestic prices which were often two or three times the equivalent world price. Tightening of price ceilings and some liberalization have taken place recently...

An Empirical Investigation of the Nexus among Money Balances, Commodity Prices and Consumer Goods’ Prices

Grigoli, Francesco
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
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This paper aims to identify the nexus between the excess of liquidity in the United States and commodity prices over the 1983-2006 period. In particular, it assesses whether commodity prices react more powerfully than consumer goods' prices to changes in real money balances. Within a cointegrated vector autoregressive framework, the author investigates whether consumer prices and commodity prices react to excess liquidity, and if the different price elasticities of supply for goods and commodities allow for differences in the dynamic paths of price adjustment to a liquidity shock. The results show a positive relationship between real money and real commodity prices and provide empirical evidence for a stronger response of commodity prices with respect to consumer goods' prices. This could imply that, if the magnitude of the reaction is due the fact that consumer goods' prices are slower to react, then their long-run value can be predicted with the help of commodity prices. The findings support the view that the latter should be considered as a valid monetary indicator.

The Earnings Effects of Multilateral Trade Liberalization : Implications for Poverty

Hertel, Thomas W.; Ivanic, Maros; Preckel, Paul V.; Cranfield, John A.L.
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Journal Article; Publications & Research :: Journal Article; Publications & Research
Português
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Most researchers examining poverty and multilateral trade liberalization have had to examine average, or per capita effects, suggesting that if per capita real income rises, poverty will fall. This inference can be misleading. Combining results from a new international cross-section consumption analysis with earnings data from household surveys, this article analyzes the implications of multilateral trade liberalization for poverty in Indonesia. It finds that the aggregate reduction in Indonesia's national poverty headcount following global trade liberalization masks a more complex set of impacts across groups. In the short run the poverty headcount rises slightly for self-employed agricultural households, as agricultural profits fail to keep up with increases in consumer prices. In the long run the poverty headcount falls for all earnings strata, as increased demand for unskilled workers lifts incomes for the formerly self-employed, some of whom move into the wage labor market. A decomposition of the poverty changes in Indonesia associated with different countries' trade policies finds that reform in other countries leads to a reduction in poverty in Indonesia but that liberalization of Indonesia's trade policies leads to an increase. The method used here can be readily extended to any of the other 13 countries in the sample.

High Food Prices, Latin American and the Caribbean Responses to a New Normal; El alto precio de los alimentos, respuestas de ALC a una nueva normalidad

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
Português
Relevância na Pesquisa
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Yet the current situation differs from 2007-2008 in critical respects. First, recent international price increases are more widespread across agricultural commodities than in 2008, when price spikes were led by few grains such as wheat and rice. Second, natural resources are affecting food production: land and water constraints are more binding than in the past and weather induced production shortfalls are more of a factor now than it was 2008. Climate change also adds to this uncertainty, particularly since a larger share of grain exports are being produced in areas more exposed to climate variability. Third, long term structural changes in the markets are more clearly a major factor this time, as demand for feed and income-elastic foods under sustained and widespread income growth in emerging countries is increasing steadily. Fourth, the global stocks/use ratio for major cereals, which used to hover in the range of 30-35 percent in the 1980s and 1990s, has been around 20 percent after 2003 due largely to long-term policy changes in high-income countries; and stocks of some critical players are now at all-time lows. Global markets are currently experiencing the second sharp spike in food prices in the last four years. While no one has a crystal ball to predict with confidence the future prices of food products...

Mitigating Vulnerability to High and Volatile Oil Prices : Power Sector Experience in Latin America and the Caribbean

Yépez-Garcia, Rigoberto Ariel; Dana, Julie
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
Português
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Countries heavily dependent on imported oil to power a significant portion of their electricity generation are especially vulnerable to high and volatile oil prices. In net oil-importing countries worldwide, high and volatile oil prices ripple through the power sector to numerous segments of the economy. As prices move up and down, so does the cost of electricity production, which has far-reaching effects on the economy, fiscal and trade balances, businesses, and household living standards. High and volatile oil prices affect economies at both a macro and micro level. The major direct effects at the macro level are a deteriorating trade balance, through a higher import bill, reflecting a worsening in terms of trade; and a weakening fiscal balance due to greater government transfers and subsidies to insulate movements in international energy markets. At the micro level, investment uncertainty results from the higher risk of engaging in new projects and associated development and sunk costs, which, in turn, affects policy decisions and economic growth. This study responds to the needs of policy makers and energy planners in oil-importing countries to better manage exposure to oil price risk. The study's objective is threefold. First...

Higher Fuel and Food Prices : Impacts and Responses for Mozambique

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Policy Note; Economic & Sector Work
Português
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46.63%
The dramatic increases in world food and fuel prices during 2007 and early 2008 may set back Mozambique's considerable advances in poverty reduction during the past decade. This study assesses the impact of higher fuel and food prices at both household and macroeconomic levels, and also considers policy options to mitigate some of the negative impacts of higher prices. Rising world prices certainly represents a negative terms-of-trade shock for Mozambique, since the country imports almost all of its fuel and is a net importer of food. The report is structured in six sections. Section two presents information on the extent of international food and fuel price increases and their transmission to local markets in Mozambique. Section three presents household-level analysis focused on the first order impact of the food price increases. Section four complements previous sections by examining the impact of higher food and fuel prices within a general equilibrium framework. Section five discusses the likely impact of alternative policy options in the short and long term. Section six summarizes and concludes.

Rising Food Prices in Sub-Saharan Africa : Poverty Impact and Policy Responses

Wodon, Quentin; Zaman, Hassan
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
46.65%
The increase in food prices represents a major crisis for the world's poor. This paper aims to review the evidence on the potential impact of higher food prices on poverty in sub-Saharan Africa, and examines the extent to which policy responses will benefit the poor. The paper shows that rising food prices are likely to lead to higher poverty in sub-Saharan Africa as the negative impact on net poor consumers outweighs the benefits to poor producers. A recent survey shows that the most common policy response in sub-Saharan African countries is reducing taxes on food while outside the region price controls or targeted consumer subsidies are the most popular measure. Sub-Saharan African countries also have a higher prevalence of food-based safety net programs which are being scaled up to respond to rising prices. The review suggests that the benefits from reducing import tariffs on staples may accrue largely to the non-poor. Social protection programs show more promise, but geographic targeting is likely to be crucial in ensuring that benefits reach the neediest. The paper also argues that anti-poverty interventions ought to retain their focus on rural areas where poverty remains highest even after taking into account the adverse impact on the urban poor due to the rise in food prices.