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The Political Economy of Food Price Volatility: The Case of Vietnam and Rice

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  • Murray E. Fulton
  • Travis Reynolds

Abstract

This article argues that the structure of the Vietnamese rice export system is, in political economy terms, a rational response to the volatility present in the international rice market. In particular, it is argued that the Vietnamese Food Agency, along with VINAFOOD-1 and VINAFOOD-2, have been structured so that they can benefit from the domestic demands for export restrictions anticipated to occur as a consequence of international price volatility and the psychological demand of consumers for price stability. In turn, the actions of these agencies also contribute to international price volatility and the resulting demand for export restrictions. Since the political and economic elite in Vietnam obtain both political and economic power from this system, it is unlikely to be replaced with more effective and efficient policies to combat domestic price volatility. Thus, continued volatility in the price of rice can be expected.

Suggested Citation

  • Murray E. Fulton & Travis Reynolds, 2015. "The Political Economy of Food Price Volatility: The Case of Vietnam and Rice," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 97(4), pages 1206-1226.
    • Handle: RePEc:oup:ajagec:v:97:y:2015:i:4:p:1206-1226.
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    File URL: http://hdl.handle.net/10.1093/ajae/aav019
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    Citations

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    Cited by:

    1. Tan Ngoc Vu & Duc Hong Vo & Michael McAleer, 2019. "Rent seeking for export licenses: Application to the Vietnam rice market," Documentos de Trabajo del ICAE 2019-13, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico.
    2. Trinh Nguyen Chau & Frank Scrimgeour, 2023. "Will climate change jeopardize the Vietnamese target of maintaining farmland for food security? A fractional multinomial logit analysis of land use choice," Agricultural Economics, International Association of Agricultural Economists, vol. 54(4), pages 570-587, July.
    3. Athanasios Triantafyllou & Dimitrios Bakas & Marilou Ioakimidis, 2023. "Commodity price uncertainty as a leading indicator of economic activity," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(4), pages 4194-4219, October.
    4. Chen, Bo & Saghaian, Sayed, 2016. "Market Integration and Price Transmission in theWorld Rice Export Markets," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 41(3), pages 1-14.
    5. Ho, Manh-Toan, 2020. "Exploring the most influential papers in Vietnam's political economy in the past ten years," OSF Preprints jqw4a_v1, Center for Open Science.
    6. Wenshou Yan & Kaixing Huang, 2022. "Geographic politics, loss aversion and trade policy: The case of cotton in China," The World Economy, Wiley Blackwell, vol. 45(9), pages 2854-2881, September.
    7. Vuong, Quan-Hoang & Ho, Manh-Toan, 2021. "The need for economics education in Vietnam high school curriculum: A preliminary observation," OSF Preprints zk7bq, Center for Open Science.
    8. An, Henry & Qiu, Feng & Zheng, Yanan, 2016. "How do export controls affect price transmission and volatility spillovers in the Ukrainian wheat and flour markets?," Food Policy, Elsevier, vol. 62(C), pages 142-150.
    9. , 2021. "The need for economics education in Vietnam high school curriculum: A preliminary observation," OSF Preprints zk7bq_v1, Center for Open Science.
    10. Ho, Manh-Toan, 2020. "Exploring the most influential papers in Vietnam's political economy in the past ten years," OSF Preprints jqw4a, Center for Open Science.
    11. Hoa-Thi-Minh Nguyen & Huong Do & Adrian Kay & Tom Kompas, 2020. "Rice policy in a transitional economy: balancing the social and political objectives," Food Security: The Science, Sociology and Economics of Food Production and Access to Food, Springer;The International Society for Plant Pathology, vol. 12(3), pages 549-566, June.
    12. Phenikaa, ISR, 2020. "Exploring the most influential papers in Vietnam's political economy in the past ten years," OSF Preprints 8dm96, Center for Open Science.
    13. Trinh Nguyen Chau & Frank Scrimgeour, 2022. "Productivity impacts of hybrid rice seeds in Vietnam," Journal of Agricultural Economics, Wiley Blackwell, vol. 73(2), pages 414-429, June.
    14. Steve McCorriston & Donald MacLaren, 2024. "Market intermediaries, storage and policy reforms," Journal of Agricultural Economics, Wiley Blackwell, vol. 75(1), pages 114-136, February.
    15. Ba, Hélène A. & de Mey, Yann & Thoron, Sylvie & Demont, Matty, 2019. "Inclusiveness of contract farming along the vertical coordination continuum: Evidence from the Vietnamese rice sector," Land Use Policy, Elsevier, vol. 87(C).

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