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Agricultural Policy Adjustments in East Asia: The Korean Rice Economy AgEcon
Kwon, Yong Dae; Yamauchi, Hiroshi.
The processes of agricultural policy decision-making in the East Asian economies of Japan, Taiwan, and Korea are characterized by the complex interactions of competing special interest groups in their respective political arenas. An analytical model is designed to investigate how adjustments in rice price policies are endogenously related to the political economic forces associated with macroeconomic changes. The model is tested against the case of Korean rice price policy, which has not been satisfactorily explained in earlier modeling efforts. A political preference function is used to estimate the relative political weights of producers, consumers, and government over a 25-year period (1961-1985) during which major macroeconomic changes occurred. A...
Tipo: Working or Discussion Paper Palavras-chave: Endogenous rice policy; Political macroeconomy; Political preference function; Political weights; Econometric simulation; East Asia; Korea; Agricultural and Food Policy; Crop Production/Industries.
Ano: 1989 URL: http://purl.umn.edu/51260
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An Economic Analysis of Corn-based Ethanol Production AgEcon
Koo, Won W.; Taylor, Richard D..
A global multi-commodity simulation model was developed to estimate the impact of changes in ethanol production on the U.S. corn industry. Increased ethanol production under the Energy Acts of 2005 and 2007 resulted in a significant increase in the price of corn. However, for corn-based ethanol production, the break-even price of corn is approximately $4.52 per bushel with a federal subsidy of $0.51 per gallon of pure ethanol and $2.50 gasoline. With a corn price of $4.52, the economically desirable ethanol production is approximately 11 billion gallons. In order to produce 15 billion gallons of corn-based ethanol and to maintain the price of corn at $4.52 per bushel, supply of corn in the U.S. should be increased substantially through increases in corn...
Tipo: Report Palavras-chave: Ethanol; Price impacts; Supply; Demand; Econometric simulation; HFCS; Resource /Energy Economics and Policy.
Ano: 2008 URL: http://purl.umn.edu/6201
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