Hostname: page-component-78c5997874-fbnjt Total loading time: 0 Render date: 2024-11-17T05:19:18.905Z Has data issue: false hasContentIssue false
  • English
  • Français

Employment in Agribusiness and Purchases of Agricultural Products: The Effects of Monetization in Yugoslavia

Published online by Cambridge University Press:  28 April 2015

Dragan Miljkovic  and
Roberto J. Garcia
Dragan Miljkovic
Affiliation:
Department of Agricultural and Consumer Economics, University of Illinois, Urbana-Champaign
Roberto J. Garcia
Affiliation:
Department of Agricultural and Consumer Economics, University of Illinois, Urbana-Champaign
Get access Rights & Permissions [Opens in a new window]

Abstract

Efforts to stabilize employment and output in the agricultural sector of Yugoslavia through monetization contributed to inflationary pressures. Granger causality tests suggest that increases in the rate of growth in the supply of money to subsidize state-owned agribusinesses were insufficient to maintain purchases of wheat and corn, but did cause purchases of cattle and swine. This result may be explained by producers having more flexibility in grain marketing (i.e., storage options and private buyers) and the perishability issues related to livestock marketing. The policy to maintain employment through monetization is shown to have been ineffective.

Keywords

agribusinessemploymentGranger causalityinflationmoney supplystate purchasesYugoslavia
Type
Articles
Information
Journal of Agricultural and Applied Economics , Volume 28 , Issue 2 , December 1996 , pp. 357 - 368
Copyright
Copyright © Southern Agricultural Economics Association 1996

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Baffes, J., and Shah, A.. “Causality and Comove-ment Between Taxes and Expenditures: Historical Evidence from Argentina, Brazil, and Mexico.” J. Develop. Econ. 44(1994):311–31.CrossRefGoogle Scholar
Banerjee, A., Dolado, J., Galbraith, J.W., and Hendry, D.F.. Co-integration, Error-Correction, and the Econometric Analysis of Nonstationary Data. London: Oxford University Press, 1993.CrossRefGoogle Scholar
“Beating the Sanctions on Serbia.” The Economist (2-8 July 1994):49.Google Scholar
Bruno, M. “Stabilization and Reform in Eastern Europe: A Preliminary Evaluation.” IMF Work. Pap. No. WP-92-30, International Monetary Fund, Washington DC, 1992.Google Scholar
Cagan, P. “The Monetary Dynamics of Hyperinflation.” In Studies in the Quantity Theory of Money, ed., Friedman, M.. Chicago: University of Chicago Press, 1956.Google Scholar
De la Barra, V., Marchant, M.A., and Isinika, A.C.. “Stabilization Policies and Agricultural Impacts in Developing Countries: The Case of Bolivia.” J. Agr. and Appl. Econ. 27(1995):1884–96.Google Scholar
Dickey, D.A., and Fuller, W.A.. “Distribution of the Estimators for Autoregressive Time Series with a Unit Root.” J. Amer. Statis. Assoc. 74(1979):427–31.Google Scholar
Enders, W.Applied Econometric Time Series. New York: John Wiley and Sons, Inc., 1995.Google Scholar
Florkowski, W.J., and Elnagheeb, A.H.. “The Evolution of the Pricing Mechanism in the Polish Vegetable Markets: An Empirical Test.” Rev. Agr. Econ. 15(1993):1–8.CrossRefGoogle Scholar
Fuller, W.A.Introduction to Statistical Time Series. New York: John Wiley, 1976.Google Scholar
Granger, C.W.J. and Newbold, P.. Forecasting Economic Time Series. San Diego: Academic Press, 1986.Google Scholar
Harvey, A.The Econometric Analysis of Time Series, 2nd ed. Cambridge MA: The MIT Press, 1991.Google Scholar
International Monetary Fund. International Financial Statistics [monthly]. IMF, Washington DC. Various issues, 1990-1995.Google Scholar
Petrovic, P., Avramovic, D., and Covic, M.. Economic Developments in the Federal Republic of Yugoslavia. Center for Economics Studies, Belgrade, Federal Republic of Yugoslavia, September 1994.Google Scholar
Ran, G., In, F., and Dillon, J.L.. “Effects of Agricultural Production Fluctuation on the Chinese Macroeconomy.” Agr. Econ. 12(1995):69–78.CrossRefGoogle Scholar
Sachs, J.D., and Larrain, F.B.. Macroeconomics in the Global Economy. Englewood Cliffs NJ: Prentice Hall, Inc., 1993.Google Scholar
Sargent, T.J.Rational Expectations and Inflation. New York: Harper and Row, 1986.Google Scholar
Savic, N. “Economic Stabilization in Yugoslavia.” Unpublished manu., Economics Institute, Belgrade, Federal Republic of Yugoslavia, September 1994.Google Scholar
Statistical Institute of the Republic of Serbia. Monthly Statistical Review of the Republic of Serbia [Mesecni Statisticki Pregled Republike Srbije]. Belgrade, Republic of Serbia. Various issues, January 1991 through February 1994.Google Scholar
Statistical Institute of Yugoslavia [Statisticki Zavod Jugoslavie]. Monthly Statistical Bulletin of Yugoslavia [Statisticki Bilten]. Belgrade, Federal Republic of Yugoslavia. Various issues, 1991—1994.Google Scholar
Statistical Institute of Yugoslavia [Statisticki Zavod Jugoslavie]. Statistical Yearbook of Yugoslavia. Belgrade, Federal Republic of Yugoslavia. Various issues, 1980-1995.Google Scholar
Tanzi, V. “Inflation, Real Tax Revenue, and the Case for Inflationary Finance: Theory with an Application in Argentina.” IMF Staff Papers 25(1978):417–51. International Monetary Fund, Washington DC.CrossRefGoogle Scholar
Wu, X., and Yao, X.. “Relationship Between Agricultural Growth and Farm Imports in LDCs: A Sims’ Causality Test Based on 35 Countries.” Agr. Econ. 7(1992):341–49.CrossRefGoogle Scholar