Impact of climate change on corn price, a current analysis
DOI:
https://doi.org/10.29312/remexca.v16i7.3872Keywords:
climate change, corn price, impactsAbstract
Climate change is a problem that has worsened in recent years, its effects have spread to all economic sectors, extreme events are becoming more frequent and their intensity has increased. The agricultural sector is one of the sectors that has had the most negative impacts due to the effects of climate change, in addition to being a sector that potentially contributes to the generation of greenhouse gases, making the problem chronic. In order to measure the effects of climate change on corn price, it was analyzed how changes in temperature and precipitation over a broad time horizon (1992-2022) have physically affected corn yields and what is their effect on the price of this crop in Mexico through a two-stage least squares model; it was found that, without taking into account climatological variables, in the face of an increase in yield, the price shows a decrease of 5.7%; nevertheless, when including the effect of climate change, the reduction in the price is 2%; using the IPCC climate change scenarios, it was concluded that, in the long term, these variations in the price of corn would cause distortions in the market, negatively impacting the dynamics of inflation and, consequently, making the minimum consumption basket more expensive.
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