ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Maxi Devaluations and Contraction

dietary changes associated with economic growth the world over. This implies that as the pressure on the direct (per capita) demand for cereals as food eases, indirect demand will increase, as increasing meat and milk demand exerts in turn a demand for cereals as livestock feed.7 In addition, the results indicate that incorporating regional specificity in demand analysis matters ignoring it may lead to aggregation biases.

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