Research Program on Agricultural Risk
Adaptation Strategies to Climate Change: Agricultural Risk Managment in Argentina
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Institucional Framework
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Objetives
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Research and Network
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External Advisors
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Research Team
Adaptation Strategies to Climate Change: Agricultural Risk Management in Argentina.
Institutional Framework
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The program is developed in the Quantitative Research
Center of the University of Buenos Aires
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PICT 2011-0919: Financial Governance: Regulatory
proposals and socioeconomic impact. Dentro del
objetivo “Macroeconomic Risk Index”.
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UBACyT 2014-2017: Sustainable Macro prudential
Governance : financing innovation, agricultural and
socioeconomic impact.
Adaptation Strategies to Climate Change: Agricultural Risk Management in Argentina.
GENERAL AIM
• The general aim of this program is to design an integrated agricultural risk management matrix, considering price and climate risk, and designing financial innovations to manage them, in order to enhance that adaptation capacity of Argentinean economy to climate change.
Adaptation Strategies to Climate Change: Agricultural Risk Management in Argentina.
Tools Public Policies Risks Scenarios Incidence assess Follow Control Mitigate Identify Integral Agricultural Risk Management
Structure
Adaptation Strategies to Climate Change: Agricultural Risk Management in Argentina.
Macro Risk Regional Incidence Price Risk Quantity Risk Escenario valuation
Instruments Insurance Derivates
Public Policies
Climate
variability Price volatility
Risks
Scenario
Incidence
Fiscal Stabilization Funds Disaster management
Agricultural Emergency
Meso Insurance Development of financial tools
Adaptation Strategies to Climate Change: Agricultural Risk Management in Argentina.
PROJECT KEY IDEAS
1. We study climate change mitigation and adaptation strategies specifically in the agricultural sector of Argentina
2. We focus on an integrated risk management framework from a public and private participation perspective
3. Even through there is a strong specialization in climate risk, we still study price risk.
4. We intend to develop financial and fiscal innovations
Adaptation Strategies to Climate Change: Agricultural Risk Management in Argentina.
SPECIFIC LINES OF RESEARCH
1. Macroeconomic and regional impact and valuation on climate change
2. Price risk: study of the commodities financialization hypothesis. 3. Financial innovations for climate risk management
4. Agricultural Risk Managment (ERM): study cases 5. Agricultural risk governance
Adaptation Strategies to Climate Change: Agricultural Risk Management in Argentina.
1- Macroeconomic and Sectorial impact of climate
change in Argentina
Valuation of potential losses of gross product, public and private income, currency derivatives price projections (market risks) and Quantities (climate risks).
Adaptation Strategies to Climate Change: Agricultural Risk Management in Argentina. ESPECIFIC
2- PRICE RISK
Price risk: study the dynamic changes in the price
formation of agricultural commodities.
Financialization process of commodities.
Coverage, speculation and portfolio.
ESPECIFIC OBJECTIVES
Adaptation Strategies to Climate Change: Agricultural Risk Management in Argentina.
3- FINANCIAL INNOVATIONS APPLIED TO
MANAGEMENT OF CLIMATE CHANGE RISK
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Scope and limitations of traditional insurances
(property and income insurance).
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Indices based coverage: indexes insurance and
climate derivatives.
Adaptation Strategies to Climate Change: Agricultural Risk Management in Argentina. ESPECIFIC
4- INTEGRAL MANAGEMENT OF AGRICULTURAL RISK: APLICATION OF THE ENTERPRISE RISK MANAGMENT (ERM) APPROACH TO
AGRICULTURAL HOLDINGS.
Cases of study
5- AGRICULTURAL RISK GOVERNANCE.
Emergency and disaster management funds
Macro and Meso levels coverage for small producers.
Disaster management
Adaptation Strategies to Climate Change: Agricultural Risk Management in Argentina. ESPECIFIC
PROGRAM AND ITS ARTICULATIONS
Adaptation Strategies to Climate Change: Agricultural Risk Management in Argentina.
ADVISORY COMMITTEE
• Ramiro Costa. Chief Economist at City of Buenos Aires Grain Exchange.
• Daniel Lema. PhD in Economics at CEMA. Researcher at the Economics and Sociology Institute (INTA).
• Daniel Miguez. Master in Government Economics and Bachelor in Economics (UBA). Agricultural Risk Office, MINAGRI
• Nicolás Jorge. Master in Economics (Di Tella University) and Bachelor in Economics (UBA). Economist at INAI Foundation.
Adaptation Strategies to Climate Change: Agricultural Risk Management in Argentina.
RESEARCHERS TEAM
Coordinator
PhD. Miguel Ángel Fusco
Trained Researchers
PhD. Esteban Otto Thomasz
Ma. Juan Miguel Massot
B.Ec. Ana Vilker
B.Ec. Mariano Eriz
TEAM Adaptation Strategies to Climate Change:
Associate Researchers
B.Ec. Alma Isoldi
Ma. Dario Bacchini
Ma. Paula Paula Mutchinick
PhD Thesis Students
Ma. Ignacio Clancy
Ma. Gonzalo Rondinone
RESEARCHERS TEAM
TEAM Adaptation Strategies to Climate Change:
Master Thesis Students
Bruno campanero
Denisse Rodríguez
Luis Massera
Carolina Pinzón
Soledad Palacios
RESEARCHERS TEAM
TEAM Adaptation Strategies to Climate Change:
Degree Thesis Students
Ignacio Ubaldi
Gerardo Martin Totah
Researcher Students
Lisette de los Ángeles Calloapaza
Santiago Pérez
Ignacio Saffigna
RESEARCHERS TEAM
TEAM Adaptation Strategies to Climate Change:
PRODUCTION
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Macroeconomic Risk and Sectorial Impact
– Macroeconomic Risk in the Society of Global Risk: An approximation (Massot)
– Soy Complex Impact: macroeconomics risk implication (Thomasz)
– Agro Industry, Innovation and Economic Growth in Argentina (Massot et al)
– Economic Measurement of Climate Variability on Argentinean Agriculture (Casparri, Thomasz, Vilker)
PRODUCTION Adaptation Strategies to Climate Change:
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Price Risk
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Commodities Indices (Rondinone y Thomasz)
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Commodities Financialization Process
• Soy (Rondinone, Thomasz)
• Wheat (Casparri, Thomasz y Rondinone)
PRODUCTION
PRODUCTION
Adaptation Strategies to Climate Change: Agricultural Risk Management in Argentina.
• Climate Risk
– Agricultural Insurance Survey in Argentina 2003-2013 (Fusco,
Calloapaza)
– World Comparative Study of index insurance (Massera, Thomasz y
Fusco)
– Theoretical Design of Index Insurance and Climate Derivatives(Clancy,
Thomasz y Fusco)
– Index Insurance for the Soy Case (Fusco, Mutchnik, Ubaldy)
– Climate Derivative for the Soy Case(Fusco, Totah )
– Climate Derivatives Framework (Fusco, Saffigna )
PRODUCTION
PRODUCTION
Adaptation Strategies to Climate Change: Agricultural Risk Management in Argentina.
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Governance
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Agricultural Emergency Law(Fusco)
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Meso Level Insurance: The Wheat Case in the
Buenos Aires Province(Campanero, Thomasz y
Fusco)
PRODUCTION
PRODUCTION
Adaptation Strategies to Climate Change: Agricultural Risk Management in Argentina.
Study Cases
• Agricultural Risk Management in Argentina (Fusco y Thomasz)
• The Cocoa in Ecuador (Rodriguez, Thomasz y Fusco)
• The Coffee in Colombia (Pinzón, Fusco)
• The Livestock in South Buenos Aires Province (Palacios, Fusco)
• The Grape in Mendoza (Pérez, Fusco)
PRODUCTION
PRODUCTION Adaptation Strategies to Climate Change:
