3.3.1. The private commercial sector 87
 3.3.2. Co-operatives 88
 3.3.3. Parastatals 88
 3.3.4. Local and community organizations 89
 3.3.5. Non-governmental organizations (NGOs) 89

4. The Food System under Stress 91
 4.1. Chronic food insecurity 91
 4.2. Seasonal and cyclical food insecurity 92
 4.3. Household coping strategies under stress 95

5. Monitoring Food Security 98
 5.1. The need for a food security monitoring system 98
 5.2. National and global monitoring systems 99
 5.3. Local and household food security monitoring 100

Activities related to Chapter 3 103

Chapter 4 Impact of Policy on Food Security 105

1. The Macroeconomy and Food Security 108
 1.1. Introduction 108
 1.2. Macroeconomic shocks, international economic 109
 trends and food security
 1.3. Macroeconomic parameters and food availability 113
 1.4. Macroeconomic policy and access to food 114

 2. The Impact of Macroeconomic Policy on Food Security: A Framework 115
 for Analysis

 3. Impact of Exchange Rate Policies 119
 3.1. Introduction 119
 3.2. Consequences of an overvalued exchange rate 120
 3.3. Effects of a devaluation on the food economy 121
 3.3.1. Main channels of impact on food supply and demand 121
 3.3.2. Impact on food prices 122
 3.3.3. Impact on food production and supply 124
 3.3.4. Impact on factor and household income 127
 3.3.5. Impact on food demand and household food 130
 consumption
 3.4. Impact on national and household food security 131
 3.4.1. Effects on the aggregate national food situation 131
 3.4.2. Impact on food security of vulnerable groups 133