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Market Integration of Fish in Europe

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  • Max Nielsen
  • Jos Smit
  • Jordi Guillen

Abstract

This paper examines market integration between fish species in Europe, taking international market integration into account. Based on Juselius (2006), market integration is found both on the fresh and frozen markets. The Law of One Price is in force on the fresh market within the segments of flatfish and pelagic fish. Assuming transitivity, a loose form of market integration is identified between 13 fresh and seven frozen fish species, and the relative prices are found fairly stable. The policy implication is that catch limitation measures implemented through the Common Fisheries Policy have limited and conditional effects on prices, because of the large size of the market and varying market integration. Therefore, many fishermen are not ‘compensated’ by price increases as a result of catch limitation measures.

Suggested Citation

  • Max Nielsen & Jos Smit & Jordi Guillen, 2009. "Market Integration of Fish in Europe," Journal of Agricultural Economics, Wiley Blackwell, vol. 60(2), pages 367-385, June.
    • Handle: RePEc:bla:jageco:v:60:y:2009:i:2:p:367-385
    DOI: 10.1111/j.1477-9552.2008.00190.x
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    References listed on IDEAS

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    1. Frank Asche & Helge Bremnes & Cathy R. Wessells, 1999. "Product Aggregation, Market Integration, and Relationships between Prices: An Application to World Salmon Markets," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(3), pages 568-581.
    2. Henry W. Kinnucan & Øystein Myrland, 2002. "The Relative Impact of the Norway‐EU Salmon Agreement: a Mid‐term Assessment," Journal of Agricultural Economics, Wiley Blackwell, vol. 53(2), pages 195-219, July.
    3. Martin Ravallion, 1986. "Testing Market Integration," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 68(1), pages 102-109.
    4. Juselius, Katarina, 2006. "The Cointegrated VAR Model: Methodology and Applications," OUP Catalogue, Oxford University Press, number 9780199285679.
    5. Babula, Ronald A. & Newman, Douglas & Rogowsky, Robert A., 2006. "A Dynamic Model of U.S. Sugar-Related Markets: A Cointegrated Vector Autoregression Approach," Journal of Food Distribution Research, Food Distribution Research Society, vol. 37(2), pages 1-25, July.
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