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The Impacts of Animal Disease Crises on the Korean Meat Market

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Author Info
Park, Moonsoo
Jin, Yanhong H
Bessler, David A.

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Abstract

Employing the error correction method and historical decomposition with direct acyclic graphs, we quantify the impacts of domestic and oversea animal disease crises on the Korean meat markets. We find that (a) the market partially recovered 16 months after the foot-and-mouth outbreak in 2000, and 13 months after the avian influenza and the U.S. BSE incidents in 2003; (b) animal disease outbreaks have differentiate impacts by disease type and supply chain level. Retailers likely to have windfall profits as the retail price margin in creased relative to the farm and wholesale levels; and (c) disease outbreaks affect dynamic price interdependence.

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Publisher Info
Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida with number 6365.

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Date of creation: 2008
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Handle: RePEc:ags:aaea08:6365

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Related research
Keywords: Animal disease outbreak; Error correction model; Direct acyclic graphs; Korean meat market; Historical Decomposition; Price margins; Livestock Production/Industries; C32; Q11; L11;

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  2. Nicholas E. Piggott & Thomas L. Marsh, 2004. "Does Food Safety Information Impact U.S. Meat Demand?," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 86(1), pages 154-174, 02. [Downloadable!] (restricted)
  3. Wolfram Schlenker & Sofia Villas-Boas, 2008. "Consumer and Market Responses to Mad-Cow Disease," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series 1023, Department of Agricultural & Resource Economics, UC Berkeley. [Downloadable!]
  4. Schroeder, Ted C. & Lusk, Jayson L., 2002. "Effects of Meat Recalls on Futures Market Prices," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 31(1), April. [Downloadable!]
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  5. Lutz Kilian, 2008. "A Comparison of the Effects of Exogenous Oil Supply Shocks on Output and Inflation in the G7 Countries," Journal of the European Economic Association, MIT Press, vol. 6(1), pages 78-121, 03. [Downloadable!] (restricted)
  6. Pritchett, James & Thilmany, Dawn & Johnson, Kamina, 2005. "Animal Disease Economic Impacts: A Survey of Literature and Typology of Research Approaches," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association (IAMA), vol. 8(01). [Downloadable!]
  7. Geweke, John F & Meese, Richard, 1981. "Estimating Regression Models of Finite but Unknown Order," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 22(1), pages 55-70, February. [Downloadable!] (restricted)
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  8. Selva Demiralp & Kevin D. Hoover, 2003. "Searching for the Causal Structure of a Vector Autoregression," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 65(s1), pages 745-767, December. [Downloadable!] (restricted)
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  9. Jill J. McCluskey & Kristine M. Grimsrud & Hiromi Ouchi & Thomas I. Wahl, 2005. "Bovine spongiform encephalopathy in Japan: consumers' food safety perceptions and willingness to pay for tested beef *," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society and Blackwell Publishing Asia Pty Ltd., vol. 49(2), pages 197-209, 06. [Downloadable!] (restricted)
  10. Norman R. Swanson & C. W.J. Granger, 1992. "Impulse Response Functions Based on a Causal Approach to Residual Orthogonalizaton in Vector Autoregressions," University of California at San Diego, Economics Working Paper Series 92-50, Department of Economics, UC San Diego. [Downloadable!]
  11. Henson, Spencer & Mazzocchi, Mario, 2002. " Impact of Bovine Spongiform Encephalopathy on Agribusiness in the United Kingdom: Results of an Event Study of Equity Prices," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 84(2), pages 370-86, May. [Downloadable!] (restricted)
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