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North American Agricultural Market Integration And Its Impact On The Food And Fiber System

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  • Vollrath, Thomas L.

Abstract

Economic change and market dynamics have fundamentally altered the structure and performance of agricultural markets in the United States, Canada, and Mexico within the last 25 years. Many factors have helped shape the current North American food and fiber system, including technological change, domestic farm policies, international trade agreements, and the economic forces of supply and demand. Ratification of NAFTA, for example, helped integrate the North American market, sparking a surge in trade and investment among the United States, Canada, and Mexico. In recent years, efforts to further integrate the continental market seem to have slowed. Broadening the scope of NAFTA to include institutional reforms that lead to a more unified system of commercial law, the establishment of common antitrust and regulatory procedures, harmonization of product standards, and increased coordination of domestic farm, market, and macroeconomic policies would deepen market integration and enhance market efficiency and growth within North America.

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Bibliographic Info

Paper provided by United States Department of Agriculture, Economic Research Service in its series Agricultural Information Bulletins with number 33639.

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Date of creation: 2003
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Handle: RePEc:ags:uersab:33639

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Keywords: agriculture; market integration; market segmentation; law of one price; price transmission; elasticities; exchange-rate pass-through; market efficiency; bilateral trade intensity; regional trade agreements; NAFTA; CUSTA; trade policy; WTO; GATT; Industrial Organization; International Relations/Trade; Marketing;

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Cited by:
  1. Khadan, Jeetendra & Hosein, Roger, 2013. "New Empirical Insights into the “Natural Trading Partner” Hypothesis for CARICOM Countries," MPRA Paper 50493, University Library of Munich, Germany.
  2. Jaramillo, Jose Luis & Yunez-Naude, Antonio & Serrano-Cote, Valeria, 2012. "Spatial Integration Of Mexico And United States In Grain Market: The Case Of Maize, Wheat And Sorghum," 2012 Conference, August 18-24, 2012, Foz do Iguacu, Brazil 126495, International Association of Agricultural Economists.
  3. Dwi Susanto & C. Parr Rosson & Flynn J Adcock, 2008. "Market integration and convergence to the law of one price in the North American onion markets," Agribusiness, John Wiley & Sons, Ltd., vol. 24(2), pages 177-191.
  4. Heman D. Lohano & Fateh M. Mari & Rajab A. Memon, 2005. "Testing Onion Market Integration in Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 44(4), pages 717-728.
  5. Lohano, Heman D. & Mari, Fateh M., 2012. "Measuring Spatial Integration in Tomato and Onion Markets of Pakistan: An Application of Error Correction Model in the Presence of Stationarity," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124611, Agricultural and Applied Economics Association.

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