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Production and Trade of Port Wine: Temporal Dynamics and Pricing

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  • Correia, Leonida
  • Rebelo, João
  • Caldas, José

Abstract

This paper examines the productive and trade dynamics of Port wine and the impact of wine aging on price. The main results show that, after World War II, the economy founded on Port wine is characterised by a general tendency for growth, leading to positive economic impacts on both grape growers and Port traders. Nonetheless, data from the last decade points to a relatively long negative phase of the business cycle. The annualized return rate of 5% on storage that was obtained for old Port wine, indicate that this is an asset attractive enough to be included in any investment portfolio.

Suggested Citation

  • Correia, Leonida & Rebelo, João & Caldas, José, 2015. "Production and Trade of Port Wine: Temporal Dynamics and Pricing," Agricultural Economics Review, Greek Association of Agricultural Economists, vol. 16(1), pages 1-15.
  • Handle: RePEc:ags:aergaa:253687
    DOI: 10.22004/ag.econ.253687
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    File URL: http://ageconsearch.umn.edu/record/253687/files/16_1_1.pdf
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    References listed on IDEAS

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    1. Masset, Philippe & Henderson, Caroline, 2010. "Wine as an Alternative Asset Class," Journal of Wine Economics, Cambridge University Press, vol. 5(1), pages 87-118, April.
    2. Sanning, Lee W. & Shaffer, Sherrill & Sharratt, Jo Marie, 2008. "Bordeaux Wine as a Financial Investment," Journal of Wine Economics, Cambridge University Press, vol. 3(1), pages 51-71, April.
    3. Marianne Baxter & Robert G. King, 1999. "Measuring Business Cycles: Approximate Band-Pass Filters For Economic Time Series," The Review of Economics and Statistics, MIT Press, vol. 81(4), pages 575-593, November.
    4. Fogarty, James J., 2010. "Wine Investment and Portfolio Diversification Gains," Journal of Wine Economics, Cambridge University Press, vol. 5(1), pages 119-131, April.
    5. Krasker, William S, 1979. "The Rate of Return to Storing Wines," Journal of Political Economy, University of Chicago Press, vol. 87(6), pages 1363-1367, December.
    6. Fogarty, James J. & Sadler, Rohan, 2014. "To Save or Savor: A Review of Approaches for Measuring Wine as an Investment," Journal of Wine Economics, Cambridge University Press, vol. 9(3), pages 225-248, December.
    7. James Joseph Fogarty, 2006. "The return to Australian fine wine," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 33(4), pages 542-561, December.
    8. Jaeger, Elizabeth, 1981. "To Save or Savor: The Rate of Return to Storing Wine: Comment," Journal of Political Economy, University of Chicago Press, vol. 89(3), pages 584-592, June.
    9. REBELO, João & CORREIA, Leonida, 2008. "Port Wine Dynamics: Production, Trade And Market Structure," Regional and Sectoral Economic Studies, Euro-American Association of Economic Development, vol. 8(1), pages 99-114.
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    Keywords

    Agribusiness; Agricultural and Food Policy;

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