Influence of trade policies on price integration in the world beef market
The article develops three hypotheses about how policy interventions in major trading nations influence price integration in the world beef market. Simple correlation coefficients, tests for significant differences between coefficients, and Granger causality tests are used to test the hypotheses. First, segmentation between prices in Foot and Mouth Disease (FMD) -free and FMDendemic countries is found, but it is much less than previously assumed. Second, European Community policies that closed the E.C. import market have isolated prices in the E.C. from other markets. These policies also led to greater integration among prices in FMD-free and FMD-endemic market segments by forcing exporters from both segments to compete directly in new import markets. Third, the U.S.A. is found to be the price leader in world beef markets, due not only to market size, but also to U.S. policies that allow transmission of price information from the U.S. market to the world market but not vice versa.
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- Petzel, Todd E. & Monke, Eric A., 1979. "The Integration of the International Rice Market," Food Research Institute Studies, Stanford University, Food Research Institute, issue 03.
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- Reeves, G.W. & Longmire, James L., 1982. "A Note on the Theory of Price Determination in the Australian Beef Market," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 50(01), April.
- Granger, C W J, 1969. "Investigating Causal Relations by Econometric Models and Cross-Spectral Methods," Econometrica, Econometric Society, vol. 37(3), pages 424-38, July.
- Bailey, DeeVon & Brorsen, B. Wade, 1985. "Dynamics Of Regional Fed Cattle Prices," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 10(01), July.
- Monke, Eric A. & Salam, Salah Abdel, 1986. "Trade policies and variability in international grain markets," Food Policy, Elsevier, vol. 11(3), pages 238-252, August.
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