The effects of macroeconomic policy on South African agriculture: implications for exports, prices and farm incomes
Cointegration techniques were used to identify valid long-run relationships between macroeconomic variables and agriculture. Then, identifying restrictions were imposed on a VAR system and three long-run equilibrium relationships were found, with exports, the real price of outputs and net farm income as the dependent variables. Some of the elasticities had perverse signs that could be explained by the activities of the Marketing Boards and other distortionary policies. Tests shows that the macroeconomic variables were causally prior to the agricultural variables and that the system was becoming more responsive later in the period, as some of the distortion was removed. © 1998 John Wiley & Sons, Ltd.
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Volume (Year): 10 (1998)
Issue (Month): 1 ()
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