Impact Of Gatt In The Functioning Of Agricultural Markets: An Examination Of Market Integration And Efficiency In The World Beef And Wheat Market Under The Pre-Gatt And Post-Gatt Regimes
Although the GATT compliance record is mixed, this study finds consistent evidence that GATT reforms improved market efficiency and integration in the beef and wheat market. Cointegration analysis shows much improved price transmission and speed of adjustment. Variance decomposition analysis reveals larger and quicker impacts in prices of non-fundamental shocks originating from other markets. Results make a stronger case for more reforms in the current revisitation of the Agreement.
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