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Influence of Trade Policies on Price Integration in the World Beef Market

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  • Mark A. Dries
  • Laurian J. Unnevehr

Abstract

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 FMD‐endemic 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.

Suggested Citation

  • Mark A. Dries & Laurian J. Unnevehr, 1990. "Influence of Trade Policies on Price Integration in the World Beef Market," Agricultural Economics, International Association of Agricultural Economists, vol. 4(1), pages 73-89, April.
    • Handle: RePEc:bla:agecon:v:4:y:1990:i:1:p:73-89
    DOI: 10.1111/j.1574-0862.1990.tb00106.x
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    Cited by:

    1. Jarvis, Lovell S. & Cancino, Jose P. & Bervejillo, Jose E., 2005. "The Effect of Foot and Mouth Disease on Trade and Prices in International Beef Markets," 2005 Annual meeting, July 24-27, Providence, RI 19424, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Reca, Alejandro & Abbott, Philip, 1992. "Market Access and Agricultural Policy Reform: The Case of European Community Beef Trade," Occasional Papers 233075, Regional Research Project NC-194: Organization and Performance of World Food Systems.
    3. Diakosavvas, Dimitris, 1995. "How integrated are world beef markets? The case of Australian and U.S. beef markets," Agricultural Economics, Blackwell, vol. 12(1), pages 37-53, April.
    4. Lovell S. Jarvis & José E. Bervejillo & José P. Cancino, 2005. "International Beef Prices: Is There Evidence of Convergence?," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 27(3), pages 449-455.

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