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Agricultural Markets Integration in the European Union: Further Empirical Evidence on the Pork Sector

Author

Listed:
  • Isabel Sanjuån, Ana

    (Universidad Publica de Navarra)

  • María GiI, José

    (Unidad de Economia Agraia)

Abstract

Market integration among the EU þork markets is studied from both a long and short-run þersþective. Johansen's (1 988) multivariate cointegration procedure is used to identify long-run equilibrium relationshiþs among pork prices. Some hypotheses about perfect integration are formulated and test. Forecast Error Variance decomposition is used to examine the short-run interrelation-shiþs among þrice series. Pig carcases (grade II) þrices from EUROSTAT are used and five countries are considered: Denmark, Sþain, Germany, United Kingdom and Italy. Data cover the þeriod from January 1973 to December 1993. Structural breaks have been considered when testing for the presence of unit roots. Results suggest that a high degree of integration exists among these selected markets although the detection of only one cointegrating vector does not þrovide evidence enough in favor of a unique pork market in the EU. Production characteristics, deficiencies in information transmission and sanitary controls may exþlain sluggishness in prices adjustments.

Suggested Citation

  • Isabel Sanjuån, Ana & María GiI, José, 1999. "Agricultural Markets Integration in the European Union: Further Empirical Evidence on the Pork Sector," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 14, pages 203-225.
    • Handle: RePEc:ris:integr:0103
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    More about this item

    Keywords

    market integration; unit roots; multivariate cointegration; forecast error variance decomposition;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • F15 - International Economics - - Trade - - - Economic Integration
    • Q11 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Aggregate Supply and Demand Analysis; Prices

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