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Evolvement of Market Integration between EU and World Agricultural Markets

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  • Feng, Siyi J.
  • Patton, Myles

Abstract

Since the MacSharry Reforms in 1992, the Common Agricultural Policy (CAP) has undergone various reforms. Prominent changes include consecutive reductions in intervention prices and the replacement of a range of coupled payments with a single decoupled payment. Such changes have led production to be more market-oriented and brought internal EU prices more in line with world prices. This study firstly examines the evolvement of wheat, barley, beef and butter prices in some EU key member states (i.e. the UK and France) and market integration between these countries. In particular, given the gradual progression of the reforms potential structural breaks are taken into account and allowed to be determined endogenously. Furthermore, market integration between the EU and world markets is investigated based on results of the first stage.

Suggested Citation

  • Feng, Siyi J. & Patton, Myles, 2013. "Evolvement of Market Integration between EU and World Agricultural Markets," 87th Annual Conference, April 8-10, 2013, Warwick University, Coventry, UK 158862, Agricultural Economics Society.
    • Handle: RePEc:ags:aesc13:158862
    DOI: 10.22004/ag.econ.158862
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    References listed on IDEAS

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