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Institutional Impact of GATT: An Examination of Market Integration and Efficiency in the World Beef and Wheat Market under the GATT Regime

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  • Jacinto F. Fabiosa

Abstract

Many studies have been done concerning the impact of the General Agreement on Tariffs and Trade (GATT) on economic activities such as production, consumptions trade, and prices. This study examines whether GATT reforms improved market integration and efficiency using the beef and wheat markets as specific cases. Whereas earlier studies specified general or partial equilibrium structure in their models, this study uses time series methods with minimum structural specification. The author suggests there is consistent evidence that GATT reforms promoted market integration and improved market efficiency.

Suggested Citation

  • Jacinto F. Fabiosa, 1999. "Institutional Impact of GATT: An Examination of Market Integration and Efficiency in the World Beef and Wheat Market under the GATT Regime," Center for Agricultural and Rural Development (CARD) Publications 99-wp218, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    • Handle: RePEc:ias:cpaper:99-wp218
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    References listed on IDEAS

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    1. Param Silvapulle & Sisira Jayasuriya, 1994. "Testing For Philippines Rice Market Integration: A Multiple Cointegration Approach," Journal of Agricultural Economics, Wiley Blackwell, vol. 45(3), pages 369-380, September.
    2. Nelson, Charles R. & Plosser, Charles I., 1982. "Trends and random walks in macroeconmic time series : Some evidence and implications," Journal of Monetary Economics, Elsevier, vol. 10(2), pages 139-162.
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    Cited by:

    1. Daniel Cassidy & Nick Hanley, 2022. "Union, border effects, and market integration in Britain," Working Papers 0228, European Historical Economics Society (EHES).
    2. Samarendu Mohanty & Suchada Langley, 2003. "The Effects of Various Policy Regimes in the Integration of North American Grain Markets," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 51(1), pages 109-120, March.
    3. M. R. Barassi & A. Ghoshray, 2007. "Structural Change and Long-run Relationships between US and EU Wheat Export Prices," Journal of Agricultural Economics, Wiley Blackwell, vol. 58(1), pages 76-90, February.

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