Title
Further empirical evidence of wheat and barley market integration in the eu
Document Type
Article
Publication Date
8-3-2000
Abstract
Integration in the EU wheat and barley markets is studied using monthly price series for the 1980-1994 period. The methodology expands previous work on cointegration modeling by testing market integration constraints on the cointegration space; these tests are also supplemented with an evaluation of the short-run dynamics by testing for causality and calculating forecast-error variance decompositions. This adds to previous work which has suggested that cointegra-tion is a necessary but not sufficient condition for market integration. Results are consistent with the self-sufficiency nature of cereal markets in the EU. Prices appear to follow each other in the long-run with more than one stochastic trend. France exerts a leadership in cereal prices as a result of being the main exporter. © 2000 Taylor & Francis Group, LLC.
Publication Source (Journal or Book title)
Journal of International Food and Agribusiness Marketing
First Page
45
Last Page
61
Recommended Citation
Gil, J., Angulo, A., & Zapata, H. (2000). Further empirical evidence of wheat and barley market integration in the eu. Journal of International Food and Agribusiness Marketing, 45-61. https://doi.org/10.1300/J047v11n02_03