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

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