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Author: Declan G. O'Connor
Publisher:
ISBN:
Category : Dairy products industry
Languages : en
Pages : 290
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Book Description
This thesis presents two related price transmission studies involving EU dairy product markets. The first, a spatial price transmission study, examines the linkage between both EU butter and skim milk powder (SMP) wholesale prices in Germany, France, Belgium and the Netherlands. These markets are subject to a common policy regime, the Common Agricultural Policy (CAP). So, economic theory suggests that the law of one price (LOP) should hold in these markets. Using the Johansen cointegration approach the results show that the concept of a single market does exist, however the hypothesis of perfect price transmission is rejected. This analysis shows that both trade and policy variables are important in capturing the dynamics of these markets. The second study explores the vertical transmission between the farm gate price of raw milk in Ireland and World, EU and Irish Dairy Board (IDB) butter and SMP wholesale prices. The cointegration analysis fails to support the hypothesis of transmission from individual commodities prices to the farm gate price. This finding results from the fact that Irish farmers are paid for their milk on the basis of the combination of its milk fat and protein content. In contrast the individual commodity prices reflect a value for milk fat in isolation as derived from butter prices or protein in isolation as derived from SMP prices. When a portfolio approach involving composite prices based on a combination of butter and SMP prices is considered price transmission is clearly evident. The univariate threshold cointegration models clearly support the hypothesis of asymmetric price transmission while the multivariate extension only supports the hypothesis when transmission from the composite Dutch butter and SMP prices via the Irish Dairy Board (IDB) is considered.
Author: Declan G. O'Connor
Publisher:
ISBN:
Category : Dairy products industry
Languages : en
Pages : 290
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Book Description
This thesis presents two related price transmission studies involving EU dairy product markets. The first, a spatial price transmission study, examines the linkage between both EU butter and skim milk powder (SMP) wholesale prices in Germany, France, Belgium and the Netherlands. These markets are subject to a common policy regime, the Common Agricultural Policy (CAP). So, economic theory suggests that the law of one price (LOP) should hold in these markets. Using the Johansen cointegration approach the results show that the concept of a single market does exist, however the hypothesis of perfect price transmission is rejected. This analysis shows that both trade and policy variables are important in capturing the dynamics of these markets. The second study explores the vertical transmission between the farm gate price of raw milk in Ireland and World, EU and Irish Dairy Board (IDB) butter and SMP wholesale prices. The cointegration analysis fails to support the hypothesis of transmission from individual commodities prices to the farm gate price. This finding results from the fact that Irish farmers are paid for their milk on the basis of the combination of its milk fat and protein content. In contrast the individual commodity prices reflect a value for milk fat in isolation as derived from butter prices or protein in isolation as derived from SMP prices. When a portfolio approach involving composite prices based on a combination of butter and SMP prices is considered price transmission is clearly evident. The univariate threshold cointegration models clearly support the hypothesis of asymmetric price transmission while the multivariate extension only supports the hypothesis when transmission from the composite Dutch butter and SMP prices via the Irish Dairy Board (IDB) is considered.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264011609
Category :
Languages : en
Pages : 168
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Book Description
This report is an attempt to improve understanding of the dairy sector through an analysis of the trade and economic effects of the main policy measures (subsidies) applied to the dairy sector.
Author: Steve McCorriston
Publisher:
ISBN: 0198732392
Category : Business & Economics
Languages : en
Pages : 209
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Book Description
This book addresses the important issue of food prices across EU Member States. Although recent attention has focused on events in world commodity markets following the spikes in world prices in 2007-2008 and 2011, there has been comparatively little attention addressing food price dynamics at the retail level. This volume addresses the characteristics of retail food price behaviour and the nature and drivers of price transmission across the EU. There are several inter-related features of the research reported here. First, the volume reports the characteristics of retail food inflation across the EU and the extent to which it differs from non-food inflation. Second, given the different experience of food inflation across EU Member States, it details the process of price transmission as shocks from upstream and world markets are passed through the food sector to the retail stage. Third, it addresses how the extent and nature of price transmission is determined by various aspects of competition throughout the domestic food sector and how the nature of vertical contracting between stages can determine the price transmission process. Finally, it outlines the potential of high-frequency, product-specific scanner data to address price dynamics and adjustment issues and how scanner data can also be used to measure food price inflation. The book will be of interest to researchers on price transmission and competition issues in the EU and, given the wider interest on these issues coupled with the novel use of scanner data, to researchers further afield. The contributions will also be of interest to policymakers and stakeholders as they seek to make sense of, and to address, regulation issues as they relate to the food sector.
Author: Judith Hillen
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Roland E. Williams
Publisher: Food & Agriculture Org.
ISBN: 9789251040805
Category : Agriculture
Languages : en
Pages : 188
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Book Description
Author: Judith Hillen
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This PhD thesis comprises three papers on price transmission and market integration in Swiss agricultural and food markets. In the paper "Protecting the Swiss milk market from foreign price shocks: Public border protection vs. quality differentiation" we focus on spatial price transmission between the European Union and Switzerland. The milk market is of strategic importance for Switzerland, and the country applies a number of different border protection policies for milk products. While dairy products such as butter and milk powder are still subject to tariffs and tariff rate quotas, chees...
Author: Steve McCorriston
Publisher: OUP Oxford
ISBN: 0191046264
Category : Business & Economics
Languages : en
Pages : 209
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Book Description
This book addresses the important issue of food prices across EU Member States. Although recent attention has focused on events in world commodity markets following the spikes in world prices in 2007-2008 and 2011, there has been comparatively little attention addressing food price dynamics at the retail level. This volume addresses the characteristics of retail food price behaviour and the nature and drivers of price transmission across the EU. There are several inter-related features of the research reported here. First, the volume reports the characteristics of retail food inflation across the EU and the extent to which it differs from non-food inflation. Second, given the different experience of food inflation across EU Member States, it details the process of price transmission as shocks from upstream and world markets are passed through the food sector to the retail stage. Third, it addresses how the extent and nature of price transmission is determined by various aspects of competition throughout the domestic food sector and how the nature of vertical contracting between stages can determine the price transmission process. Finally, it outlines the potential of high-frequency, product-specific scanner data to address price dynamics and adjustment issues and how scanner data can also be used to measure food price inflation. The book will be of interest to researchers on price transmission and competition issues in the EU and, given the wider interest on these issues coupled with the novel use of scanner data, to researchers further afield. The contributions will also be of interest to policymakers and stakeholders as they seek to make sense of, and to address, regulation issues as they relate to the food sector.
Author: Don P. Blayney
Publisher:
ISBN:
Category : Dairy products
Languages : en
Pages : 76
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Book Description
Author: W. D. Dobson
Publisher:
ISBN:
Category : Dairy products
Languages : en
Pages : 36
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Book Description
Author: European Court of Auditors
Publisher:
ISBN:
Category : Dairy products industry
Languages : en
Pages : 72
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Book Description
