 The long-term financial drivers of fine wine prices: The role of emerging marketsJean-Marie Cardebat () and Linda Jiao The Quarterly Review of Economics and Finance, 2018, vol. 67, issue C, 347-361 Abstract: We analyze the long-term relationship between the fine wine market and stock markets, from world level to specific countries, by applying a cointegration approach on a 21-year monthly database. Our database includes the Liv-ex Fine Wine Investables Index, 6 Liv-ex sub-indices, 25 MSCI Indexes and 10 national stock market indexes. Results suggest significant cointegration between emerging markets, especially Asia, and fine wine markets, and also causality from the former to the latter. As a result, the slowdown of economic growth in emerging countries can be a risk to the fine wine market. Furthermore, Mainland China appears to be one of the main drivers of fine wine markets, and more precisely, the leading Bordeaux wines. We suggest that along with single-index analysis, our approach can be taken into consideration in fine wine price forecasting and portfolio diversification strategy. Keywords: Wine; Cointegration; Financial markets; Emerging markets (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:quaeco:v:67:y:2018:i:c:p:347-361 DOI: 10.1016/j.qref.2017.07.016 Access Statistics for this article The Quarterly Review of Economics and Finance is currently edited by R. J. Arnould and J. E. Finnerty More articles in The Quarterly Review of Economics and Finance from Elsevier |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.