Agricultural Markets Integration in the European Union: Further Empirical Evidence on the Pork Sector

Ana Isabel Sanjuån () and José María GiI
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Ana Isabel Sanjuån: Universidad Publica de Navarra, Postal: Campus de Arrosadia 31.006 Pamplona, Spain
José María GiI: Unidad de Economia Agraia, Postal: Unidad de Economia Agraia

Journal of Economic Integration, 1999, vol. 14, 203-225

Abstract:

Market integration among the EU þork markets is studied from both a long and short-run þersþective. Johansen's (1 988) multivariate cointegration procedure is used to identify long-run equilibrium relationshiþs among pork prices. Some hypotheses about perfect integration are formulated and test. Forecast Error Variance decomposition is used to examine the short-run interrelation-shiþs among þrice series. Pig carcases (grade II) þrices from EUROSTAT are used and five countries are considered: Denmark, Sþain, Germany, United Kingdom and Italy. Data cover the þeriod from January 1973 to December 1993. Structural breaks have been considered when testing for the presence of unit roots. Results suggest that a high degree of integration exists among these selected markets although the detection of only one cointegrating vector does not þrovide evidence enough in favor of a unique pork market in the EU. Production characteristics, deficiencies in information transmission and sanitary controls may exþlain sluggishness in prices adjustments.

Keywords: market integration; unit roots; multivariate cointegration; forecast error variance decomposition (search for similar items in EconPapers)
JEL-codes: C32 F15 Q11 (search for similar items in EconPapers)
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:ris:integr:0103

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