Substituting hake with sardines? Economic crisis and fish demand in Spain

Ikerne del Valle (ikerne.delvalle@ehu.eus), Jordi Guillen (jordi.guillen.garcia@ifremer.fr) and Kepa Astorkiza (ebpasikk@ehu.eus)
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Ikerne del Valle: UPV / EHU - Universidad del País Vasco [Espainia] / Euskal Herriko Unibertsitatea [España] = University of the Basque Country [Spain] = Université du pays basque [Espagne]
Jordi Guillen: AMURE - Aménagement des Usages des Ressources et des Espaces marins et littoraux - Centre de droit et d'économie de la mer - IFREMER - Institut Français de Recherche pour l'Exploitation de la Mer - UBO - Université de Brest - IUEM - Institut Universitaire Européen de la Mer - IRD - Institut de Recherche pour le Développement - INSU - CNRS - Institut national des sciences de l'Univers - UBO - Université de Brest - CNRS - Centre National de la Recherche Scientifique - CNRS - Centre National de la Recherche Scientifique
Kepa Astorkiza: UPV / EHU - Universidad del País Vasco [Espainia] / Euskal Herriko Unibertsitatea [España] = University of the Basque Country [Spain] = Université du pays basque [Espagne]

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Abstract: The main objective of this paper is to investigate the existence of an economic crisis-induced demand shift in the Spanish fish market. This is performed by endogenously examining whether the existence of a structural break in fish price trends around 2008, corresponding to the collapse of the Spanish economy, together with an asymmetric and specific price behavior regarding the sign and magnitude of the expected income elasticities of three staple fish species (i.e., sardine, anchovy and hake). Our data corroborate not only the structural break hypothesis for rooted luxury and inferior fish species in the Spanish market but also an opposite price response after the break, which explains the increasing pressure on cheap fish demand and conversely the lower demand for expensive fish products. Results show consistency for all market levels analyzed (i.e., origin, wholesale and retail). [EconLit citations: C22, Q31].

Date: 2017
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Published in Agribusiness, 2017, 33 (4), pp.600-610. ⟨10.1002/agr.21499⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02149953

DOI: 10.1002/agr.21499

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