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Research Article

Academia Journal of Agricultural Research 5(9): 224-232, September 2017
DOI: 10.15413/ajar.2017.0141
ISSN: 2315-7739
2017 Academia Publishing

Abstract

 

Horizontal price transmission in major EU broiler markets: A non-linear asymmetric co-integration approach

Accepted 7th July, 2017
 

O. Tremma1,2 and A. Semos1

1Department of Agricultural Economics, School of Agriculture, Faculty of Agriculture, Forestry and Natural Environment, Aristotle University of Thessaloniki, Greece.
2Department of Land, Farm and Agribusiness Management, Harper Adams University, Edgmond, Newport – Shropshire, United Kingdom.

 

The present study attempts to assess price transmission relationships between the four major EU broiler markets, namely Germany, France, Spain and the United Kingdom. Data consist of monthly wholesale prices spanning from the period 1991:01 to 2016:01 and were obtained from the European Commission database. A non-linear framework was employed taking into account structural breaks and asymmetric adjustment. Results support a partial degree of integration between the markets and asymmetric price dependence; therefore rejecting the Law of One Price. Results further indicate a faster response of the three market prices to shocks from UK prices that squeeze profit margin than to stretch them, in order to retain their market share.

Keywords
: Spatial price transmission, market integration, broiler sector, momentum threshold autoregressive approach.
 

This is an open access article published under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

Cite this article as:

Tremma O, Semos A (2017). Horizontal price transmission in major EU broiler markets: A non-linear asymmetric co-integration approach. Acad. J. Agric. Res. 5(9): 224-232

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