Influence of Trade Policies on Price Integration in the World Beef Market
研究了主要贸易国的政策干预如何影响世界牛肉市场的价格整合，发现口蹄疫国家与非口蹄疫国家间的市场分割小于预期，欧盟政策导致其市场孤立，而美国因政策成为价格领导者。
Abstract The article develops three hypotheses about how policy interventions in major trading nations influence price integration in the world beef market. Simple correlation coefficients, tests for significant differences between coefficients, and Granger causality tests are used to test the hypotheses. First, segmentation between prices in Foot and Mouth Disease (FMD)‐free and FMD‐endemic countries is found, but it is much less than previously assumed. Second, European Community policies that closed the E.C. import market have isolated prices in the E.C. from other markets. These policies also led to greater integration among prices in FMD‐free and FMD‐endemic market segments by forcing exporters from both segments to compete directly in new import markets. Third, the U.S.A. is found to be the price leader in world beef markets, due not only to market size, but also to U.S. policies that allow transmission of price information from the U.S. market to the world market but not vice versa.