Market Integration and Price Dynamics under Market Shocks in European Union Internal and External Cheese Export Markets.

ABSTRACT: The dairy sector in the European Union (EU) has experienced policy changes and market shocks recently. Using the global vector autoregressive (GVAR) model, this paper explores regional market integration, the feedback between market shocks and price dynamics, and the link between EU's cheese export markets and energy market. This paper assesses and compares which influencing factors are typically associated with intra-EU and extra-EU cheese export price movement with regards to shocks to crude oil price, farm-gate raw milk price, and consumer price index (CPI) for food and cheese production of six representative EU member states, respectively. Using generalized impulse response functions, this paper finds that EU's internal cheese export market is not well integrated, while EU's external m

SUBMITTER: Xue H 

PROVIDER: S-EPMC8909711 | biostudies-literature | 2022 Feb

REPOSITORIES: biostudies-literature