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International price volatility transmission and structural change: a market connectivity analysis in the beef sector

Economics

International price volatility transmission and structural change: a market connectivity analysis in the beef sector

T. Tanaka and J. Guo

This research by Tetsuji Tanaka and Jin Guo delves into the intriguing dynamics of global and local beef prices, revealing how crises shape market behaviors and suggesting that governments must be strategic during global emergencies.

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Playback language: English
Abstract
This article examines the connections between global and local prices, as well as price volatility in the beef sector. Using a GARCH model with a dynamic conditional correlation (DCC) specification, the authors analyze nine beef-importing countries. Key findings include structural changes in local retail prices after the 2007-2009 global food crisis, unidirectional Granger causality from international to regional prices in some countries, and generally weak volatility linkages between global and local markets, with stronger synchronization around the 2008 crisis. The authors suggest that governments should consider trade restrictions during global emergencies.
Publisher
HUMANITIES AND SOCIAL SCIENCES COMMUNICATIONS
Published On
Dec 07, 2020
Authors
Tetsuji Tanaka, Jin Guo
Tags
global prices
local prices
beef sector
price volatility
GARCH model
trade restrictions
food crisis

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