Article

U.S. Meat Exports Increasing Rapidly

Iowa State University, Department of Economics, Staff General Research Papers 01/1997;
Source: RePEc

ABSTRACT The CBS inverse demand system is extended to include exchange rates. Applying the extended model to trade data for farmed salmon, results suggest export prices are at least as sensitive to changes in exchange rates as to changes in trade volume. Exchange rate pass-through (absorption into export prices) is complete for the Chilean peso and the British pound, but incomplete for the Norwegian kroner and the US dollar. This suggests producers in Chile and the United Kingdom (UK) are more affected by short-term movements in relative currency values than are producers in Norway and Rest of World (ROW). Model simulations suggest currency realignments, especially the depreciation of the Chilean peso, contributed to the 2003-04 collapse in world salmon prices.

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Keywords

absorption
 
British pound
 
CBS inverse demand system
 
Chile
 
Chilean peso
 
exchange rates
 
export prices
 
extended model
 
incomplete
 
Model simulations
 
Norway
 
Norwegian kroner
 
short-term movements
 
trade data
 
trade volume
 
world salmon prices