Abstract While there have been a number of studies investigating the market integration between farmed and wild seafood, the relationship in terms of volatility has received little attention. However, with the high degree of market integration for similar species, one would also expect substantial volatility spillover. In this paper, we investigate the price volatility relationship between seafood from aquaculture and fisheries. Using trade data from 1990 to 2016, we assess both size and direction of volatility spillover over time, allowing us to evaluate the relative importance of both production techniques on seafood price volatility. Our results show a time-varying relationship as the level and direction of volatility spillover changes. Still, our results indicate that wild markets typically transmit price uncertainty to aquaculture markets, thus increasing the volatility in aquaculture markets. In addition, our results indicate that it requires a substantial (negative) supply shock to aquaculture production to shift volatility spillover from aquaculture to wild. These results add to previous studies confirming that prices of aquaculture products are less volatile than those of wild products and, in general, reduce volatility in seafood markets.

中文翻译：

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水产养殖和渔业市场的波动溢出

摘要 虽然已经有许多研究调查养殖和野生海产品之间的市场整合，但波动性方面的关系很少受到关注。然而，由于类似物种的市场一体化程度很高，人们也预计会出现大幅波动溢出。在本文中，我们研究了水产养殖和渔业海鲜之间的价格波动关系。使用 1990 年至 2016 年的贸易数据，我们评估了波动溢出的规模和方向，使我们能够评估两种生产技术对海产品价格波动的相对重要性。我们的结果显示了随波动溢出水平和方向变化的时变关系。尽管如此，我们的结果表明，野生市场通常会将价格不确定性传递给水产养殖市场，从而增加了水产养殖市场的波动性。此外，我们的结果表明，需要对水产养殖生产产生实质性（负）供应冲击，才能将波动溢出从水产养殖转移到野生。这些结果补充了先前的研究，证实水产养殖产品的价格比野生产品的价格波动小，并且总体上减少了海产品市场的波动。