当前位置: X-MOL 学术Aquacult. Econo. Manag. › 论文详情
Our official English website, www.x-mol.net, welcomes your feedback! (Note: you will need to create a separate account there.)
Dynamics of price volatility spillover in the U.S. catfish market
Aquaculture Economics & Management ( IF 3.9 ) Pub Date : 2022-05-31 , DOI: 10.1080/13657305.2022.2074171
Prasanna Surathkal, Madan M. Dey, Pratheesh Omana Sudhakaran

Abstract

The U.S. catfish aquaculture industry is arguably one of the earliest aquaculture segments in the world to industrialize, and a pioneer in demonstrating the benefits of innovation-driven aquaculture supply chain development over wild-harvested fisheries. However, the industry substantially contracted through the 2003–2013 period. High and volatile feed prices, volatile farm prices, a rapid surge in low-priced imports, and a strict regulatory compliance burden on a maturing industry are thought to be some of the major factors causing this decline. We analyze the price volatility spillovers in the U.S. catfish industry and the related feed/feed ingredient markets. Our empirical model is the multivariate generalized autoregressive conditional heteroscedasticity (GARCH) model allowing for cross-market and own-market impacts from shocks and volatilities in prices. Our results indicate bidirectional spillovers among catfish market prices and most of the feed ingredient prices.



中文翻译:

美国鲶鱼市场价格波动溢出的动态

摘要

美国鲶鱼水产养殖业可以说是世界上最早实现工业化的水产养殖领域之一,并且是展示创新驱动的水产养殖供应链发展对野生捕捞渔业的好处的先驱。然而,该行业在 2003-2013 年期间大幅收缩。饲料价格高位波动、农产品价格波动、低价进口产品的迅速增加以及成熟行业的严格监管合规负担被认为是导致这一下降的一些主要因素。我们分析了美国鲶鱼行业和相关饲料/饲料原料市场的价格波动溢出效应。我们的经验模型是多元广义自回归条件异方差 (GARCH) 模型,允许价格冲击和波动对跨市场和自有市场的影响。我们的结果表明鲶鱼市场价格和大部分饲料原料价格之间存在双向溢出效应。

更新日期:2022-05-31
down
wechat
bug