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Trends versus cycles in global wine export shares
Author(s) -
Labys Walter C.,
Cohen Bruce C.
Publication year - 2006
Publication title -
australian journal of agricultural and resource economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.683
H-Index - 49
eISSN - 1467-8489
pISSN - 1364-985X
DOI - 10.1111/j.1467-8489.2006.00344.x
Subject(s) - wine , market share , economics , market share analysis , monetary economics , international economics , business , market microstructure , order (exchange) , finance , physics , optics
The global wine market has witnessed major changes in recent years. Some of these changes are structural in nature or trend‐following, whereas others are cyclical. Recently, new market entrants have increased their exports not only to traditional European markets but to other importing regions as well, whereas Old World producers have experienced declining market shares. However, the evidence examined here suggests that market share data also contain strong cyclical components. Mixed results also occur when the wine export data are disaggregated into products. This paper employs econometric methods to analyse the recent major shifts in world wine market shares and explains whether these are more of a secular trend‐setting nature or of a temporary cyclical nature.