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© 1983 Oxford University Press and the Foundation for the European Review of Agricultural Economics

research-article

Fundamental changes in price relationships: An investigation of the UK feed grain market, 1971/72 to 1978/79, using spectral analysis

G. VAN DIJK1, C. MACKEL2 and G. van Dijk3

1Agricultural University Wageningen, Netherlands
2School of Agriculture Aberdeen, Scotland
3Agricultural University P.O. Box 8130 6700 EW Wageningen The Netherlands

Received March 1, 1982; final version received January 1, 1983

Summary

Entry to the European Economic Community in 1973 brought about fundamental changes in the policy instruments applied to the United Kingdom's cereal sector. Prior to entry, grain prices were largely determined by the price of imported cereals, and farmers' revenue was protected by a system of Deficiency Payments. Once in the ECf the UK market was supported by market intervention, with the price of imports raised by a variable import levy. This period of change provided a unique opportunity to examine a commodity market undergoing a fundamental change in terms of institutional management and price behaviour. The investigation proceeds by first suggesting several anticipated developments in the period 1973–1979. The observed behaviour of the markets is then investigated using causality tests and spectral analysis. The expected behaviour is compared with the results, and conclusions are drawn about the effects of the institutional management of the market.


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