Volume 68 (2019), Number 2: 118-134
Integration and Hierarchy of Pork Markets in the EU: Panos Fousekis and Vasilis Grigoriadis
An Analysis from the Vantage of Graph Theory
The work investigates empirically the degree of integration and the hierarchical structure of the EU pork meat markets using tools and concepts from Graph Theory. The empirical results suggest: First, the strength of price co-movement has been closely related to the physical distance between national markets. This, has given rise to market clustering that largely corresponds to different geographical EU regions. Second, major players in the production and in the intra-EU trade tend to be more important in the process of price formation. The power structure (hierarchy), however, has not been rigid but it has been changing over time. Third, although the price linkages have becoming stronger the complexity of the system of markets has been rising.
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PROF. DR. PANOS FOUSEKIS
Dept. of Economics
Thessaloniki 541 24, Greece