Development and trade competitiveness of the European wine sector: A gravity analysis of intra-EU flows

Lombardi, Pasquale; Bianco, Andrea Dal; Freda, Roberto; Caracciolo, Francesco; Cembalo, Luigi

doi:10.1016/j.wep.2015.12.002

Cited by 35 publications

(23 citation statements)

References 22 publications

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“…Their results identify which regulations can adversely affect trade providing useful information to policy-makers involved in negotiations on trade frictions. Lombardi et al (2016) analysed the intra-EU trade of the world's major wine exporters such as Italy, [19] The Role of Culture, Language and Trade Agreements in Global Wine Trade France, and Spain employing augmented version of the gravity model. They took into account effects of transportation costs, as well as demand and supply gaps between origin and destination countries, on the size of bilateral trade flows.…”

Section: Methodsmentioning

confidence: 99%

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The Role of Culture, Language and Trade Agreements in Global Wine Trade

Balogh

Jámbor

2018

AOL

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In the progressively globalising world, wine trade is changing shape. In recent decades, major wine producers have suffered a remarkable drop in their domestic wine consumption, while New World wine producers have increased their production potential and induced new demand in foreign markets. These changes have been accompanied by a geographical relocation of wine consumption and trade. The aim of our paper is to analyse the effect of cultural-geographical proximity, free trade and the role of linguistic similarity on bilateral wine trade in the world major wine producer countries, employing balanced panel gravity model. Regression results suggest that larger countries export more wine, while transport costs increase in line with geographical distance, especially for landlocked trading partners. Moreover, global wine export costs are lower if trading partners are culturally similar; have the same religion or both are members of the WTO or have regional trade agreements.

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Section: Methodsmentioning

confidence: 99%

“…There are a number of research dealing with international wine trade using gravity equation models (Pinilla and Serrano 2008, Dascal et al, 2002, De Blasi et al, 2007, Dal Bianco et al, 20132015, Lombardi et al, 2016. However, these models are generally using the basic model with common variables.…”

Section: Thesementioning

confidence: 99%

The Role of Culture, Language and Trade Agreements in Global Wine Trade

Balogh

Jámbor

2018

AOL

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“…For example, one should take into consideration the size of the country, whether the sector has a comparative advantage or not (Yanikkaya 2003); how strong, strict and flexible the institutions are in a country (Freund -Bolaky 2008), how diversified the export is (Haddad et al 2010), how large the trade costs are (Lombardi et al 2016) and how complex the exported product is (Erkan -Yildirimci 2015). In this study we are focusing on the African countries, therefore, we have to mention the role of resource-en-dowment as an important factor of export competitiveness.…”

Section: Export Competitivenessmentioning

confidence: 99%

Missing Data Bias on a Selective Hedging Strategy

Kiss¹,

Marianna²,

Udvari³

2017

JOC

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Foreign exchange rates affect corporate profitability both on the macro and cash-flow level. The current study analyses the bias of missing data on a selective hedging strategy, where currency options are applied in case of Value at Risk (1%) signs. However, there can be special occasions when one or some data is missing due to lack of a trading activity. This paper focuses on the impact of different missing data handling methods on GARCH and Value at Risk model parameters, because of selective hedging and option pricing based on them. The main added value of the current paper is the comparison of the impact of different methods, such as listwise deletion, mean substitution, and maximum likelihood based Expectation Maximization, on risk management because this subject has insufficient literature. The current study tested daily closing data of floating currencies from Kenya (KES), Ghana (GHS), South Africa (ZAR), Tanzania (TZS), Uganda (UGX), Gambia (GMD), Madagascar (MGA) and Mozambique (MZN) in USD denomination against EUR/USD rate between March 8, 2000 and March 6, 2015 acquired from the Bloomberg database. Our results suggested the biases of missingness on Value at Risk and volatility models, presenting significant differences among the number of extreme fluctuations or model parameters. A selective hedging strategy can have different expenditures due to the choice of method. This paper suggests the usage of mean substitution or listwise deletion for daily financial time series due to their tendency to have a close to zero first momentum.

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“…Recently, the wine international trade has been boosted by increasing demand in countries (Anderson et al, 2004;Anderson and Nelgen, 2011;. There is a growing literature on various aspects of recent developments on world wine markets including the impacts tariff and tariff frictions (Mariani et al 2014;Dal Bianco et al, 2016), dynamics of world wine trade (Castillo et al, 2016), characteristics of intra-EU markets (Fertő et al, 2016;Lombardi et al, 2016).…”

Section: Introductionmentioning

confidence: 99%

Economic Crisis And the Fragility of World Wine Export

Fertő

2017

AOL

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The paper investigates the impacts of economic crisis on the duration of word wine exports for 40 leading wine exporter countries between 2000 and 2012. We analyze three attributes of wine exports embodied in exports relationships: the initial value of exports, the growth of exports within a spell, and the hazard of exports ceasing. Our results indicate that wine exports are rather short lived even for leading wine exporter countries. Our estimations imply that economic crisis has not significant impacts on initial value of wine export starting before crisis, whilst it has negative effects on spells beginning after crisis. However, economic crisis does not influence the export growth, and decrease the probability of failure of wine exports.

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Development and trade competitiveness of the European wine sector: A gravity analysis of intra-EU flows

Cited by 35 publications

References 22 publications

The Role of Culture, Language and Trade Agreements in Global Wine Trade

The Role of Culture, Language and Trade Agreements in Global Wine Trade

Missing Data Bias on a Selective Hedging Strategy

Economic Crisis And the Fragility of World Wine Export

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