Trends versus cycles in global wine export shares |
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Authors: | Walter C Labys Bruce C Cohen |
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Institution: | Resource Economics, Natural Resource Economics Program, West Virginia University, Morgantown, WV, USA, 26506-6108; Economist (ret), United Nations Economic Commission for Europe, United Nations –Palais des Nations, Geneva, Switzerland |
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Abstract: | 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. |
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Keywords: | international wine trade New World wine producers Old World wine producers wine cycles wine market shares wine trends |
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