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| Mela, Giulio; Longhitano, Davide; Povellato, Andrea. |
| Interest towards farmland market has been increasing in recent years. In developing countries there is rising concern about land being purchased by foreign investors, while in the developed world the debate is centred on whether agricultural factors are still the main determinants of land values or not. This work assesses the determinants of land values in Italy using panel data techniques during the time span 1992-2010. In Italy farmland values have historically been influenced more by natural characteristics of the land than agricultural prices. However, lately non-agricultural factors have been increasing their importance. We find that agricultural prices only slightly affect average land values in Italy. Main determinants of land prices are the yield... |
| Tipo: Presentation |
Palavras-chave: Farmland prices; Land market; Panel data models; Farmland values determinants; Risk and Uncertainty; C23; E32; Q24.. |
| Ano: 2012 |
URL: http://purl.umn.edu/122479 |
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| Mela, Giulio. |
| This work assesses the extent to which h the Fischler reform of the CAP increased the elasticity of price transmission (EPT) between the world and the European agricultural commodity markets. Commodities considered are soft and durum wheat, corn, feed barley, and butter. Results show that the reform increased ETP for all commodities even though with different magnitude. Before reform implementation (January 2007), the ETP was almost zero (meaning market isolation) for soft wheat, feed barley, and butter, while it was relatively low (0.4) for corn and durum. After January 2007, the EPT increased to almost unity (perfect transmission) for soft wheat and barley, to 0.9 and 0.8 for durum and corn, and to 0.5 for butter, which had historically been amongst the... |
| Tipo: Presentation |
Palavras-chave: Price transmission elasticity; Fischler reform; Structural breaks; Agricultural commmodity prices; International Relations/Trade; Q11; Q18; Q13; C22. |
| Ano: 2012 |
URL: http://purl.umn.edu/124107 |
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| Mela, Giulio; Canali, Gabriele. |
| This work uses cointegration techniques allowing for structural breaks to assess the extent to which the Fischler reform of the CAP increases price transmission elasticity (PTE) between the world and European corn, wheat, and soybean markets. Results show that the reform increased PTE in the case of corn and wheat, while its impact was negligible for soybeans. However, the long-term relationship (cointegration) between world and European prices can be detected only taking into account – other than the Fischler reform’s structural break – also the fact that world commodity markets were interested, in 2003-04 and 2007-08, by price bubbles. In particular the latter affected the world – European corn price relationship in the ascending phase, while the wheat... |
| Tipo: Presentation |
Palavras-chave: Cointegration; Structural breaks; Agricultural commodity prices; Fischler CAP reform; Risk and Uncertainty; C22; Q02; Q18; O13.. |
| Ano: 2012 |
URL: http://purl.umn.edu/122480 |
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