Intra-industry Trade in Agricultural Products on intra-EC level: The Impact of the Common Agricultural Policy (CAP) Funds
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This paper aims at specifying the main determinants of the intra-industry trade in agricultural products, associated with the funds of the Common Agricultural Policy (CAP)
of the EC, and more precisely, with its “price support mechanism” and its “structural
reform policy.” It presents CAP’s reformed main tools and mechanisms, and explains
the choice of selected variables as determinants of intra-industry trade in agricultural
products at intra-EC trade. The econometric analysis covers the period 1973-2005, following
recent developments in time-series analysis employing the ARDL approach to
cointegration. The empirical results provide evidence of Granger causal effects in both
on short-run and long-run horizon running from CAP’s above mentioned policy tools to
intra-industry trade.