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Research Bulletin (Iowa Agriculture and Home Economics Experiment Station)

Abstract

The effects of several variables on the feed grain sector of six importing countries were investigated in this study. The six countries were Greece, Israel, Japan, Portugal, Spain, and the United Kingdom. A simultaneous model with six equations was used to explain the domestic price of feed grains in the importing country and the quantity of feed grains imported by the country. Other endogeneous variables in the model were the price of livestock, the production of livestock products, the demand for livestock products, and the size of the livestock inventory in the importing country. The simultaneous model for each importing country allows the government of the importing country to control the domestic price of feed grains through the government’s manipulation of trade barriers for feed grains. Because of the existence of trade barriers, the domestic price of feed grains is allowed to differ from the cost of importing feed grains. The cost of importing feed grains incorporates ocean transportation costs and the exchange rate of the importing country.

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