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Imported Wine Demand and Stock Market Returns

Robert Eyler (Assistant Professor, Department of Economics, Sonoma State University)
Eric N. Sims (Economist, Motto Kryla & Fisher LLP, St. Helena, California)

International Journal of Wine Marketing

ISSN: 0954-7541

Article publication date: 1 March 1999



How individuals respond to changes in their economic condition varies from country to country. This paper explores the linkage between stock markets and wine sales. In particular, we look at the performance of exported wines in foreign markets. This paper hinges on the subtle distinction between wealth and income. We also provide an overview of each market analyzed. Our premise is that stock market fluctuations are correlated with wine demand such that changes in one series may change the other. Further, seasonality and price changes are also considered as components of international wine demand. Our results show that in certain countries, stock market returns are correlated with wine demand, positively in some cases, negatively in others.



Eyler, R. and Sims, E.N. (1999), "Imported Wine Demand and Stock Market Returns", International Journal of Wine Marketing, Vol. 11 No. 3, pp. 64-84.




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