MACROECONOMIC FACTORS AND THE THOROUGHBRED INDUSTRY

A capitalization approach is used to estimate econometrically the effects of exchange rate, interest rate and tax law changes on thoroughbred yearling prices. The analysis found that exchange rate and tax law changes have significantly influenced yearling prices since the early 1980s. Another serious price-reducing event was the 1986 tax law change. Both of these factors have counteracted the positive impact of increased purse rates on yearling prices.


Issue Date:
1993-07
Publication Type:
Journal Article
PURL Identifier:
http://purl.umn.edu/15208
Published in:
Journal of Agricultural and Applied Economics, Volume 25, Number 1
Page range:
165-173
Total Pages:
9




 Record created 2017-04-01, last modified 2018-01-22

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