Déterminants macroéconomiques du prix du vin

Abstract : This thesis fills the gap in the research on the discovery of the macroeconomic and financial determinants of fine-wine prices. As a first step, a literature review presents main academic contributions on wine pricing. Complementary to the hedonic pricing approach, it is necessary to study the impact of macroeconomic and financial factors on the evolution of wine prices. Thereby, we have empirically identified the macroeconomic determinants of fine-wine prices. Throughout the past 20 years, the price of fine wines have been moving in accordance with the economic cycles, and there was a significant breakpoint at 2004 when fine wines started to be increasingly financialized. Finally, we have witnessed the existence of long-term relationships between fine-wine price indices and stock-market indices, and confirmed the transmission of price fluctuation from financial markets to fine-wine markets in a short-medium term.
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Linda Jiao. Déterminants macroéconomiques du prix du vin. Economies et finances. Université de Bordeaux, 2018. Français. ⟨NNT : 2018BORD0076⟩. ⟨tel-02137947⟩

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