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Provedor de dados:  31
País:  United States
Título:  Vertical Price Transmission between Wheat and Flour in Ukraine: A Markov-Switching Vector Error Correction Approach
Autores:  Brümmer, Bernhard
von Cramon-Taubadel, Stephan
Zorya, Sergiy
Data:  2006-06-20
Ano:  2006
Palavras-chave:  Markov-switching vector error correction model
Vertical price transmission
Regime shifts
Grain policies
Industrial Organization
Resumo:  The analysis of price transmission in transition countries is complicated by their often unstable policy environments. We utilise a Markov-switching vector error correction model (MSVECM) to allow for multiple regime shifts in the price relationship between wheat and wheat flour in Ukraine from June 2000 to November 2004. The analysis reveals four regimes. The observed temporal pattern of these regimes corresponds well to political and economic events in Ukraine. In particular, we find a strong link between a 'high uncertainty' regime and discretionary policy interventions in 2003, confirming that ad hoc policy responses to fluctuations in Ukrainian grain harvests have tended to increase rather than reduce instability. The Markov-switching VECM is shown to be a useful addition to the set of tools that can be used to analyse price transmission.
Tipo:  Conference Paper or Presentation
Idioma:  Inglês
Identificador:  22702
Editor:  AgEcon Search
Relação:  International Association of Agricultural Economists>2006 Annual Meeting, August 12-18, 2006, Queensland, Australia
Contributed Paper
Formato:  23


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