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Jalonoja, Kati; Liu, Xing; Pietola, Kyosti. |
This paper estimates market integration between the Finnish and German pork and beef markets. An econometric error correction model that allows for threshold effects and asymmetric price response is estimated. The data are weekly price observations during the period of 1995-2004. Each price series have 520 observations. The results suggest that the Finnish beef prices are stationary and they are not co-integrated with the German price. Thus, the domestic and imported beef may be treated as different goods by consumers. The pork prices are integrated of the first order I(1) and they are also co-integrated. The threshold effects are significant and the price adjustment process is asymmetric, but slow in all regimes. The price transmission process has... |
Tipo: Working or Discussion Paper |
Palavras-chave: Demand and Price Analysis. |
Ano: 2006 |
URL: http://purl.umn.edu/11861 |
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Liu, Xing. |
Market integration of Finland toward EU has important implication to domestic agricultural policy. Our aim is to estimate the characteristics of the Finnish pork markets in relation to Germany. Our analysis use symmetric and asymmetric threshold error correction models. Pork prices are found cointegrated, and cointegration relationship of two counties is found asymmetric. A large positive shock in Germany is transmitted faster to Finland than a large negative one. It implies that a combination of cooperative processors and public quoted companies as in Finland, can smooth out some of the short term price fluctuations observed abroad. |
Tipo: Conference Paper or Presentation |
Palavras-chave: Cointegration; Asymmetric; Error correction; Agricultural and Food Policy; Marketing. |
Ano: 2008 |
URL: http://purl.umn.edu/44248 |
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Liu, Xing. |
Palm oil is the most consumed and traded vegetable oils in the EU and the world. Increasing non-food uses for vegetable oils in especially feedstock of biofuels in recent years have caused the price volatility to rise in both EU and global market. The most efficient pricing of crude palm oil (CPO) is to found on Bursa Malaysia (BMD), and it provides by far the world’s most liquid palm oil contract. The goal of this study is to investigate CPO futures market efficiency of BMD for the European participants whose delivery location in EU. Both Johanson cointegration test and Vector Error Cointegration Mechnism (VECM) are conducted to test long-run and short-run efficiency test for the European spot market and four different futures forecasting horizons that... |
Tipo: Conference Paper or Presentation |
Palavras-chave: CPO; BMD; Efficiency; Futures; Cointegration; VECM.; Agricultural and Food Policy; Food Consumption/Nutrition/Food Safety. |
Ano: 2009 |
URL: http://purl.umn.edu/58085 |
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Liu, Xing. |
The integration of the Finnish meat market in the EU has important implications for domestic agricultural policy. Our aim is to estimate the characteristics of the Finnish pork and beef markets in relation to those of Germany and Denmark. Our analysis uses symmetric and asymmetric threshold error correction models. Both pork and beef prices in Finland are found to have slowly cointegrated with German prices, but the cointegration relationship of the two counties is only found to be symmetric for pork prices, while it is asymmetric for beef prices. The producer price for pork in Finland is symmetrically cointegrated with the Danish price, but the Finnish and Danish beef prices show a random walk. This implies that the price transmission to the Finnish pork... |
Tipo: Conference Paper or Presentation |
Palavras-chave: Cointegration; Asymmetric; Error correction; Thresholds; Pork and beef prices; Demand and Price Analysis; Livestock Production/Industries. |
Ano: 2011 |
URL: http://purl.umn.edu/114380 |
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Niemi, Jarkko K.; Liu, Xing; Pietola, Kyosti. |
The goal of this study is to estimate how different price or quantity fixing contracts affect the value of pig space unit in pig fattening. The value of pig space unit is estimated with a stochastic dynamic programming algorithm. The model maximises the value of pig space unit by using four decision variables. The input-output ratios are endogenous and the option to suspend production temporarily is taken into account in the model. The results suggests that the smooth functioning of markets in Finland can be promoted by ensuring that price changes are transmitted smoothly between input and output markets, and that producers are compensated for giving up the option to suspend production temporarily in the event if unfavourable market situation. Instead of... |
Tipo: Conference Paper or Presentation |
Palavras-chave: Demand and Price Analysis; Livestock Production/Industries. |
Ano: 2011 |
URL: http://purl.umn.edu/114614 |
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