| Registro completo |
| Provedor de dados: |
AgEcon
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| País: |
United States
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| Título: |
Black Sea Wheat Market Integration with the International Wheat Markets: Some Evidence from Co-integration Analysis
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| Autores: |
Goychuk, Kateryna
Meyers, William H.
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| Data: |
2011-05-04
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| Ano: |
2011
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| Palavras-chave: |
Price transmission
Market integration
Ukraine
Agricultural and Food Policy
Demand and Price Analysis
Research Methods/ Statistical Methods
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| Resumo: |
Replaced with revised version of paper 07/19/11.
In the last two years, Russia and Ukraine together exported an average of 29 million tons of wheat per year (USDA), and have become important players in the international wheat market. This paper examines the nature of the short- and long-run wheat price dynamics between Ukraine and Russia and other major wheat exporters - United States, European Union (EU), and Canada. For this purpose we use cointegration techniques (both the Johansen ML test and the Engel and Granger procedure) as well as the error correction model. The results suggest that Russian price series are cointegrated with those of the EU, but not with Canadian or U.S. wheat prices. Ukrainian prices series are found not to be cointegrated with other series. The estimated long-run price transmission elasticity between Russian and French (a representative country of the EU) wheat prices is equal to 1.07. We found the short-term relationship between Russia and EU also to be statistically significant. We show that after the price change occurs in the French price, Russian wheat price adjusts to the change within 6 months.
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| Tipo: |
Conference Paper or Presentation
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| Idioma: |
Inglês
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| Identificador: |
http://purl.umn.edu/103894
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| Relação: |
Agricultural and Applied Economics Association>2011 Annual Meeting, July 24-26, 2011, Pittsburgh, Pennsylvania
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| Formato: |
16
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