| The study of marketing margins and price transmission on various commodity markets has been a popular research topic of the past decades (see MEYER, VON CRAMONTAUBADEL, 2004, for a recent survey), however with a few exceptions these studies focused on developed economies. In this paper we examine the above phenomena on the: Hungarian pork market. The Johansen (maximum likelihood) or Engle and Granger (two step) cointegration tests do not reject the no-cointegration null hypothesis between the Hungarian pork producer and retail price series. Therefore we apply the Gregory and Hansen procedure with recursively estimated breakpoints and ADF statistics, and found that the prices are cointegrated with a structural break occurring in April 1996. Exogeneity tests... |
