scholarly journals The influence of Russia's 2010/2011 wheat export ban on spatial market integration and transaction costs of grain markets

2021 ◽  
Author(s):  
Miranda Svanidze ◽  
Linde Götz ◽  
Dmytro Serebrennikov
Keyword(s):  
Transaction Costs ◽  
Market Integration ◽  
Grain Markets

scholarly journals Market Emergence and Transition: Arbitrage, Transaction Costs, and Autarky in China's Grain Markets

2002 ◽  
Vol 84 (1) ◽  
pp. 67-82 ◽  
Author(s):  
Albert Park ◽  
Hehui Jin ◽  
Scott Rozelle ◽  
Jikun Huang
Keyword(s):  
Transaction Costs ◽  
Grain Markets

scholarly journals U.S. milled rice markets and integration across regions and types

2017 ◽  
Vol 20 (5) ◽  
pp. 623-636
Author(s):  
Man-Keun Kim ◽  
Hernan Tejeda ◽  
T. Edward Yu
Keyword(s):  
Market Integration ◽  
Directed Acyclic Graphs ◽  
Rice Production ◽  
Milled Rice ◽  
Vector Error Correction ◽  
Production Region ◽  
Grain Markets ◽  
Potential Market ◽  
Short Run ◽  
Dynamic Relationships

Rice is among the top seven U.S. major crops in terms of harvested acres – covering over 2.6 million acres – and sixth in terms of sales, with annual cash receipts around 3.1 billion dollars. This paper investigates whether U.S. milled rice markets are integrated across regions and whether these markets are integrated by rice types. Understanding dynamic relationships across regions and types provides important insights for risk management and policy making. Of the four major producing regions, three are in the South – Arkansas-Missouri, Louisiana-Mississippi, and Texas – and the other is California. There are different rice types associated with a production region. California mainly produces short and medium grain; while Arkansas, Texas, and Louisiana primarily produce long and also medium grains. We determine the potential market integration of these rice markets by applying a Vector Error Correction Model and Directed Acyclic Graphs to monthly free on board milled rice price data from August 1986 to December 2015. Results suggest that Arkansas-Missouri region is the leading price reference in the long grain markets. Arkansas-Missouri medium grain also plays an important role in the medium grain markets. California medium grain markets are weakly exogenous in the short run, but affected by Arkansas-Missouri medium grain in the longer term. As anticipated, Arkansas-Missouri long grain milled rice markets are driven by rough rice futures price in the longer term. Interestingly, Arkansas-Missouri medium grain market has a sizable impact on long grain markets even though long and medium grains are not substitutes. This may be due to land competition to long grain rice production in Arkansas, a major area of long grain rice production.

Market Integration and Spatial Price Transmission in Niger Grain Markets

2014 ◽  
Vol 26 (2) ◽  
pp. 264-273 ◽  
Author(s):  
Seydou Zakari ◽  
Liu Ying ◽  
Baohui Song
Keyword(s):  
Market Integration ◽  
Price Transmission ◽  
Grain Markets ◽  
Spatial Price

scholarly journals The Making of a National Currency: Spatial Transaction Costs and Money Market Integration in Spain (1825–1874)

2019 ◽  
Vol 79 (4) ◽  
pp. 1094-1128 ◽  
Author(s):  
Pilar Nogues-Marco ◽  
Alfonso Herranz-Loncán ◽  
Nektarios Aslanidis
Keyword(s):  
Nineteenth Century ◽  
Transaction Costs ◽  
Economic Geography ◽  
Market Integration ◽  
Money Market ◽  
Threshold Autoregression ◽  
Postal Services ◽  
Heterogeneous Behavior ◽  
Autoregression Model ◽  
Market Convergence

This article analyzes the integration of the Spanish money market in the nineteenth century. We use a Band-Threshold Autoregression model of prices of bills-of-exchange in ten cities to measure market convergence and efficiency in 1825–1875. While price gaps generally decreased during the period, progress in efficiency was limited to a small group of cities. We suggest that convergence was associated to the reduction in transaction costs, which started well before the railways through improvements in roads and postal services. By contrast, the heterogeneous behavior of efficiency might be associated to economic geography changes and their effects on monetary leadership.

scholarly journals The Integration of Grain Markets in the Eighteenth Century: Early Rise of Globalization in the West

2012 ◽  
Vol 72 (3) ◽  
pp. 671-707 ◽  
Author(s):  
RAFAEL DOBADO-GONZÁLEZ ◽  
ALFREDO GARCÍA-HIERNAUX ◽  
DAVID E. GUERRERO
Keyword(s):  
Eighteenth Century ◽  
Market Integration ◽  
Commodity Markets ◽  
The West ◽  
Relative Prices ◽  
Grain Markets ◽  
Innovative Methodology ◽  
Eighteenth And Nineteenth Centuries ◽  
Early Rise ◽  
Over Time

Globalization, if defined as the integration of international commodity markets, started in the eighteenth century and progressed gradually and with some setbacks into the nineteenth century, instead of suddenly appearing at some point after the 1820s. We use grain prices in Europe and the Americas to determine the extent and dynamics of market integration throughout the eighteenth and nineteenth centuries. An innovative methodology, with special attention being paid to changes in residual dispersion of the univariate models of relative prices between markets, permits us to obtain a measure of market integration over time.

scholarly journals Transaction Costs and Farm-to-Market Linkages in China: Empirical Evidence from Apple Producers

2020 ◽  
Vol 12 (9) ◽  
pp. 82
Author(s):  
Yu Wang ◽  
Lu Han ◽  
Kunda Qi ◽  
Jianyun Hou
Keyword(s):  
Information System ◽  
Transaction Costs ◽  
Empirical Evidence ◽  
Market Integration ◽  
Market Participation ◽  
Proportional Transaction Costs ◽  
Market Linkages ◽  
Monitoring Costs ◽  
Apple Production ◽  
The Impact

Using field surgveyed data from two apple production belts in China, this study estimates the impact of transaction costs on smallholders’ market participation and integration. The analysis is based on an innovative measurement of the transaction costs and a disaggregated analysis of sales, information, negotiation, and monitoring costs. The results reveal that farmers’ market participation levels are mainly determined by the proportional transaction costs and price, while their market integration depends on the fixed transaction costs and price. This suggests that, to lower the transaction costs and enable specialization and market participation, it is necessary to invest in and construct adequate farming infrastructure, update the rural information system, improve the structure of farmer households, and subsidize specialized rural cooperative organizations.

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