Biblioteca Digital de VanguardiaThe Chilean wheat market and its price support mechanism : a spatial market integration analysis
This research investigates the spatial market integration of the Chilean wheat market in relation with its most representative international markets by using a vector error correction model (VECM) and how a price support policy, as a price band, affect it. The international market was characterized...
| Autores principales: | , , , |
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| Formato: | Artículo |
| Lenguaje: | Inglés |
| Publicado: |
Universidad Nacional de Cuyo. Facultad de Ciencias Agrarias
2011
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| Acceso en línea: | http://bdigital.uncu.edu.ar/4308 |
| _version_ | 1782340976935698432 |
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| author | Valdés, Rodrigo Cramon-Taubadel, Stephan von Díaz Osorio, José Engler Palma, Alejandra |
| author_facet | Valdés, Rodrigo Cramon-Taubadel, Stephan von Díaz Osorio, José Engler Palma, Alejandra |
| author_sort | Valdés, Rodrigo |
| collection | Repositorio |
| description | This research investigates the spatial
market integration of the Chilean wheat
market in relation with its most representative
international markets by using a vector error
correction model (VECM) and how a price
support policy, as a price band, affect it. The
international market was characterized by two
relevant wheat prices: PAN from Argentina and
Hard Red Winter from the United States. The
spatial market integration level, expressed
in the error correction term (ECT), allowed
concluding that there is a high integration
degree among these markets with a variable
influence of the price band mechanism mainly
related with its estimation methodology.
Moreover, this paper showed that Chile can
be seen as price taker as long as the speed
of its adjustment to international shocks, being
these reactions faster than in the United States
and Argentina. Finally, the results validated
the "Law of the One Price", which assumes
price equalization across all local markets in
the long run.
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| format | Artículo |
| id | uncu-4308 |
| institution | Biblioteca Digital - UNCUYO |
| language | Inglés |
| publishDate | 2011 |
| publisher | Universidad Nacional de Cuyo. Facultad de Ciencias Agrarias
|
| record_format | ojs |
| spelling | uncu-43082012-04-03T11:17:40Z The Chilean wheat market and its price support mechanism : a spatial market integration analysis El mercado chileno de trigo y su mecanismo de protección de precios : un análisis de integración espacial de mercados Valdés, Rodrigo Cramon-Taubadel, Stephan von Díaz Osorio, José Engler Palma, Alejandra Chile Alemania Trigo Mercado Datos estadísticos Wheat Análisis de cointegración Precio de cereales Mercado Internacional de Commodities Modelo de corrección de errores Co-integration analysis Price band Cereal prices International Market of Commodities Vector error correction model This research investigates the spatial market integration of the Chilean wheat market in relation with its most representative international markets by using a vector error correction model (VECM) and how a price support policy, as a price band, affect it. The international market was characterized by two relevant wheat prices: PAN from Argentina and Hard Red Winter from the United States. The spatial market integration level, expressed in the error correction term (ECT), allowed concluding that there is a high integration degree among these markets with a variable influence of the price band mechanism mainly related with its estimation methodology. Moreover, this paper showed that Chile can be seen as price taker as long as the speed of its adjustment to international shocks, being these reactions faster than in the United States and Argentina. Finally, the results validated the "Law of the One Price", which assumes price equalization across all local markets in the long run. Este trabajo investiga la integración espacial del mercado chileno de trigo en relación con sus principales mercados internacionales, mediante el uso de un modelo de corrección de error (VECM) y cómo este parámetro es afectado por la utilización de una política de estabilización de precios. Los mercados internacionales fueron caracterizados a través de dos precios relevantes: PAN de Argentina y Hard Red Winter de los Estados Unidos. En este sentido, el nivel de integración espacial del mercado chileno, expresado en el coeficiente de corrección de errores, permitió concluir que existe un alto grado de integración entre los mercados considerados, con una influencia variable del mecanismo de protección de precios debido principalmente a su metodología de estimación. Además, este trabajo demostró que Chile puede ser considerado como un tomador de precios internacionales equivalente a la velocidad de ajuste a los impulsos provenientes de Argentina y los Estados Unidos, los cuales debido principalmente a su tamaño, reaccionan más lentamente a los "shocks" provenientes del mercado internacional. Finalmente, los resultados permitieron validar la "Ley del Precio Único", la cual asume ecualización de precios en el largo plazo para los mercados espacialmente vinculados. Fil: Valdés, Rodrigo. Universidad de Talca Fil: Cramon-Taubadel, Stephan von. Georg-August-Universität Göttingen (Alemania). Department of Agricultural Economics. Fil: Díaz Osorio, José. Universidad de Talca Fil: Engler Palma, Alejandra. Universidad de Talca Universidad Nacional de Cuyo. Facultad de Ciencias Agrarias 78 Revista de la Facultad de Ciencias Agrarias Vol. 43, no. 2 Revista de la Facultad de Ciencias Agrarias, Vol. 43, no. 2 2011-12-01 eng Inglés http://bdigital.uncu.edu.ar/4302 info:eu-repo/semantics/openAccess http://creativecommons.org/licenses/by/2.5/ar/ article info:ar-repo/semantics/artículo info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion application/pdf Universidad Nacional de Cuyo. Facultad de Ciencias Agrarias http://bdigital.uncu.edu.ar/4308 |
| spellingShingle | Chile Alemania Trigo Mercado Datos estadísticos Wheat Análisis de cointegración Precio de cereales Mercado Internacional de Commodities Modelo de corrección de errores Co-integration analysis Price band Cereal prices International Market of Commodities Vector error correction model Valdés, Rodrigo Cramon-Taubadel, Stephan von Díaz Osorio, José Engler Palma, Alejandra The Chilean wheat market and its price support mechanism : a spatial market integration analysis |
| title | The Chilean wheat market and its price support mechanism
: a spatial market integration analysis |
| title_full | The Chilean wheat market and its price support mechanism
: a spatial market integration analysis |
| title_fullStr | The Chilean wheat market and its price support mechanism
: a spatial market integration analysis |
| title_full_unstemmed | The Chilean wheat market and its price support mechanism
: a spatial market integration analysis |
| title_short | The Chilean wheat market and its price support mechanism
: a spatial market integration analysis |
| title_sort | chilean wheat market and its price support mechanism
: a spatial market integration analysis |
| topic | Chile Alemania Trigo Mercado Datos estadísticos Wheat Análisis de cointegración Precio de cereales Mercado Internacional de Commodities Modelo de corrección de errores Co-integration analysis Price band Cereal prices International Market of Commodities Vector error correction model |
| url | http://bdigital.uncu.edu.ar/4308 |