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Spatial price dynamics and integration in russian food markets

Spatial price dynamics and integration in russian food markets This paper evaluates dynamic elements of spatial market linkages for several important food commodities in the Russian Federation. We argue that delivery lags and other impediments to regional commodity trade may delay price responses. Standard regression and cointegration tests that compare contemporaneous price linkages in a short-run setting may not be flexible enough to address integration in such a setting. As an alternative, we complement conventional time-series tests of spatial integration with an analysis of dynamic responses to price shocks. The results provide tempered support for spatial integration, especially in retail markets. However, the results suggest that, because of gradual adjustments to price shocks, integration may occur mainly in the long run. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Journal of Policy Reform Taylor & Francis

Spatial price dynamics and integration in russian food markets

37 pages

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References (34)

Publisher
Taylor & Francis
Copyright
Copyright Taylor & Francis Group, LLC
ISSN
1384-1289
eISSN
1477-2736
DOI
10.1080/13841289908523402
Publisher site
See Article on Publisher Site

Abstract

This paper evaluates dynamic elements of spatial market linkages for several important food commodities in the Russian Federation. We argue that delivery lags and other impediments to regional commodity trade may delay price responses. Standard regression and cointegration tests that compare contemporaneous price linkages in a short-run setting may not be flexible enough to address integration in such a setting. As an alternative, we complement conventional time-series tests of spatial integration with an analysis of dynamic responses to price shocks. The results provide tempered support for spatial integration, especially in retail markets. However, the results suggest that, because of gradual adjustments to price shocks, integration may occur mainly in the long run.

Journal

The Journal of Policy ReformTaylor & Francis

Published: May 1, 1999

Keywords: Cointegration; Market integration; Price dynamics; Transition economies; F15; R10; C22

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