DSpace About DSpace Software
 

DSpace Biblioteca Universidad de Talca (v1.5.2) >
Facultad de Ciencias Agrarias >
Tesis de Magíster en Agronegocios Internacionales >

Please use this identifier to cite or link to this item: http://dspace.utalca.cl/handle/1950/8038

Title: Market integration and price leadership in selected sugar markets: the case of Colombia, Brazil and the World
Authors: Bugueiro Olate, Mauricio Alejandro
Brummer, B. (Prof. Guía)
Díaz Osorio, José (Prof. Guía)
Issue Date: 2009
Publisher: Universidad deTalca (Chile). Facultad de Ciencias Agrarias
Abstract: In the present empirical study we used the Johansen maximum likelihood procedure to evaluate spatial market integration for raw sugar among the Colombian, Brazilian and World markets. The Johansen (1988) cointegration approach allowed relating the three market sugar prices in a multivariate cointegrated vector error correction model. The law of one price and the general patters of influence were tested. To support the study monthly sugar price series for the three markets ranging from 1998 to 2007 were used. The overall empirical results revealed that the null hypothesis of perfect market integration cannot be rejected, i.e.x 2 (2) =0.94684[0.62286], which implies that raw sugar prices from the three markets move proportionally in the long-run following the law of one price. In addition, for the world sugar price the null hypothesis of weak exogeneity cannot be rejected, i.e.X2 (2)00.00704093[0.99648], evidencing that the World sugar market has the price leadership, whereas the Brazilian and Colombian markets are price followers.
Description: 71 p.
URI: http://dspace.utalca.cl/handle/1950/8038
Appears in Collections:Tesis de Magíster en Agronegocios Internacionales

Files in This Item:

File Description SizeFormat
bugueiro_mauricio.pdfTabla de Contenidos304.21 kBAdobe PDFView/Open
bugueiro_mauricio.pdfResumen12.68 kBAdobe PDFView/Open
bugueiro_mauricio.htmLink a Texto Completo2.77 kBHTMLView/Open

Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.

 

Valid XHTML 1.0! DSpace Software Copyright © 2002-2009  The DSpace Foundation - Feedback