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Asymmetric price adjustment of Ukrainian feed wheat export prices in relation to U.S. maize exports: A Note

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Author Info
Atanu Ghoshray () (University of Bath)

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Abstract

This note aims to investigate the price dynamics between Ukrainian feed wheat exports and U.S. maize exports employing the method by Enders and Siklos (2001) to allow for threshold adjustment. The analysis reveals slow amounts of adjustment towards equilibrium for a positive change in the equilibrium relationship, but a substantial amount of adjustment for a negative change in the equilibrium relationship. This would imply that Ukrainian prices would have to decrease at a faster rate in order to retain their market share. The fact that there is some evidence of asymmetric price adjustment is not surprising given that Ukraine is a minor exporter in relation to the U.S. and that policy intervention exists in the Ukrainian wheat market. The nature of price dynamics sheds light on how Ukraine has been strategically responding to U.S. maize exports since the mid 1990s.

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File URL: http://economicsbulletin.vanderbilt.edu/2008/volume17/EB-07Q10003A.pdf
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Publisher Info
Article provided by Economics Bulletin in its journal Economics Bulletin.

Volume (Year): 17 (2008)
Issue (Month): 2 ()
Pages: 1-8
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:ebl:ecbull:v:17:y:2008:i:2:p:1-8

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Postal: Economics Bulletin, Department of Economics, 414 Calhoun Hall, Vanderbilt University, Nashville TN 37235, USA
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Related research
Keywords: Momentum-TAR; Price Adjustment; TAR; Wheat.;

Find related papers by JEL classification:
Q1 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture
C5 - Mathematical and Quantitative Methods - - Econometric Modeling

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Enders, Walter, 2001. "Improved Critical Values for the Enders-Granger Unit-Root Test," Applied Economics Letters, Taylor and Francis Journals, vol. 8(4), pages 257-61, April. [Downloadable!] (restricted)
  2. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March. [Downloadable!] (restricted)
  3. Enders, Walter & Granger, Clive W J, 1998. "Unit-Root Tests and Asymmetric Adjustment with an Example Using the Term Structure of Interest Rates," Journal of Business & Economic Statistics, American Statistical Association, vol. 16(3), pages 304-11, July.
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  4. Enders, Walter & Siklos, Pierre L, 2001. "Cointegration and Threshold Adjustment," Journal of Business & Economic Statistics, American Statistical Association, vol. 19(2), pages 166-76, April.
  5. Atanu Ghoshray, 2007. "An Examination of the Relationship Between U.S. and Canadian Durum Wheat Prices," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 55(1), pages 49-62, 03. [Downloadable!] (restricted)
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This page was last updated on 2009-12-12.

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