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Agricultural Policy Reforms And Spatial Integration Of Food Grain Markets In India

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  • Madhusudan Ghosh

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    (Department of Economics & Politics,Visva-Bharati University)

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    Abstract

    Applying the maximum likelihood method of co-integration, this paper examines the impact of agricultural policy reforms on spatial integration of food grain markets in India. The extent of spatial integration of food grain markets has improved during the post-reform period, as the regional markets, which were either segmented or poorly integrated during the pre-reform period, are found to be strongly integrated, and in most cases to such an extent that satisfies the relative version of the law of one price. The agricultural policy reforms undertaken by the Indian government seem to have contributed towards improving the extent of spatial integration of food grain markets. The results offer important policy implications.

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    Bibliographic Info

    Article provided by Chung-Ang Unviersity, Department of Economics in its journal Journal Of Economic Development.

    Volume (Year): 36 (2011)
    Issue (Month): 2 (June)
    Pages: 15-37

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    Handle: RePEc:jed:journl:v:36:y:2011:i:2:p:15-37

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    Related research

    Keywords: Co-integration; Market Integration; Law of One Price; Indian Food Grain Market; ¡¡Agricultural Reforms;

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    1. Munir Quddus & Charles Becker, 2000. "Speculative Price Bubbles in the Rice Market and the 1974 Bangladesh Famine," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 25(2), pages 155-175, December.
    2. Osterwald-Lenum, Michael, 1992. "A Note with Quantiles of the Asymptotic Distribution of the Maximum Likelihood Cointegration Rank Test Statistics," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 54(3), pages 461-72, August.
    3. Frank Asche & Helge Bremnes & Cathy R. Wessells, 1999. "Product Aggregation, Market Integration, and Relationships between Prices: An Application to World Salmon Markets," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(3), pages 568-581.
    4. Awokuse, Titus O. & Bernard, John C., 2007. "Spatial Price Dynamics in U.S. Regional Broiler Markets," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 39(03), December.
    5. Raghbendra Jha & K.V. Bhanu Murthy & Anurag Sharma, 2005. "Market Integration in Wholesale Rice Markets in India," ASARC Working Papers 2005-03, The Australian National University, Australia South Asia Research Centre.
    6. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
    7. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
    8. Zanias, George P., 1999. "Seasonality and spatial integration in agricultural (product) markets," Agricultural Economics, Blackwell, vol. 20(3), pages 253-262, May.
    9. Bob Baulch, 1997. "Transfer Costs, Spatial Arbitrage, and Testing for Food Market Integration," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(2), pages 477-487.
    10. Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, vol. 49(4), pages 1057-72, June.
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