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Estimating Policy Effects on Spatial Market Efficiency: An Extension to the Parity Bounds Model

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  • Asfaw Negassa
  • Robert J. Myers
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    Abstract

    The standard parity bounds model (PBM) is extended to allow for dynamic shifts in regime probabilities in response to changes in marketing policy. The approach allows estimation of the length of the adjustment period and a statistical test for no policy effects. The extended PBM is applied to maize and wheat markets in Ethiopia. Evidence of a dynamic adjustment path is found and grain marketing reforms are found to have improved spatial efficiency in a few markets, worsened it in a few others, but generally to have had little effect on the spatial efficiency of Ethiopian grain markets. Copyright 2007, Oxford University Press.

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    File URL: http://hdl.handle.net/10.1111/j.1467-8276.2007.00979.x
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    Bibliographic Info

    Article provided by Agricultural and Applied Economics Association in its journal American Journal of Agricultural Economics.

    Volume (Year): 89 (2007)
    Issue (Month): 2 ()
    Pages: 338-352

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    Handle: RePEc:oup:ajagec:v:89:y:2007:i:2:p:338-352

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    Cited by:
    1. Minot, Nicholas, 2011. "Transmission of world food price changes to markets in Sub-Saharan Africa:," IFPRI discussion papers 1059, International Food Policy Research Institute (IFPRI).
    2. Stephens, Emma C. & Mabaya, Edward T., 2008. "Spatial Price Adjustment with and without Trade," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6538, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    3. Giulia LISTORTI, 2008. "Price Transmission Mechanisms: a Policy Investigation of International Wheat Markets," Working Papers 318, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
    4. Zant, Wouter, 2013. "How is the liberalization of food markets progressing ? market integration and transaction costs in subsistence economies," Policy Research Working Paper Series 6331, The World Bank.
    5. Perakis, Sonja Melissa, 2012. "“Changing Spatial Maize Price Relationships in West Africa”," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124910, Agricultural and Applied Economics Association.
    6. Barrett, Christopher B., 2008. "Smallholder market participation: Concepts and evidence from eastern and southern Africa," Food Policy, Elsevier, vol. 33(4), pages 299-317, August.
    7. Rashid, Shahidur, 2011. "Intercommodity price transmission and food price policies: An analysis of Ethiopian cereal markets," IFPRI discussion papers 1079, International Food Policy Research Institute (IFPRI).
    8. Larson, Donald F. & Sarris, Alexander, 2009. "The performance of Bulgarian food markets during reform," Policy Research Working Paper Series 4876, The World Bank.
    9. Quattri, Maria A., 2012. "On trade efficiency in the Ethiopian agricultural markets," 123rd Seminar, February 23-24, 2012, Dublin, Ireland 122512, European Association of Agricultural Economists.

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