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Are Food Prices in the EU Converging? Empirical Evidence from the Log t Test

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  • Fousekis, Panos

    () (Department of International European Economic and Political Studies, University of Macedonia)

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    Abstract

    This paper investigates convergence of prices for nine broadly defined food commodities in the EU. The empirical analysis has been carried out using monthly price indexes over the period 1996 to 2007 and a recently proposed test of convergence which allows for the important case in practice where the price series are characterized by transition dynamics. According to the empirical results, the price dynamics for food are predominately diverging something which is consistent with relevant survey evidence from supermarkets across the EU countries.

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    Bibliographic Info

    Article provided by Camera di Commercio di Genova in its journal Economia Internazionale / International Economics.

    Volume (Year): 62 (2009)
    Issue (Month): 4 ()
    Pages: 407-423

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    Handle: RePEc:ris:ecoint:0366

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    Related research

    Keywords: Convergence; EU; Food Prices;

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    1. Bernard, A.B. & Durlauf, S.N., 1994. "Interpreting Tests of the Convergence Hypothesis," Working papers 9401r, Wisconsin Madison - Social Systems.
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    3. Kling, Catherine L. & Sexton, Richard & Carman, Hoy, 1991. "Market Integration, Efficiency of Arbitrage, and Imperfect Competition: Methodology and Application to U.S. Celery," Staff General Research Papers 1609, Iowa State University, Department of Economics.
    4. Tommaso Proietti, 2005. "Convergence in Italian regional per-capita GDP," Applied Economics, Taylor and Francis Journals, vol. 37(5), pages 497-506.
    5. Simón Sosvilla-Rivero & Salvador Gil-Pareja, . "Price Convergence in the European Union," Working Papers 2002-12, FEDEA.
    6. Bai, Jushan & Ng, Serena, 2006. "Evaluating latent and observed factors in macroeconomics and finance," Journal of Econometrics, Elsevier, vol. 131(1-2), pages 507-537.
    7. Bart Hobijn & Philip Hans Franses, 2000. "Asymptotically perfect and relative convergence of productivity," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 15(1), pages 59-81.
    8. Nahar, S. & Inder, B., 1998. "Testing Convergence in Economic Growth for OECD Countries," Monash Econometrics and Business Statistics Working Papers 14/98, Monash University, Department of Econometrics and Business Statistics.
    9. V. Eldon Ball & Charles Hallahan & Richard Nehring, 2004. "Convergence of Productivity: An Analysis of the Catch-up Hypothesis within a Panel of States," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 86(5), pages 1315-1321.
    10. Evans, Paul & Karras, Georgios, 1996. "Convergence revisited," Journal of Monetary Economics, Elsevier, vol. 37(2-3), pages 249-265, April.
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