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Measurement And Testing For Neutrality Of Foreign Price And Cpi Transmission In Russia

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Author Info
Arnade, Carlos
Osborne, Stefan
Abstract

This paper examines domestic and international food market integration in Russia before and after the financial crisis of 1998. Using monthly prices of bread, pork, and beef in 80 regions of Russia from 1994 to 1999, we measure the short-run response of regional prices to changes in foreign prices and domestic inflation. We find that both changes in foreign prices and domestic inflation have distinct impacts on the prices of these commodities in different Russian markets, indicating poor market integration in the short run. An analysis of the effect of the financial crisis shows that market integration for bread and beef deteriorated after the crisis. However, integration improved for pork in some parts of Russia, and the integration of Siberian pork markets with Chinese pork markets also improved after the crisis.

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Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2001 Annual meeting, August 5-8, Chicago, IL with number 20625.

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Date of creation: 2001
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Handle: RePEc:ags:aaea01:20625

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Keywords: International Relations/Trade;

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  1. Alan G. Isaac & David E. Rapach, 1996. "Monetary Shocks and Real Farm Prices: A Re-Examination," Others 9602001, EconWPA. [Downloadable!]
  2. Loy, Jens-Peter & Weaver, R D, 1998. "Inflation and Relative Price Volatility in Russian Food Markets," European Review of Agricultural Economics, Oxford University Press for the Foundation for the European Review of Agricultural Economics, vol. 25(3), pages 373-94.
  3. Parks, Richard W, 1978. "Inflation and Relative Price Variability," Journal of Political Economy, University of Chicago Press, vol. 86(1), pages 79-95, February. [Downloadable!] (restricted)
  4. Stanley Fischer, 1981. "Relative Shocks, Relative Price Variability, and Inflation," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 12(1981-2), pages 381-442. [Downloadable!]
  5. Michael T. Belongia, 1991. "Monetary policy and the farm/nonfarm price ratio: a comparison of effects," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 30-46. [Downloadable!]
  6. Paula De Masi & Vincent Koen, 1995. "Relative Price Convergence in Russia," IMF Working Papers 95/54, International Monetary Fund.
  7. Berkowitz, Daniel & DeJong, David N. & Husted, Steven, 1998. "Quantifying Price Liberalization in Russia," Journal of Comparative Economics, Elsevier, vol. 26(4), pages 735-760, December. [Downloadable!] (restricted)
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