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Measuring Spatial Integration in Tomato and Onion Markets of Pakistan: An Application of Error Correction Model in the Presence of Stationarity

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  • Lohano, Heman D.
  • Mari, Fateh M.
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    Abstract

    This paper empirically evaluates the degree of integration among spatially separated markets using monthly wholesale real price series of tomato and onion from regional markets located in each of the four provinces of Pakistan. Unit root test indicates that the price series are stationary, and are represented as autoregressive model for each region. Results of the error correction model show that the markets of both tomato and onion are spatially integrated, however, the overall degree of integration in onion markets is relatively stronger than in tomato markets. This difference may be attributed to relatively lower degree of perishability in onion as compared to tomato.

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    Bibliographic Info

    Paper provided by Agricultural and Applied Economics Association in its series 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington with number 124611.

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    Date of creation: 2012
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    Handle: RePEc:ags:aaea12:124611

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    Keywords: Market integration; Error correction model; Stationarity; Demand and Price Analysis; Marketing; Q13; C22;

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    1. 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.
    2. Gloria Gonz�lez-Rivera & Steven M. Helfand, 2001. "The Extent, Pattern, and Degree of Market Integration: A Multivariate Approach for the Brazilian Rice Market," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(3), pages 576-592.
    3. Vollrath, Thomas L., 2003. "North American Agricultural Market Integration And Its Impact On The Food And Fiber System," Agricultural Information Bulletins 33639, United States Department of Agriculture, Economic Research Service.
    4. 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.
    5. Teresa Serra & Barry K. Goodwin & José M. Gil & Anthony Mancuso, 2006. "Non-parametric Modelling of Spatial Price Relationships," Journal of Agricultural Economics, Wiley Blackwell, vol. 57(3), pages 501-522.
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