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Price Transmission in the German Sugar Market

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  • Nolte, Stephan
  • Natanelov, Valeri
  • Buysse, Jeroen
  • van Huylenbroeck, Guido
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    Abstract

    The German sugar market is governed by the European Union’s common market organization (CMO). In 2006, the CMO was subject to its first major reform. Among others, the administered price for sugar was reduced by 36%. We use a data set with monthly prices for sugar and sugar containing products to perform a cointegration analysis. Results show that the reduction of the institutional price has led to a reduction of wholesale prices and of retail prices for table sugar. Prices for sugar containing products are barely integrated with the sugar price, though. Some are found to be integrated with the CPI for food and soft drinks. In none of the cases where linear cointegration could not be detected, threshold cointegration could be found.

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    Bibliographic Info

    Paper provided by Australian Agricultural and Resource Economics Society in its series 2012 Conference (56th), February 7-10, 2012, Freemantle, Australia with number 124351.

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    Date of creation: Feb 2012
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    Handle: RePEc:ags:aare12:124351

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    Keywords: Sugar; EU’s Common Agricultural Policy; Price Transmission; Co-integration; Demand and Price Analysis; Marketing;

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    1. Nathan S. Balke & Thomas B. Fomby, 1992. "Threshold cointegration," Research Paper 9209, Federal Reserve Bank of Dallas.
      • Balke, Nathan S & Fomby, Thomas B, 1997. "Threshold Cointegration," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(3), pages 627-45, August.
    2. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March.
    3. Mosconi, Rocco & Giannini, Carlo, 1992. "Non-causality in Cointegrated Systems: Representation Estimation and Testing," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 54(3), pages 399-417, August.
    4. Hansen, Bruce E. & Seo, Byeongseon, 2002. "Testing for two-regime threshold cointegration in vector error-correction models," Journal of Econometrics, Elsevier, vol. 110(2), pages 293-318, October.
    5. Seo, Myunghwan, 2006. "Bootstrap testing for the null of no cointegration in a threshold vector error correction model," Journal of Econometrics, Elsevier, vol. 134(1), pages 129-150, September.
    6. Nolte, Stephan & Grethe, Harald, 2008. "Der Markt f�r Zucker," German Journal of Agricultural Economics, Humboldt-Universitaet zu Berlin, Department for Agricultural Economics, vol. 57(1).
    7. Lo, Ming Chien & Zivot, Eric, 2001. "Threshold Cointegration And Nonlinear Adjustment To The Law Of One Price," Macroeconomic Dynamics, Cambridge University Press, vol. 5(04), pages 533-576, September.
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