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Testing for Market Integration and the Law of One Price in World Shrimp Markets

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  • Vinuya, Ferdinand D.
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    Abstract

    Using import price data from Japan, United States, and the European Union, we test if shrimp price movements in these markets indicate an integrated world market for shrimp. We utilize cointegration techniques to investigate if prices in these markets share a common stochastic trend and if the law of one price holds. Results point to strong linkage among Japanese, American, and European markets. The results on the aggregated shrimp markets are checked against the results at a more disaggregated level. Data from wholesale markets in Tokyo, New York, and Europe for specific shrimp products confirm the integrated nature of shrimp markets. Evidence also exists in support of the law of one price in shrimp markets.

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    File URL: http://purl.umn.edu/35351
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    Bibliographic Info

    Paper provided by Southern Agricultural Economics Association in its series 2006 Annual Meeting, February 5-8, 2006, Orlando, Florida with number 35351.

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    Date of creation: 2006
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    Handle: RePEc:ags:saeaso:35351

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    Keywords: Agribusiness;

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    1. McNew, Kevin & Fackler, Paul L., 1997. "Testing Market Equilibrium: Is Cointegration Informative?," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 22(02), December.
    2. Dragan Miljkovic & Rodney J. Paul, 2001. "Product Aggregation, Market Integration, and Relationships between Prices: An Application to World Salmon Markets: Comment," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(4), pages 1087-1089.
    3. Christopher B. Barrett, 1996. "Market Analysis Methods: Are Our Enriched Toolkits Well Suited to Enlivened Markets?," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 78(3), pages 825-829.
    4. Bene, Christophe & Cadren, Muriel & Lantz, Frederic, 2000. "Impact of cultured shrimp industry on wild shrimp fisheries: analysis of price determination mechanisms and market dynamics," Agricultural Economics, Blackwell, vol. 23(1), pages 55-68, June.
    5. Asche, F. & Bremnes, H. & Wessells, C.R., 1998. "Product Aggregation, Market Integration and Relationships Between Prices: an Application to World Salmon Markets," Papers 27/98, Norwegian School of Economics and Business Administration-.
    6. Max Nielsen & Jos Smit & Jordi Guillen, 2009. "Market Integration of Fish in Europe," Journal of Agricultural Economics, Wiley Blackwell, vol. 60(2), pages 367-385.
    7. Kjell G. Salvanes, 1997. "Market Delineation and Demand Structure," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(1), pages 139-150.
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