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Comparing the Price Transmission Coefficients of the Domestic and Imported Agricultural Products: Based on a Cointegration Analysis

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  • Jeon, Sanggon

Abstract

This study estimates the degree of price transmission between domestic and imported agricultural products using monthly price time series data. To do that, this study tests unit root and conintegration between prices. The results of unit root tests show that many of each price time series data are understood as nonstationary. Therefore, we test whether there exists a cointegration relationship between prices. The results of the test indicate that domestic prices of different qualities in the same product and domestic and imported prices are cointegrated. In other words, there are long run equilibrium relations between these prices. Furthermore, we compare the degree of price transmission and find out that for many agricultural products the degree of price transmission of imported products to domestic products is smaller than that of price transmission between domestic prices, which may suggest that the shocks in the world market are partially transmitted to the domestic agricultural market.

Suggested Citation

  • Jeon, Sanggon, 2009. "Comparing the Price Transmission Coefficients of the Domestic and Imported Agricultural Products: Based on a Cointegration Analysis," Journal of Rural Development/Nongchon-Gyeongje, Korea Rural Economic Institute, vol. 31(6), January.
    • Handle: RePEc:ags:jordng:330385
    DOI: 10.22004/ag.econ.330385
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