Agricultural Policy Reforms And Spatial Integration Of Food Grain Markets In India
Applying the maximum likelihood method of co-integration, this paper examines the impact of agricultural policy reforms on spatial integration of food grain markets in India. The extent of spatial integration of food grain markets has improved during the post-reform period, as the regional markets, which were either segmented or poorly integrated during the pre-reform period, are found to be strongly integrated, and in most cases to such an extent that satisfies the relative version of the law of one price. The agricultural policy reforms undertaken by the Indian government seem to have contributed towards improving the extent of spatial integration of food grain markets. The results offer important policy implications.
Volume (Year): 36 (2011)
Issue (Month): 2 (June)
|Contact details of provider:|| Web page: http://www.jed.or.kr/|
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Frank Asche & Helge Bremnes & Cathy R. Wessells, 1999.
"Product Aggregation, Market Integration, and Relationships between Prices: An Application to World Salmon Markets,"
American Journal of Agricultural Economics,
Agricultural and Applied Economics Association, vol. 81(3), pages 568-581.
- 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-.
- Awokuse, Titus O. & Bernard, John C., 2007. "Spatial Price Dynamics in U.S. Regional Broiler Markets," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 39(03), December.
- Awokuse, Titus O. & Bernard, John C., 2007. "Spatial Price Dynamics in U.S. Regional Broiler Markets," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 39(03), pages 447-456, December.
- 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 1057-1072, June.
- Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
- Osterwald-Lenum, Michael, 1992. "A Note with Quantiles of the Asymptotic Distribution of the Maximum Likelihood Cointegration Rank Test Statistics," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 54(3), pages 461-472, August.
- Bob Baulch, 1997. "Transfer Costs, Spatial Arbitrage, and Testing for Food Market Integration," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(2), pages 477-487.
- Munir Quddus & Charles Becker, 2000. "Speculative Price Bubbles in the Rice Market and the 1974 Bangladesh Famine," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 25(2), pages 155-175, December.
- Zanias, George P., 1999. "Seasonality and spatial integration in agricultural (product) markets," Agricultural Economics, Blackwell, vol. 20(3), pages 253-262, May.
- Raghbendra Jha & K.V. Bhanu Murthy & Anurag Sharma, 2005. "Market Integration in Wholesale Rice Markets in India," ASARC Working Papers 2005-03, The Australian National University, Australia South Asia Research Centre.
- Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
- Prema-Chandra Athukorala, 2005. "Agricultural Trade Policy Reforms in India," South Asia Economic Journal, Institute of Policy Studies of Sri Lanka, vol. 6(1), pages 23-36, March. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:jed:journl:v:36:y:2011:i:2:p:15-37. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sung Y. Park)
If references are entirely missing, you can add them using this form.