Spatial price dynamics and integration in russian food markets
This paper evaluates dynamic elements of spatial market linkages for several important food commodities in the Russian Federation. We argue that delivery lags and other impediments to regional commodity trade may delay price responses. Standard regression and cointegration tests that compare contemporaneous price linkages in a short-run setting may not be flexible enough to address integration in such a setting. As an alternative, we complement conventional time-series tests of spatial integration with an analysis of dynamic responses to price shocks. The results provide tempered support for spatial integration, especially in retail markets. However, the results suggest that, because of gradual adjustments to price shocks, integration may occur mainly in the long run.
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Volume (Year): 3 (1999)
Issue (Month): 2 ()
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