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Unilateral reforms, trade blocs, and law of one price: MERCOSUR rice markets

Listed author(s):
  • Ralph Bierlen

    (Department of Agricultural Economics and Agribusiness, University of Arkansas-Fayetteville)

  • Eric J. Wailes

    (Department of Agricultural Economics and Agribusiness, University of Arkansas-Fayetteville)

  • Gail L. Cramer

    (Department of Agricultural Economics and Agribusiness, University of Arkansas, Fayetteville, AR 72701)

The current study tests for the law of one price (LOP) in MERCOSUR rice markets and between the MERCOSUR and major rice exporters in the light of recent Argentinean and Brazilian unilateral reforms and regional integration. Johansen's multivariate cointegration testing procedures support the existence of the LOP in both instances in the post- (but not the pre-) unilateral reform and regional integration period. This is consistent with the notion that bloc and nonbloc members can both enjoy the benefits of unilateral reforms by a bloc member when the external bloc tariff is not prohibitive. © 1998 John Wiley & Sons, Inc.

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Article provided by John Wiley & Sons, Ltd. in its journal Agribusiness.

Volume (Year): 14 (1998)
Issue (Month): 3 ()
Pages: 183-198

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Handle: RePEc:wly:agribz:v:14:y:1998:i:3:p:183-198
DOI: 10.1002/(SICI)1520-6297(199805/06)14:3<183::AID-AGR2>3.0.CO;2-X
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References listed on IDEAS
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  1. Delpachitra, S. B. & Hill, R. L. St, 1994. "The law of one price: a test based on prices for selected inputs in New Zealand agriculture," Agricultural Economics of Agricultural Economists, International Association of Agricultural Economists, vol. 10(3), May.
  2. Paul R. Krugman, 1991. "The move toward free trade zones," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 7-58.
  3. Delpachitra, S. B. & St Hill, R. L., 1994. "The law of one price: a test based on prices for selected inputs in New Zealand agriculture," Agricultural Economics, Blackwell, vol. 10(3), pages 297-305, May.
  4. Michael, Panos & Nobay, A Robert & Peel, David, 1994. "Purchasing power parity yet again: evidence from spatially separated commodity markets," Journal of International Money and Finance, Elsevier, vol. 13(6), pages 637-657, December.
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