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Measurement And Testing For Neutrality Of Foreign Price And Cpi Transmission In Russia

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  • Arnade, Carlos Anthony
  • Osborne, Stefan

Abstract

This paper examines domestic and international food market integration in Russia before and after the financial crisis of 1998. Using monthly prices of bread, pork, and beef in 80 regions of Russia from 1994 to 1999, we measure the short-run response of regional prices to changes in foreign prices and domestic inflation. We find that both changes in foreign prices and domestic inflation have distinct impacts on the prices of these commodities in different Russian markets, indicating poor market integration in the short run. An analysis of the effect of the financial crisis shows that market integration for bread and beef deteriorated after the crisis. However, integration improved for pork in some parts of Russia, and the integration of Siberian pork markets with Chinese pork markets also improved after the crisis.

Suggested Citation

  • Arnade, Carlos Anthony & Osborne, Stefan, 2001. "Measurement And Testing For Neutrality Of Foreign Price And Cpi Transmission In Russia," 2001 Annual meeting, August 5-8, Chicago, IL 20625, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  • Handle: RePEc:ags:aaea01:20625
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    File URL: http://ageconsearch.umn.edu/record/20625/files/sp01ar01.pdf
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    References listed on IDEAS

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    3. Steven T Phillips & Vincent Koen, 1993. "Price Liberalization in Russia; Behavior of Prices, Household Incomes, and Consumption During the First Year," IMF Occasional Papers 104, International Monetary Fund.
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    5. Carlos Arnade & Munisamy Gopinath, 2000. "Financial constraints and output targets in Russian agricultural production," Journal of International Development, John Wiley & Sons, Ltd., vol. 12(1), pages 71-84.
    6. Parks, Richard W, 1978. "Inflation and Relative Price Variability," Journal of Political Economy, University of Chicago Press, vol. 86(1), pages 79-95, February.
    7. Michael T. Belongia, 1991. "Monetary policy and the farm/nonfarm price ratio: a comparison of effects," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 30-46.
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    9. Fackler, Paul L. & Goodwin, Barry K., 2001. "Spatial price analysis," Handbook of Agricultural Economics,in: B. L. Gardner & G. C. Rausser (ed.), Handbook of Agricultural Economics, edition 1, volume 1, chapter 17, pages 971-1024 Elsevier.
    10. Loy, Jens-Peter & Weaver, R D, 1998. "Inflation and Relative Price Volatility in Russian Food Markets," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 25(3), pages 373-394.
    11. Paula De Masi & Vincent Koen, 1996. "Relative Price Convergence in Russia," IMF Staff Papers, Palgrave Macmillan, vol. 43(1), pages 97-122, March.
    12. Barry K. Goodwin & Thomas J. Grennes & Christine McCurdy, 1999. "Spatial price dynamics and integration in russian food markets," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 3(2), pages 157-193.
    13. Alan G. Isaac & David E. Rapach, 1996. "Monetary Shocks and Real Farm Prices: A Re-Examination," Others 9602001, University Library of Munich, Germany.
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    Cited by:

    1. Arnade, Carlos Anthony & Vocke, Gary, 2013. "Investigating the Divergence in Wheat Prices," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 149694, Agricultural and Applied Economics Association.

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    International Relations/Trade;

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