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