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Testing for Market Integration and the Law of One Price in World Shrimp Markets

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  • Vinuya, Ferdinand D.

Abstract

Using import price data from Japan, United States, and the European Union, we test if shrimp price movements in these markets indicate an integrated world market for shrimp. We utilize cointegration techniques to investigate if prices in these markets share a common stochastic trend and if the law of one price holds. Results point to strong linkage among Japanese, American, and European markets. The results on the aggregated shrimp markets are checked against the results at a more disaggregated level. Data from wholesale markets in Tokyo, New York, and Europe for specific shrimp products confirm the integrated nature of shrimp markets. Evidence also exists in support of the law of one price in shrimp markets.

Suggested Citation

  • Vinuya, Ferdinand D., 2006. "Testing for Market Integration and the Law of One Price in World Shrimp Markets," 2006 Annual Meeting, February 5-8, 2006, Orlando, Florida 35351, Southern Agricultural Economics Association.
  • Handle: RePEc:ags:saeaso:35351
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    File URL: http://purl.umn.edu/35351
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    References listed on IDEAS

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    1. Dragan Miljkovic, 1999. "The Law of One Price in International Trade: A Critical Review," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 21(1), pages 126-139.
    2. Kjell G. Salvanes, 1997. "Market Delineation and Demand Structure," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(1), pages 139-150.
    3. McNew, Kevin & Fackler, Paul L., 1997. "Testing Market Equilibrium: Is Cointegration Informative?," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 22(02), December.
    4. 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.
    5. Christopher B. Barrett, 1996. "Market Analysis Methods: Are Our Enriched Toolkits Well Suited to Enlivened Markets?," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 78(3), pages 825-829.
    6. Dragan Miljkovic & Rodney J. Paul, 2001. "Product Aggregation, Market Integration, and Relationships between Prices: An Application to World Salmon Markets: Comment," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(4), pages 1087-1089.
    7. Max Nielsen & Jos Smit & Jordi Guillen, 2009. "Market Integration of Fish in Europe," Journal of Agricultural Economics, Wiley Blackwell, vol. 60(2), pages 367-385.
    8. Bene, Christophe & Cadren, Muriel & Lantz, Frederic, 2000. "Impact of cultured shrimp industry on wild shrimp fisheries: analysis of price determination mechanisms and market dynamics," Agricultural Economics, Blackwell, vol. 23(1), pages 55-68, June.
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    Keywords

    Agribusiness;

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