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Market Integration in Wholesale Rice Markets in India

Author

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  • Raghbendra Jha

    ()

  • K.V. Bhanu Murthy
  • Anurag Sharma

Abstract

This paper tests for market integration in 55 wholesale rice markets in India using monthly data over the period January 1970 - December 1999. The technique of Gonzalez-Rivera and Helfand (2001) is used to identify common factors across various markets. It is discovered that market integration is far from complete in India and a major reason for this is the excessive interference in rice markets by government agencies. As a result it is hard for scarcity conditions in isolated markets to be picked up by markets with abundance in supply. A number of policy implications are also considered.

Suggested Citation

  • Raghbendra Jha & K.V. Bhanu Murthy & Anurag Sharma, 2005. "Market Integration in Wholesale Rice Markets in India," ASARC Working Papers 2005-03, The Australian National University, Australia South Asia Research Centre.
  • Handle: RePEc:pas:asarcc:2005-03
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    File URL: https://crawford.anu.edu.au/acde/asarc/pdf/papers/2005/WP2005_03.pdf
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    References listed on IDEAS

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    1. Shahidur Rashid, 2004. "Spatial Integration of Maize Markets in Post-liberalised Uganda," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 13(1), pages 102-133, March.
    2. Goletti, Francesco, 1994. "The changing public role in a rice economy approaching self-sufficiency: the case of Bangladesh," Research reports 98, International Food Policy Research Institute (IFPRI).
    3. Engle, Robert F. & Yoo, Byung Sam, 1987. "Forecasting and testing in co-integrated systems," Journal of Econometrics, Elsevier, vol. 35(1), pages 143-159, May.
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    Cited by:

    1. Massimiliano Calì & Carlo Menon, 2013. "Does Urbanization Affect Rural Poverty? Evidence from Indian Districts," World Bank Economic Review, World Bank Group, vol. 27(2), pages 171-201.
    2. Beag, F.A. & Singla, N., 2014. "Cointegration, Causality and Impulse Response Analysis in Major Apple Markets of India," Agricultural Economics Research Review, Agricultural Economics Research Association (India), vol. 27(2).
    3. David Atkin, 2013. "Trade, Tastes, and Nutrition in India," American Economic Review, American Economic Association, vol. 103(5), pages 1629-1663, August.
    4. Sekhar, C.S.C., 2012. "Agricultural market integration in India: An analysis of select commodities," Food Policy, Elsevier, vol. 37(3), pages 309-322.
    5. Jayasuriya, Sisira & Kim, Jae H. & Kumar, Parmod, 2007. "International and Internal Market Integration in Indian agriculture: A study of the Indian Rice Market," 106th Seminar, October 25-27, 2007, Montpellier, France 7935, European Association of Agricultural Economists.
    6. Pratap Kumar JENA, 2016. "Commodity market integration and price transmission: Empirical evidence from India," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(3(608), A), pages 283-306, Autumn.
    7. Tahir Mukhtar & Muhammad Tariq Javed, 2007. "Price Integration in Wholesale Maize Markets in Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 46(4), pages 1075-1084.
    8. Galang, Ivory Myka R., 2014. "A Spatial Integration Analysis of the Regional Fertilizer Markets in the Philippines," Discussion Papers DP 2014-36, Philippine Institute for Development Studies.
    9. Pratap Kumar JENA, 2016. "Commodity market integration and price transmission: Empirical evidence from India," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(3(608), A), pages 283-306, Autumn.
    10. Hussain, Babar, 2011. "Testing the law of one price in gram markets of Pakistan," MPRA Paper 30600, University Library of Munich, Germany, revised 01 Apr 2011.
    11. Bathla, Seema & Srinivasulu, R., 2011. "Price Transmission and Asymmetry: An Empirical Analysis of Indian Groundnut Seed and Oil Markets," Indian Journal of Agricultural Economics, Indian Society of Agricultural Economics, vol. 66(4).
    12. Madhusudan Ghosh, 2011. "Agricultural Policy Reforms And Spatial Integration Of Food Grain Markets In India," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 36(2), pages 15-37, June.

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