The world market for soybeans: price transmission into Brazil and effects from the timing of crop and trade
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| Formato: | Artículo científico |
| Lenguaje: | en |
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Universidade Federal de Minas Gerais
2007
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| _version_ | 1876453981441490944 |
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| author | Mario A. Margarido |
| author_facet | Mario A. Margarido |
| contents | The world market for soybeans: price transmission into Brazil and effects from the timing of crop and trade Mario A. Margarido Frederico A. Turolla Carlos R. F. Bueno Economía y Finanzas soy time series econometrics elasticity of price transmission his paper investigates the price transmission in the world market for soybeans using time series econometrics models. The theoretical model developed by Mundlack and Larson (1992) is based on the Law of the One Price, which assumes price equalization across all local markets in the long run and allows for deviations in the short run. The international market was characterized by three relevant soybean prices: Rotterdam Port, Argentina and the United States. The paper estimates the el asticity of transmission of these prices into soybean prices in Brazil. There were carried causality and cointegration tests in order to identify whether there is significant long-term relationship among these variables. There was also calculated the impulse-response function and forecast error variance decomposition to analyze the transmission of variations in the international prices over Brazilian prices. An exogeneity test was also carried out so as to check whether the variables respond to short term deviations from equilibrium values. Results validated the Law of the One Price in the long run. In line with many studies, this paper showed that Brazil and Argentina can be seen as price takers as long as the speed of their adjustment to shocks is faster than in the United States, the latter being a price maker 2007 artículo científico 0103-6351 https://www.redalyc.org/articulo.oa?id=400437545002 en http://www.redalyc.org/revista.oa?id=4004 Nova Economia application/pdf Universidade Federal de Minas Gerais Nova Economia (Brasil) Num.2 Vol.17 |
| format | Artículo científico |
| id | redalyc_400437545002 |
| institution | Redalyc |
| language | en |
| publishDate | 2007 |
| publisher | Universidade Federal de Minas Gerais |
| spellingShingle | The world market for soybeans: price transmission into Brazil and effects from the timing of crop and trade Mario A. Margarido Economía y Finanzas soy time series econometrics elasticity of price transmission The world market for soybeans: price transmission into Brazil and effects from the timing of crop and trade Mario A. Margarido Frederico A. Turolla Carlos R. F. Bueno Economía y Finanzas soy time series econometrics elasticity of price transmission his paper investigates the price transmission in the world market for soybeans using time series econometrics models. The theoretical model developed by Mundlack and Larson (1992) is based on the Law of the One Price, which assumes price equalization across all local markets in the long run and allows for deviations in the short run. The international market was characterized by three relevant soybean prices: Rotterdam Port, Argentina and the United States. The paper estimates the el asticity of transmission of these prices into soybean prices in Brazil. There were carried causality and cointegration tests in order to identify whether there is significant long-term relationship among these variables. There was also calculated the impulse-response function and forecast error variance decomposition to analyze the transmission of variations in the international prices over Brazilian prices. An exogeneity test was also carried out so as to check whether the variables respond to short term deviations from equilibrium values. Results validated the Law of the One Price in the long run. In line with many studies, this paper showed that Brazil and Argentina can be seen as price takers as long as the speed of their adjustment to shocks is faster than in the United States, the latter being a price maker 2007 artículo científico 0103-6351 https://www.redalyc.org/articulo.oa?id=400437545002 en http://www.redalyc.org/revista.oa?id=4004 Nova Economia application/pdf Universidade Federal de Minas Gerais Nova Economia (Brasil) Num.2 Vol.17 |
| title | The world market for soybeans: price transmission into Brazil and effects from the timing of crop and trade |
| topic | Economía y Finanzas soy time series econometrics elasticity of price transmission |
| url | https://www.redalyc.org/articulo.oa?id=400437545002 |