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The Process of Short- and Long-Term Price Integration in the Benin Maize Market

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  • Lutz, Clemens
  • van Tilburg, Aad
  • van der Kamp, Bertjan

Abstract

This paper reviews the methodology used to study the price integration process is spatially separated spot markets, and applies it to the Benin maize market. An Autoregressive Distributed Lag Model is derived to take into account the sluggishness of price adjustments. Hypothesis testing concerns stationarity and both long- and short-run integration of the price series. Long-term integration is tested with cointegration analysis. Error correction models are used to test for short-run integration and to estimate the speed of price adjustment. It is concluded that the arbitrage system is functioning, but with a significant time lag for several markets. This implies that there is scope for improving market performance. Copyright 1995 by Oxford University Press.

Suggested Citation

  • Lutz, Clemens & van Tilburg, Aad & van der Kamp, Bertjan, 1995. "The Process of Short- and Long-Term Price Integration in the Benin Maize Market," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 22(2), pages 191-212.
    • Handle: RePEc:oup:erevae:v:22:y:1995:i:2:p:191-212
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    Cited by:

    1. Xu, Xiaojie, 2014. "Causality and Price Discovery in U.S. Corn Markets: An Application of Error Correction Modeling and Directed Acyclic Graphs," 2014 Annual Meeting, July 27-29, 2014, Minneapolis, Minnesota 169806, Agricultural and Applied Economics Association.
    2. Yang, Jian & Leatham, David J., 1999. "Price Discovery In Wheat Futures Markets," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 31(2), pages 1-12, August.
    3. Baffes, John & Ajwad, Mohamed I., 1998. "Detecting price links in the world cotton market," Policy Research Working Paper Series 1944, The World Bank.
    4. Xiaojie Xu, 2017. "Contemporaneous causal orderings of US corn cash prices through directed acyclic graphs," Empirical Economics, Springer, vol. 52(2), pages 731-758, March.
    5. Balaguer, Jacint & Ripollés, Jordi, 2014. "Are the transport fuel retail markets regionally integrated in Spain? Evidence from price transmission," Economic Modelling, Elsevier, vol. 42(C), pages 323-332.
    6. José Angel Roldán Casas & Rafaela Dios-Palomares, 2004. "Contrastación de la ley de precio único en el mercado español del aceite de oliva," Economic Working Papers at Centro de Estudios Andaluces E2004/27, Centro de Estudios Andaluces.
    7. repec:dgr:rugcds:200320 is not listed on IDEAS
    8. Deb, Prokash & Dey, Madan M. & Surathkal, Prasanna, 2021. "Fish Price Transmission and Market Integration along the Vertical Value Chain in Bangladesh," 2021 Annual Meeting, August 1-3, Austin, Texas 314073, Agricultural and Applied Economics Association.
    9. Ofir D. Rubin & Rico Ihle, 2017. "Measuring Temporal Dimensions of the Intensity of Violent Political Conflict," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 132(2), pages 621-642, June.
    10. Stephan von Cramon-Taubadel, 2017. "The analysis of market integration and price transmission – results and implications in an African context," Agrekon, Taylor & Francis Journals, vol. 56(2), pages 83-96, April.
    11. Akiyama, Takamasa & Baffes, John & Larson, Donald F. & Varangis, Panos, 2003. "Commodity market reform in Africa: some recent experience," Economic Systems, Elsevier, vol. 27(1), pages 83-115, March.
    12. Adegbidi, Anselme & Dedehouanou, Houinsou & Kpenavoun, Sylvain & Lutz, Clemens, 2003. "Dix Ans de Libéralisation du Marché de Mais au Bénin," CDS Research Reports 200320, University of Groningen, Centre for Development Studies (CDS).
    13. Escobal, Javier, 2005. "The Role of Public Infraestructure in Market Development in Rural Peru," MPRA Paper 727, University Library of Munich, Germany.
    14. Erno Kuiper, W. & Lutz, Clemens & van Tilburg, Aad, 2003. "Vertical price leadership on local maize markets in Benin," Journal of Development Economics, Elsevier, vol. 71(2), pages 417-433, August.
    15. Kuiper, W. Erno & Lutz, Clemens & van Tilburg, Aad, 2002. "Vertical Price Leadership on Local Maize Markets in Benin," 2002 International Congress, August 28-31, 2002, Zaragoza, Spain 24886, European Association of Agricultural Economists.

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