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How Integrated is the Indian Wheat Market?

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  • Atanu Ghoshray
  • Madhusudan Ghosh

Abstract

Applying the momentum-threshold autoregressive (M-TAR) model due to Enders and Granger (Enders, W. and Granger, C.W.J. (1998) Unit root tests and asymmetric adjustment with an example using the term structure of interest rates. Journal of Business and Economic Statistics, 16(3), pp. 304–311), this article examines the relationship between the various prices of wheat quoted at different market centres in four Indian states. We find evidence of M-TAR asymmetric adjustments of wheat prices, indicating that price signals within states are transmitted over time in an asymmetric manner. This type of price adjusting behaviour is consistent as to how price differentials may respond to poor dissemination of knowledge regarding market conditions and high transactions costs. The results offer important policy implications.

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  • Atanu Ghoshray & Madhusudan Ghosh, 2011. "How Integrated is the Indian Wheat Market?," Journal of Development Studies, Taylor & Francis Journals, vol. 47(10), pages 1574-1594.
    • Handle: RePEc:taf:jdevst:v:47:y:2011:i:10:p:1574-1594
    DOI: 10.1080/00220388.2011.579108
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    Cited by:

    1. Bekkis, Soumeya & Benmehaia, Mohamed Amine & Kaci, Ahcène, 2023. "Price Transmission in the Wheat Market in Algeria: Threshold Cointegration Approach," International Journal of Food and Agricultural Economics (IJFAEC), Alanya Alaaddin Keykubat University, Department of Economics and Finance, vol. 11(1), January.
    2. Mohammad J Alam & Raghbendra Jha, 2016. "Asymmetric threshold vertical price transmission in wheat and flour markets in Dhaka (Bangladesh): seemingly unrelated regression analysis," ASARC Working Papers 2016-03, The Australian National University, Australia South Asia Research Centre.
    3. Sakurai, Takeshi & Ralandison, Tsilavo & Takahashi, Kazushi & Arimoto, Yutaka & Kono, Hisaki, 2015. "Is there any premium for unobservable quality? : a hedonic price analysis of the Malagasy rice market," IDE Discussion Papers 504, Institute of Developing Economies, Japan External Trade Organization(JETRO).

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