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Spatial Integration of Wheat Markets in India: Evidence from Cointegration Tests

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  • Madhusudan Ghosh

Abstract

Using the maximum likelihood method of cointegration, this paper empirically evaluates intra-state and inter-state spatial integration of wheat markets in India. The cointegration tests provide strong evidence in favour of spatial integration of the regional wheat markets. Even though the regional markets are geographically dispersed, the prices across different market centres within and across the selected states have exhibited long-run spatial linkages, suggesting that all the exchange locations are integrated and the prices provide relevant market signals. There are several implications of these results for agricultural price policy and food market liberalization programmes.

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  • Madhusudan Ghosh, 2003. "Spatial Integration of Wheat Markets in India: Evidence from Cointegration Tests," Oxford Development Studies, Taylor & Francis Journals, vol. 31(2), pages 159-171.
    • Handle: RePEc:taf:oxdevs:v:31:y:2003:i:2:p:159-171
    DOI: 10.1080/13600810307426
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    1. Sriwena Saleerut & Chalermpon Jatuporn & Vasu Suvanvihok & Apinya Wanaset, 2020. "Price adjustment of oil palm and palm oil in Thailand to the world price of the palm oil market," Asian Journal of Agriculture and rural Development, Asian Economic and Social Society, vol. 10(2), pages 690-697, December.
    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. 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.
    4. Ramadas Sendhil & Kashish Arora & Sunny Kumar & Priyanka Lal & Arnab Roy & Ramalingam Jayakumara Varadan & Sivasankar Vedi & Anandan Pouchepparadjou, 2023. "Price Dynamics and Integration in India’s Staple Food Commodities—Evidence from Wholesale and Retail Rice and Wheat Markets," Commodities, MDPI, vol. 2(1), pages 1-21, February.
    5. Ashutosh K. Tripathi, 2024. "Price support policy and market price dynamics: The case of Indian wheat," Agricultural Economics, International Association of Agricultural Economists, vol. 55(2), pages 412-427, March.
    6. Boffa,Mauro & Varela,Gonzalo J., 2019. "Integration and Price Transmission in Key Food Commodity Markets in India," Policy Research Working Paper Series 8755, The World Bank.
    7. Saleerut, Sriwena & Jatuporn, Chalermpon & Suvanvihok, Vasu & Wanaset, Apinya, 2020. "Price Adjustment of Oil Palm and Palm Oil in Thailand to the World Price of the Palm Oil Market," Asian Journal of Agriculture and Rural Development, Asian Economic and Social Society (AESS), vol. 10(02), January.
    8. Kadir Eryigit & Suleyman Karaman, 2011. "Testing for spatial market integration and law of one price in Turkish wheat markets," Quality & Quantity: International Journal of Methodology, Springer, vol. 45(6), pages 1519-1530, October.
    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 / Editura Economica, vol. 0(3(608), A), pages 283-306, Autumn.
    10. Katengeza, Samson P., 2009. "Malawi Agricultural Commodity Exchange And Spatial Rice Market Integration," Research Theses 157596, Collaborative Masters Program in Agricultural and Applied Economics.
    11. Panos Fousekis, 2007. "Multiple Markets Within the EU? Empirical Evidence From Pork and Poultry Prices in 14 EU Member Countrties," Economics Bulletin, AccessEcon, vol. 3(65), pages 1-12.
    12. Robertson, Raymond, 2004. "Defining North American Economic Integration," North American Agrifood Integration: Situation and Perspectives, May 2004, Cancun, Mexico 16732, Farm Foundation.
    13. Katengeza, Samson P. & Mangisoni, Julius H. & Okello, Julius Juma, 2010. "The Role of ICT-based Market Information Services in Spatial Food Market Integration: The Case of Malawi Agricultural Commodity Exchange," 2010 AAAE Third Conference/AEASA 48th Conference, September 19-23, 2010, Cape Town, South Africa 96170, African Association of Agricultural Economists (AAAE).
    14. Alisher Tleubayev & Tinoush Jamali Jaghdani & Linde Gotz & Miranda Svanidze, 2021. "The relationship between trade policies and macroeconomic adjustments in the Russian cheese market integration," Journal of New Economy, Ural State University of Economics, vol. 22(3), pages 44-68, October.
    15. Mittal, S & Hariharan, VK & Subash, SP, 2018. "Price volatility trends and price transmission for major staples in India," Agricultural Economics Research Review, Agricultural Economics Research Association (India), vol. 31(1).
    16. Ranjit Kumar Paul & Tanmoy Karak, 2022. "Asymmetric Price Transmission: A Case of Wheat in India," Agriculture, MDPI, vol. 12(3), pages 1-17, March.
    17. Stanley Peter, Ddungu, 2013. "Farmer Preferences and Market Integration of Cowpea in Uganda," Research Theses 243442, Collaborative Masters Program in Agricultural and Applied Economics.
    18. 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.
    19. Madhusudan Ghosh, 2010. "Spatial Price Linkages in Regional Food Grain Markets in India," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 4(4), pages 495-516, November.
    20. repec:ebl:ecbull:v:3:y:2007:i:65:p:1-12 is not listed on IDEAS
    21. Tleubayev, Alisher & Jamali Jaghdani, Tinoush & Götz, Linde & Svanidze, Miranda, 2021. "The relationship between trade policies and macroeconomic adjustments in the Russian cheese market integration," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 22(3), pages 44-68.
    22. Katengeza, Samson P., 2009. "Malawi Agricultural Commodity Exchange And Spatial Rice Market Integration," Research Theses 117804, Collaborative Masters Program in Agricultural and Applied Economics.
    23. Ujjwal Kanti Paul & Gurudas Das & Avijit Debnath & Tanuj Mathur, 2016. "Market Integration and Price Leadership in India’s Onion Market," Review of Market Integration, India Development Foundation, vol. 8(1-2), pages 49-64, April.
    24. Tione, Sarah Ephridah, 2011. "Analysis of Effectiveness of Modern Information and Communication Technologies on Maize Marketing Efficiency in Lilongwe and Dedza Districts and Selected Markets of Malawi," Research Theses 198525, Collaborative Masters Program in Agricultural and Applied Economics.

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