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¿Estabiliza el FEPA los precios locales del azúcar?

Author

Listed:
  • Julio C. Alonso
  • Andrés M. Arcila
  • Sebastián Montenegro

Abstract

El primero de enero de 2001 entró en funcionamiento en Colombia el Fondo de Estabilización de Precios del Azúcar (FEPA). El gobierno colombiano creó dicho fondo como parte un mecanismo para proteger a los productores locales de las fluctuaciones de los precios internacionales del azúcar. Este trabajo busca determinar si el FEPA ha tenido éxito en aislar el precio local de las fluctuaciones en los precios del mercado internacional. En otras palabras, el objetivo de este documento es determinar si existe o no una relación de largo plazo entre los precios internacionales del azúcar, tanto refinado como crudo, con sus contrapartes en las tres principales ciudades de Colombia. Con una muestra para el periodo enero de 2001 a abril de 2015, se emplearon diferentes pruebas de raíces unitarias y de cointegración. Se encontró que las series de precios del azúcar en las tres principales ciudades colombianas son I(1). Además, no se pudo establecer evidencia de cointegración entre la serie de precios internacionales y los precios de cada una de las ciudades estudiadas. Las pruebas de cointegración permiten concluir que el FEPA ha tenido éxito al aislar el efecto de los precios internacionales sobre los precios locales.

Suggested Citation

  • Julio C. Alonso & Andrés M. Arcila & Sebastián Montenegro, 2015. "¿Estabiliza el FEPA los precios locales del azúcar?," Icesi Economics Working Papers 14581, Universidad Icesi.
    • Handle: RePEc:col:000495:014581
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    References listed on IDEAS

    as
    1. María Angélica Arbeláez & Alexander Estacio & Mauricio Olivera, 2010. "Impacto socioeconómico del sector azucarero colombiano en la economía nacional y regional," Cuadernos de Fedesarrollo 9285, Fedesarrollo.
    2. Ghysels, Eric & Lee, Hahn S. & Noh, Jaesum, 1994. "Testing for unit roots in seasonal time series : Some theoretical extensions and a Monte Carlo investigation," Journal of Econometrics, Elsevier, vol. 62(2), pages 415-442, June.
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    More about this item

    Keywords

    FEPA; cointegración; raíces unitarias; azúcar;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • Q14 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Finance

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