Spatial Price Relationships in the Olive Oil Market of the Mediterranean
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The study of spatial price relationships helps to explain market performance and the degree of market integration. This paper provides an empirical analysis of the long- and short-run price linkages in the olive oil market of the Mediterranean using Time Series techniques. The empirical results suggest the existence of a stable long-run relationships among prices in Spain, Italy, and Greece. They also suggest that the major producer and exporter (Spain) is the price leader while Greece and Italy are the followers.