SPATIAL INTEGRATION OF WHEAT MARKETS IN THE REGIONS OF SOUTH CAUCASUS AND CENTRAL ASIA: EVIDENCE FROM ARMENIA, AZERBAIJAN, GEORGIA AND KYRGYZSTAN
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Efficient functioning of grain markets is an important component of food security in South Caucasus and Central Asia. Wheat provides almost half of total daily calories in those food-insecure countries. We examine the degree of integration of South Caucasian and Central Asian wheat markets with world wheat markets employing linear and threshold cointegration models. Results indicate that markets in South Caucasus region function more efficiently than in Central Asia. In addition, reduction of trade costs is critical for Central Asia as it hinders efficient functioning of wheat markets. Improvement of the transport infrastructure would improve food security in these countries.