Market integration and price transmission in India
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This study presents: basic features of the role of rice and wheat in the Indian economy, India's food security policy and specific policy measures taken during the global economic crisis of 2007-08, an econometric analysis of domestic market integration of rice and wheat, and an analysis of the transmission of international prices to domestic markets. The study was conducted to examine the transmission of prices of rice and wheat from the world markets to the domestic markets, specially to the f armgate during the world food crisis of 2007-08. As price transmission is influenced by the marketing and price policies pursued in the country, the paper reviewed the domestic policies related to marketing of rice and wheat, including holding of public stocks, assessed the integration of domestic markets, analyzed the congruence between international and domestic prices and finally assessed the impact of high global prices on the farmgate prices. The study used both econometric tools and policy analysis approaches.