Price transmission in selected agricultural markets
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The paper is aimed at providing evidence on price transmission in a number of agricultural markets, both per se and in support of analytical efforts in the area of agricultural trade policy analysis. Work is based on a price database collected from various sources in sixteen countries Argentina, Brazil, Chile, Costa Rica, Egypt, Ethiopia, Ghana, India, Indonesia, Mexico, Pakistan, Senegal, Thailand, Turkey, Uganda, and Uruguay primarily for basic food commodities. Both spatial and vertical p rice relations are considered, as the database includes prices at the producer, wholesale and retail levels. These are supplemented with information from FAOSTAT. Data are analyzed with an econometric framework based on the estimation of Autoregressive Distributed Lag models, and of the corresponding Error Correction specification. Tests for Granger causality and for asymmetric transmission are also performed. Results indicate that the African markets included in the sample are characterized by more incomplete transmission compared to Latin American and Asian markets.