Hussain, Babar and Fahim, Muhammad Amir and Sajid, Muhammad (2011): Testing the law of one price in gram, mash and masoor markets of Pakistan.
This is the latest version of this item.
Download (134kB) | Preview
This study examines the market integration of three pulses explicitly known as gram, masoor and mash in Pakistan. The study develops a critical estimation of market integration in pulses market of Pakistan. Market integration provides valuable information about the dynamics of market adjustment and has implications for a sustainable agriculture development. The government intervention might be justified by market integration as this phenomenon raises a question whether there are present market imperfections. This study used the monthly wholesale price (Rs. /40kg) data from January 1991 to September 2010 of gram, mash and masoor in logarithmic form and empirically estimated the degree of integration in the markets of the three pulses. The study is employing an econometric technique of co-integration analysis. Co-integration results show that all gram, masoor and mash markets are highly co-integrated in the long run. The high degree of market integration observed in this case is consistent with the view that Pakistan’s pulses markets are quite competitive and provide little justification for extensive and costly government intervention designed to improve competitiveness to enhance market efficiency.
|Item Type:||MPRA Paper|
|Original Title:||Testing the law of one price in gram, mash and masoor markets of Pakistan|
|English Title:||Testing the law of one price in gram, mash and masoor markets of Pakistan|
|Keywords:||Market Integration, Co-Integration, Mash Markets, Gram Markets, Masoor Markets, Pakistan.|
|Subjects:||Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q1 - Agriculture
Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q1 - Agriculture > Q13 - Agricultural Markets and Marketing ; Cooperatives ; Agribusiness
|Depositing User:||Muhammad Amir Fahim|
|Date Deposited:||18 Jun 2011 02:21|
|Last Modified:||05 May 2016 22:05|
Dickey, D.A. and M.A. Fuller. 1981. Likelihood ration statistics for auto regressive time series with a unit root Econometrica 49;
Freedom, Z and A, Esfhani. 2006 Testing the law of one price in Chinese wholesales food market. Agribusiness 22(4): 569-589
Golettie, F. and Bacu 1994. Market liberalization in integration of maize markets in (Malawi. Agril, Eco 11(3): (311-324)
Govt. of Pakistan 2008 Economic Survey (2007-08) of Pakistan. Finance Divi. Econ. Advisor’s wing, Islamabad.
Govt. of Pakistan 2007) Agric. Statistics of Pakistan. The Ministry of Food, Agric. Livest. Econ. Wing, Islamabad.
Johansen, S. and K. Juselius 1990. Maximum likelihood and estimation and inference and co- integration with application to the demand for money. Oxford, Bulletin. of Economics. & Statistics 52: (170-207).
Johansen, S. 1988 Statistical analysis of co-integration of vectors. J.Econ. Dynamic & Control. 12: (231-254)
Kohl, S.R.L. and J.N. Uhl. 1998 Marketing of Agricultural produces. 5 Ed Macmillan public. New York.
Mushtaq. K.F. Abbas, Abedullah and A. Ghafoor. 2007. Testing the law of one price: Rice market integration in Punjab Pakistan. Pakistan. J. Agric. Sci. 43 (3-4) :- ?
Mushtaq, K.A Ghafoor and M. Dad 2008 Apple market integration: Implication for sustained able development.
The Lahore J. Econ. 13:1 (Summer 2008) pp. 129-138.
Raghbendra J. K.V .B Murthey and A. Sharma 2005. Market integration in wholesale rice market in India . ASARC working Paper 2005.
Tahir, Z and K. Riaz 1997. Integration of agricultural commodity market in Punjab. The Pakistan Dev. Revi. 36 (3) : 241-262.
Available Versions of this Item
Testing the law of one price in gram markets of Pakistan. (deposited 04 May 2011 01:24)
Testing the law of one price in gram markets of Pakistan. (deposited 05 May 2011 12:07)
Testing the law of one price in gram markets of Pakistan. (deposited 15 Jun 2011 00:59)
- Testing the law of one price in gram, mash and masoor markets of Pakistan. (deposited 18 Jun 2011 02:21) [Currently Displayed]
- Testing the law of one price in gram markets of Pakistan. (deposited 15 Jun 2011 00:59)
- Testing the law of one price in gram markets of Pakistan. (deposited 05 May 2011 12:07)