Asymmetry Price Transmission in the Deregulated Rice Markets in Bangladesh: Asymmetric Error Correction Model
Asymmetry Price Transmission in the Deregulated Rice Markets in Bangladesh: Asymmetric Error Correction Model
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DOI：
10.1002/agr.21461
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发表时间：
2016-09-01
期刊：
影响因子：
3.2
通讯作者：
Van Huylenbroeck, Guido
中科院分区：
文献类型：
--
作者：
Alam, Mohammad Jahangir;McKenzie, Andrew M.;Van Huylenbroeck, Guido
公众消费者普遍认为，孟加拉国的大米价格受到操纵。这种操纵可能导致孟加拉国大米市场垂直链条上的价格不对称。本文试图调查孟加拉国大米批发和零售价格之间是否存在不对称性。基于极大似然估计(MLE)的协整检验用于确定长期均衡关系。我们考察了批发市场在价格发现和价格主导方面是否主导了零售市场，反之亦然。最后，我们分析了批发-零售价格关系在涨价和降价两个方面是否不对称。为了检验非对称价格传导，我们使用了非对称纠错-EG方法。结果表明，批发和零售价格是协整的，批发市场在决定零售价格中起主导作用，这与产业组织理论是一致的。我们的结果证实了消费者对价格不对称存在的恐惧和担忧。[果冻分类：Q110；Q113]。
There is a widely held belief among public consumers that rice prices are manipulated in Bangladesh. This manipulation may have led to price asymmetry in the vertical chain of Bangladesh rice markets. This paper is an attempt to investigate the existence of asymmetry between wholesale and retail rice prices in Bangladesh. Maximum likelihood estimation (MLE) based cointegration test was applied to determine long-run equilibrium relationship. We examine whether the wholesale market dominates the retail marketin terms of price discovery and price leadershipor vice versa. Finally, we analyze whether the wholesale-retail price relationship is asymmetric with respect to price increases and price decreases. To test the asymmetric price transmission we used the asymmetric error correction-EG approach. Our results show that wholesale and retail prices are cointegrated, and wholesale market plays a leadership role in determining retail prices, which is in line with industrial organization theory. Our results confirm the fear and concerns of consumers about the existence of price asymmetry. [JEL Classification: Q110; Q113].