How Is the Liberalization of Food Markets Progressing? Market Integration and Transaction Costs in Subsistence Economies
We propose a modification of Baulch's parity bounds model to measure the market integration of food markets in developing countries. Instead of extrapolating a single observation of transaction costs, we estimate transaction costs. Predicted transaction costs compare well with survey data of traders. Probabilities of market regimes, computed on the basis of predicted transaction costs, fluctuate significantly and do not support fixed regime probabilities over time. The probability of market integration with trade decreases consistently during food shortages, increasing either the probability of no trade or loss-making trade or the probability of profitable but unexploited trade opportunities. The data further support a negative trend in market integration with trade.
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Format: | Journal Article biblioteca |
Language: | en_US |
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Oxford University Press on behalf of the World Bank
2013-01
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Subjects: | competitive equilibrium, market integration, market liberalization, market prices, marketing, merchandise, price increases, price volatility, producer prices, purchasing, sale, services markets, spread, storage capacity, surplus, trade opportunities, turnover, wholesalers, wholesaling, world market, |
Online Access: | http://hdl.handle.net/10986/19085 |
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dig-okr-10986190852021-04-23T14:03:51Z How Is the Liberalization of Food Markets Progressing? Market Integration and Transaction Costs in Subsistence Economies Zant, Wouter competitive equilibrium market integration market liberalization market prices marketing merchandise price increases price volatility producer prices purchasing sale services markets spread storage capacity surplus trade opportunities turnover wholesalers wholesaling world market We propose a modification of Baulch's parity bounds model to measure the market integration of food markets in developing countries. Instead of extrapolating a single observation of transaction costs, we estimate transaction costs. Predicted transaction costs compare well with survey data of traders. Probabilities of market regimes, computed on the basis of predicted transaction costs, fluctuate significantly and do not support fixed regime probabilities over time. The probability of market integration with trade decreases consistently during food shortages, increasing either the probability of no trade or loss-making trade or the probability of profitable but unexploited trade opportunities. The data further support a negative trend in market integration with trade. 2014-07-30T20:59:56Z 2014-07-30T20:59:56Z 2013-01 Journal Article World Bank Economic Review 1564-698X 10.1093/wber/lhs017 http://hdl.handle.net/10986/19085 en_US CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo World Bank Oxford University Press on behalf of the World Bank Publications & Research :: Journal Article Malawi |
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competitive equilibrium market integration market liberalization market prices marketing merchandise price increases price volatility producer prices purchasing sale services markets spread storage capacity surplus trade opportunities turnover wholesalers wholesaling world market competitive equilibrium market integration market liberalization market prices marketing merchandise price increases price volatility producer prices purchasing sale services markets spread storage capacity surplus trade opportunities turnover wholesalers wholesaling world market |
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competitive equilibrium market integration market liberalization market prices marketing merchandise price increases price volatility producer prices purchasing sale services markets spread storage capacity surplus trade opportunities turnover wholesalers wholesaling world market competitive equilibrium market integration market liberalization market prices marketing merchandise price increases price volatility producer prices purchasing sale services markets spread storage capacity surplus trade opportunities turnover wholesalers wholesaling world market Zant, Wouter How Is the Liberalization of Food Markets Progressing? Market Integration and Transaction Costs in Subsistence Economies |
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We propose a modification of Baulch's parity bounds model to measure the market integration of food markets in developing countries. Instead of extrapolating a single observation of transaction costs, we estimate transaction costs. Predicted transaction costs compare well with survey data of traders. Probabilities of market regimes, computed on the basis of predicted transaction costs, fluctuate significantly and do not support fixed regime probabilities over time. The probability of market integration with trade decreases consistently during food shortages, increasing either the probability of no trade or loss-making trade or the probability of profitable but unexploited trade opportunities. The data further support a negative trend in market integration with trade. |
format |
Journal Article |
topic_facet |
competitive equilibrium market integration market liberalization market prices marketing merchandise price increases price volatility producer prices purchasing sale services markets spread storage capacity surplus trade opportunities turnover wholesalers wholesaling world market |
author |
Zant, Wouter |
author_facet |
Zant, Wouter |
author_sort |
Zant, Wouter |
title |
How Is the Liberalization of Food Markets Progressing? Market Integration and Transaction Costs in Subsistence Economies |
title_short |
How Is the Liberalization of Food Markets Progressing? Market Integration and Transaction Costs in Subsistence Economies |
title_full |
How Is the Liberalization of Food Markets Progressing? Market Integration and Transaction Costs in Subsistence Economies |
title_fullStr |
How Is the Liberalization of Food Markets Progressing? Market Integration and Transaction Costs in Subsistence Economies |
title_full_unstemmed |
How Is the Liberalization of Food Markets Progressing? Market Integration and Transaction Costs in Subsistence Economies |
title_sort |
how is the liberalization of food markets progressing? market integration and transaction costs in subsistence economies |
publisher |
Oxford University Press on behalf of the World Bank |
publishDate |
2013-01 |
url |
http://hdl.handle.net/10986/19085 |
work_keys_str_mv |
AT zantwouter howistheliberalizationoffoodmarketsprogressingmarketintegrationandtransactioncostsinsubsistenceeconomies |
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1756573681907138560 |