Publicación: EFFECTS OF THE INERNATIONAL MILK ON THE MILK PRICE PAID TO PRODUCERS IN CHILE: A COINTEGRATION ANALYSIS
Fecha
2017
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REVISTA CIENTIFICA-FACULTAD DE CIENCIAS VETERINARIAS
Resumen
THE GOAL OF THIS RESEARCH WAS TO ANALYZE THE SPATIAL PRICE TRANSMISSION FROM THE INTERNATIONAL MARKET FOR DAIRY PRODUCTS AND MILK PRICE PAID TO PRODUCERS IN CHILE AND TO ANALYZE THE STRUCTURE OF CHILEAN MILK MARKET. THE INTERNATIONAL PRICE OF WHOLE MILK POWDER AND THE AMOUNT PAID TO DOMESTIC PRODUCERS WERE CONSIDERED. THE RESULTS INDICATED THAT THE DOMESTIC INDUSTRY HAS A DISTURBING CONCENTRATION, FORMING AN OLIGOPSONY WITH THE PROCESSING OF MILK, AND THESE COMPANIES HAVE A HIGH MARKET POWER AND INFLUENCE ON THE PRICE. THE QUANTITATIVE ANALYSIS REALIZED WITH THE ENGLE AND GRANGER APPROACH AND THRESHOLD COINTEGRATION ANALYSIS (TAR, MTAR AND THEIR CONSISTENT COUNTERPARTS), SHOWED IN THEIR RESULTS THAT THE TIME SERIES ARE COINTEGRATED, EXISTING ASYMMETRY IN THE PRICE TRANSMISSION, AND ALSO THE NEGATIVE SHOCKS IN PRICES WERE TRANSFERRED FASTER THAN POSITIVE SHOCKS.
