Staff Publications

Staff Publications

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    'Staff publications' is the digital repository of Wageningen University & Research

    'Staff publications' contains references to publications authored by Wageningen University staff from 1976 onward.

    Publications authored by the staff of the Research Institutes are available from 1995 onwards.

    Full text documents are added when available. The database is updated daily and currently holds about 240,000 items, of which 72,000 in open access.

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Record number 498834
Title Analyzing Developing Country Market Integration using Incomplete Price Data and Cluster Analysis : Do global wheat prices affect local Ethiopian wheat prices?
Author(s) Ansah, I.G.; Gardebroek, Koos; Ihle, R.; Jaletac, M.
Source In: Proceedings of the IAAE 2015. - - 36 p.
Event IAAE 2015 Agriculture in an interconnected world, Milan, 2015-08-08/2015-08-14
Department(s) Agricultural Economics and Rural Policy Group
WASS
Publication type Contribution in proceedings
Publication year 2015
Abstract Recent global food price developments have spurred renewed interest in analyzing integration of local markets to global markets. A popular approach to quantify market integration is cointegration analysis. However, local market price data often has missing values, outliers, or short and incomplete series, making cointegration analysis impossible. Instead of imputing missing data, this paper proposes cluster analysis as an alternative methodological approach for analyzing market integration. We perform cluster analyses on statistical indicators of eight Ethiopian local price series to analyze how they relate to world market prices. Moreover, recognizing several policy regimes in the period 2007-2010 we investigate how market clusters change over time. Results show that in periods with wheat imports via the private sector, several local markets are clustered with the world market. In periods with government controlled imports and exchange rate collapse, the characteristics of domestic prices were strongly dissimilar from those of world market prices.
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