Asymmetric Price Transmission in the Livestock Industry of Thailand

APCBEE Procedia Pub Date : 2014-01-01 DOI:10.1016/j.apcbee.2014.03.016

Jorge Fidel Barahona , Bernardo Trejos , Jai Wei Lee , Wanvilai Chulaphan , Chalermpon Jatuporn

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引用次数: 17

Abstract

This study aimed to investigate the farm-retail price transmission for the livestock industry in Thailand employing monthly data from 2002 to 2012. Using the Engle-Granger two step approach, the study confirmed that farmgate prices were cointegrated with retail prices in the poultry and swine industry. Consequently, an asymmetric error correction model (AECM) was used to test for asymmetric price transmission between farmgate and retail prices of chicken and pork. Results show that the pork industry, which is focused on supplying domestic consumption and has heavy export restrictions, is characterized by positive asymmetric price transmission whereas the poultry industry, which is highly export-oriented, is characterized by symmetric price transmission. This suggests that the export-oriented nature of the poultry market has linked Thailand's domestic market with the international market. This has led to an increase in market competition, allowing for increases and decreases of farmgate prices to be equally transmitted to retail prices of chicken.

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泰国畜牧业的不对称价格传导

本研究旨在利用2002年至2012年的月度数据调查泰国畜牧业的农场零售价格传导。使用恩格尔-格兰杰两步方法，研究证实了家禽和养猪业的农场价格与零售价格是协整的。因此，采用非对称误差修正模型(AECM)检验鸡肉和猪肉的农场价格与零售价格之间的不对称价格传导。结果表明，以供给国内消费为主、出口限制较多的猪肉产业具有正不对称价格传导特征，而高度出口导向的家禽业具有对称价格传导特征。这表明，家禽市场的出口导向性质将泰国国内市场与国际市场联系起来。这导致了市场竞争的增加，允许农场价格的上涨和下跌平均地传递到鸡肉的零售价格。

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APCBEE Procedia

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