Price transmission in the food marketing chain: an application for some Greek agricultural products using the co integration approach
1995
Lahiani, I.
The concepts of cointegration and error correction modelling provide a tool to analyse and combine long run relationships described by economic theory with short run dynamics. This study presents the main principles of the theory of cointegration and error correction modelling and applies them to price transmission among the marketing channels of some Greek agricultural products. The theory of cointegration and error correction modelling allows us to avoid some of the problems of previous studies relative to the econometric properties of time series. Error correction models were estimated first for the total period January 1977-August 1994 and then for the sub periods before and after the entry of Greece into the EC. The main findings of this work show that the delay in the transmission of changes in the producer price is more than what is necessary for the marketing operations to be done, indicating an inefficiency in the agribusiness chain. This transmission has become slower since the entry of Greece into the EC
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