Integração espacial no mercado brasileiro de café arábica
Autor(a) principal: | |
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Data de Publicação: | 2009 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Nova Economia (Online) |
Texto Completo: | https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/452 |
Resumo: | This study analyzes spatial integration in the arabica coffee market of the two main producer states in Brazil. The results of the Dickey-Fuller Augmented (DFA) unit root testshow that all price series are integrated of first order, I(1). The results of the Johansen co-integration test suggest that all series are co-integrated. It can be concluded, thus, that the coffee markets of the main producer regions in the States of Minas Gerais and São Paulo are spatially integrated, which means that supply and demand shocks in one of these markets affect the coffee prices in the other markets. Another outcome of this research, resulting from the estimation of an error correction model and the application of the Granger causality test, is that the Cerrado region in the State of Minas Gerais Granger-causes the prices in the other regions. This result contradicts the expectation that the South of Minas region, one of the main producers and exporters in Brazil, would lead the remaining regions. Therefore, the results of this research suggest that the Brazilian coffee market is efficient, since information has flowed rapidly among the market agents, allowing arbitrage and the Law of One Price to work properly. |
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Integração espacial no mercado brasileiro de café arábicaIntegração espacial no mercado brasileiro de café arábicamarket integrationcoffeeintegração de mercadoscaféThis study analyzes spatial integration in the arabica coffee market of the two main producer states in Brazil. The results of the Dickey-Fuller Augmented (DFA) unit root testshow that all price series are integrated of first order, I(1). The results of the Johansen co-integration test suggest that all series are co-integrated. It can be concluded, thus, that the coffee markets of the main producer regions in the States of Minas Gerais and São Paulo are spatially integrated, which means that supply and demand shocks in one of these markets affect the coffee prices in the other markets. Another outcome of this research, resulting from the estimation of an error correction model and the application of the Granger causality test, is that the Cerrado region in the State of Minas Gerais Granger-causes the prices in the other regions. This result contradicts the expectation that the South of Minas region, one of the main producers and exporters in Brazil, would lead the remaining regions. Therefore, the results of this research suggest that the Brazilian coffee market is efficient, since information has flowed rapidly among the market agents, allowing arbitrage and the Law of One Price to work properly.Este estudo analisa a integração espacial do mercado de café arábica nos dois principais estados produtores no Brasil. Os resultados do teste de raiz unitáriaDickey-Fuller Aumentado (ADF) mostram que todas as séries de preços são integradas de ordem 1, I(1). Os resultados do teste de co-integração de Johansen sugerem que todas as séries são co-integradas. Conclui-se, pois, que os mercados de café arábica das regiões produtoras de Minas Gerais e São Paulo são integrados espacialmente, ou seja, um choque de oferta ou demanda em um desses mercados afeta os preços de café arábica nos demais mercados. Outra constatação, decorrente da estimação de um modelo de correção de erros e da aplicação do Teste de Causalidade de Granger é que a região do Cerrado de Minas Gerais Granger-causa os preços das demais regiões. Tal constatação contraria a expectativa de que a região Sul de Minas, uma das maiores produtoras e exportadoras de café arábica do Brasil, iniciasse as variações de preços. Assim, os resultados da pesquisa sugerem que o mercado brasileiro de café é eficiente, uma vez que as informações têm fluído rapidamente entre os agentes desse mercado, permitindo que os mecanismos de arbitragem e a Lei do Preço Único funcionem a contento.Departamento de Ciências Econômicas da UFMG2009-06-03info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://revistas.face.ufmg.br/index.php/novaeconomia/article/view/452Nova Economia; Vol. 15 No. 2 (2005)Nova Economia; v. 15 n. 2 (2005)1980-53810103-6351reponame:Nova Economia (Online)instname:Universidade Federal de Minas Gerais (UFMG)instacron:UFMGporhttps://revistas.face.ufmg.br/index.php/novaeconomia/article/view/452/449Nogueira, Fernando Tadeu PongelupeAguiar, Danilo R. D.Lima, João Eustáquio deinfo:eu-repo/semantics/openAccess2020-08-11T04:26:19Zoai:ojs.pkp.sfu.ca:article/452Revistahttps://revistas.face.ufmg.br/index.php/novaeconomiaPUBhttps://revistas.face.ufmg.br/index.php/novaeconomia/oai||ne@face.ufmg.br1980-53810103-6351opendoar:2020-08-11T04:26:19Nova Economia (Online) - Universidade Federal de Minas Gerais (UFMG)false |
dc.title.none.fl_str_mv |
Integração espacial no mercado brasileiro de café arábica Integração espacial no mercado brasileiro de café arábica |
title |
Integração espacial no mercado brasileiro de café arábica |
spellingShingle |
Integração espacial no mercado brasileiro de café arábica Nogueira, Fernando Tadeu Pongelupe market integration coffee integração de mercados café |
title_short |
Integração espacial no mercado brasileiro de café arábica |
title_full |
Integração espacial no mercado brasileiro de café arábica |
title_fullStr |
Integração espacial no mercado brasileiro de café arábica |
title_full_unstemmed |
Integração espacial no mercado brasileiro de café arábica |
title_sort |
Integração espacial no mercado brasileiro de café arábica |
author |
Nogueira, Fernando Tadeu Pongelupe |
author_facet |
Nogueira, Fernando Tadeu Pongelupe Aguiar, Danilo R. D. Lima, João Eustáquio de |
author_role |
author |
author2 |
Aguiar, Danilo R. D. Lima, João Eustáquio de |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Nogueira, Fernando Tadeu Pongelupe Aguiar, Danilo R. D. Lima, João Eustáquio de |
dc.subject.por.fl_str_mv |
market integration coffee integração de mercados café |
topic |
market integration coffee integração de mercados café |
description |
This study analyzes spatial integration in the arabica coffee market of the two main producer states in Brazil. The results of the Dickey-Fuller Augmented (DFA) unit root testshow that all price series are integrated of first order, I(1). The results of the Johansen co-integration test suggest that all series are co-integrated. It can be concluded, thus, that the coffee markets of the main producer regions in the States of Minas Gerais and São Paulo are spatially integrated, which means that supply and demand shocks in one of these markets affect the coffee prices in the other markets. Another outcome of this research, resulting from the estimation of an error correction model and the application of the Granger causality test, is that the Cerrado region in the State of Minas Gerais Granger-causes the prices in the other regions. This result contradicts the expectation that the South of Minas region, one of the main producers and exporters in Brazil, would lead the remaining regions. Therefore, the results of this research suggest that the Brazilian coffee market is efficient, since information has flowed rapidly among the market agents, allowing arbitrage and the Law of One Price to work properly. |
publishDate |
2009 |
dc.date.none.fl_str_mv |
2009-06-03 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/452 |
url |
https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/452 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/452/449 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Departamento de Ciências Econômicas da UFMG |
publisher.none.fl_str_mv |
Departamento de Ciências Econômicas da UFMG |
dc.source.none.fl_str_mv |
Nova Economia; Vol. 15 No. 2 (2005) Nova Economia; v. 15 n. 2 (2005) 1980-5381 0103-6351 reponame:Nova Economia (Online) instname:Universidade Federal de Minas Gerais (UFMG) instacron:UFMG |
instname_str |
Universidade Federal de Minas Gerais (UFMG) |
instacron_str |
UFMG |
institution |
UFMG |
reponame_str |
Nova Economia (Online) |
collection |
Nova Economia (Online) |
repository.name.fl_str_mv |
Nova Economia (Online) - Universidade Federal de Minas Gerais (UFMG) |
repository.mail.fl_str_mv |
||ne@face.ufmg.br |
_version_ |
1799711057326899200 |