Price transmission in whole milk powder markets: implications for the Oceania dairy sector of changing market developments

文献类型： 外文期刊

第一作者： Zhang, Jing

作者： Zhang, Jing;Brown, Colin;Waldron, Scott;Dong, Xiaoxia

作者机构：

关键词： Price transmission;whole milk powder;Oceania;European Union;United States

期刊名称：NEW ZEALAND JOURNAL OF AGRICULTURAL RESEARCH （ 影响因子：2.161； 五年影响因子：1.988 ）

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收录情况： SCI

摘要： Recent developments in Asian dairy markets have significant implications for the Oceania (OC) dairy sector and especially whole milk powder markets. However, Asia is supplied not only by OC but also by the European Union (EU) and United States (US). Vector error correction models are used to analyse price relationships and market integration using monthly price data from January 2006 to December 2015. The results suggest that prices of whole milk powder in OC, EU and US are not independent and are instead co-integrated in the long run. OC and EU affect each other and adjust their price deviations quickly. However, no obvious correlation exists between OC and US despite a unidirectional relationship from EU to US. As the OC dairy sector responds to changes in the Asian dairy market, particularly in China, these price interrelationships with other key suppliers need to be recognised.

分类号： S

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