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Cointegration among major cauliflower markets in Punjab

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Shruti Mohapatra, Jasdev Singh and Sanjay Kumar

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Indian Journal of Economics and Development
Year : 2018, Volume : 14, Issue : 2
First page : ( 330) Last page : ( 335) 
Print ISSN : 2277-5412. Online ISSN : 2322-0430.
Article DOI : 10.5958/2322-0430.2018.00138.5

Cointegration among Major Cauliflower Markets in Punjab

Mohapatra Shruti*, Singh Jasdev, Kumar Sanjay

Department of Economics and Sociology, Punjab Agricultural University, Ludhiana-141004

*Corresponding author’s email: shrutimohapatra2015@gmail.com

JEL Codes Q02, Q12, M 31, P22, Q18.

Online published on 22 June, 2018.

Abstract

Various statistical/econometrical analytical techniques were used for the analysis of price integration of cauliflower among the major markets of Punjab and New Delhi. The stationarity property of time series of prices was checked through Dickey-Fuller (ADF) unit root test. The correlation coefficients in monthly prices of cauliflower between all the selected market pairs were positive and significantly different from zero indicating strong market integration. Johansen multiple co-integration procedure implied that there was long-run price association among the sample markets. Granger causality test explored the causality of relationship between the sample market pairs. Vector Error Correction Method (VECM) revealed that in the selected markets the flow of market information had occurred both in short run and long run. Despite of fair level integration, the presence of only unidirectional causality among some market pairs points towards the need to further strengthen the integration between markets. This could be achieved by establishment of sound market information and intelligence system along with strengthening of the cold storage and transportation facilities.

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