Indian Journal of Economics and Development: Forthcoming Issue

Extent of Market Integration of Wheat in Rajasthan

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Hemant Sharma and S.S. Burark

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Indian Journal of Economics and Development
Year : 2016, Volume : 12, Issue : 3
First page : ( 445) Last page : ( 452)
Print ISSN : 2277-5412. Online ISSN : 2322-0430.
Article DOI : 10.5958/2322-0430.2016.00160.8

Extent of Market Integration of Wheat in Rajasthan

Sharma Hemant1,*, Burark S.S.2
1Assistant Professor, Agro-Economic Research Centre, Sardar Patel University, Anand-388120, Gujarat

2Professor, Department of Agricultural Economics and Management, RCA, MPUAT, Udaipur-313001

*Corresponding author’s email: sharmah007@gmail.com

JEL Codes C22, C32, Q11, Q13

Online published on 6 September, 2016.

Abstract
To examine the co-integration between the prices of selected wheat foodgrain markets was analysed using the Johansen’s co-integration test and Vector Error Correction Mechanism. Analysis of zero order correlation showed that there existed a strong integration among all the selected markets of wheat. The results of the Augmented Dickey-Fuller (ADF) unit root test for wheat showed that the existing data were non-stationary but their first differences were stationary. After taking the first difference, all the series became stationary which is obvious from the fact that calculated ADF values (8.302693 to-14.17203) for all the markets were less than the critical value (−4.036983) and were free from the consequence of unit root. Johansen’s co-integration test for wheat indicated the presence of at least four co-integrating equation at 5 percent level of significance. Hence markets were having long run equilibrium relationship. Thus, the wheat markets in the state of Rajasthan are well integrated in terms of price.

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