Integração de preços no mercado internacional de café
Ano de defesa: | 2008 |
---|---|
Autor(a) principal: | |
Orientador(a): | |
Banca de defesa: | , , |
Tipo de documento: | Dissertação |
Tipo de acesso: | Acesso aberto |
Idioma: | por |
Instituição de defesa: |
Universidade Federal de Viçosa
|
Programa de Pós-Graduação: |
Mestrado em Economia Aplicada
|
Departamento: |
Economia e Gerenciamento do Agronegócio; Economia das Relações Internacionais; Economia dos Recursos
|
País: |
BR
|
Palavras-chave em Português: | |
Palavras-chave em Inglês: | |
Área do conhecimento CNPq: | |
Link de acesso: | http://locus.ufv.br/handle/123456789/18 |
Resumo: | Until 1989, the coffee market was marked by a long history of regulation. In addition to the International Coffee Agreement, which dictated the rules at an international level, in each country the price paid to producers was determined by the state according to local needs, regardless the conditions of supply and demand. It was made in a different way in each country. Thus, prices didn t reflect any trend of balance. Thus, the main purpose of this study was to investigate if, with the liberalization, the prices at the producer level have been integrated, sharing a common trend of behavior in long term. It was also examined the degree of integration, measured by the required time for the market to return to the balance after a shock. The study was based on the theory of market integration and on the relationship between producers and processing firms, which characterize a process of oligopsonistic interdependence. Analytically, it was used a multivariate model of cointegration (the reduced VAR proposed by Johansen, 1988) and persistence profiles. The results indicated that Brazil, Colombia, Mexico, Guatemala, Honduras and Peru, representatives of the arabica coffee market (from January 1990 to June 2007) were integrated with each other. Plus, prices of robusta coffee from Vietnam, Brazil and Indonesia (between January 1988 and May 2005) were also integrated. In each country, prices reacted to changes in the international price. It is believed that the fact of few companies control the trade of green coffee, buying the products from the same exporters, and possibly applying similar policies, allowed the existence comovement of prices. However, we should not neglect the role of the conditions of the supply to explain this integration. The pattern of relationship was not characterized by strong interdependence or perfect interaction and it remained clear that questions concerning to the market liberalization also influence in the long term balance. The most quick adjustments occurred between international prices and those of Brazil and Vietnam, a clear indication that the higher the participation in the production and export the higher degree of integration. Therefore, in the analyzed period there was a common and unique flow of information throughout the players in the industry, which responded to market conditions worldwide. A general conclusion is that the market is not segmented and there is transmission of prices, even being prevalent a structure of imperfect competition. This way, policies to control prices are no longer viable. |
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Cunha, Dênis Antônio dahttp://lattes.cnpq.br/1033658951252242Braga, Marcelo Joséhttp://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4798666D3Campos, Antônio Carvalhohttp://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4781810A0Vale, Sônia Maria Leite Ribeiro dohttp://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4788186D2Nogueira, Fernando Tadeu Pongelupehttp://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4581558A1Silva, Orlando Monteiro dahttp://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4781281D9Gomes, Marília Fernandes Macielhttp://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4780074U12015-03-19T19:30:00Z2009-02-172015-03-19T19:30:00Z2008-06-30CUNHA, Dênis Antônio da. Price integration in the international coffee market. 2008. 123 f. Dissertação (Mestrado em Economia e Gerenciamento do Agronegócio; Economia das Relações Internacionais; Economia dos Recursos) - Universidade Federal de Viçosa, Viçosa, 2008.http://locus.ufv.br/handle/123456789/18Until 1989, the coffee market was marked by a long history of regulation. In addition to the International Coffee Agreement, which dictated the rules at an international level, in each country the price paid to producers was determined by the state according to local needs, regardless the conditions of supply and demand. It was made in a different way in each country. Thus, prices didn t reflect any trend of balance. Thus, the main purpose of this study was to investigate if, with the liberalization, the prices at the producer level have been integrated, sharing a common trend of behavior in long term. It was also examined the degree of integration, measured by the required time for the market to return to the balance after a shock. The study was based on the theory of market integration and on the relationship between producers and processing firms, which characterize a process of oligopsonistic interdependence. Analytically, it was used a multivariate model of cointegration (the reduced VAR proposed by Johansen, 1988) and persistence profiles. The results indicated that Brazil, Colombia, Mexico, Guatemala, Honduras and Peru, representatives of the arabica coffee market (from January 1990 to June 2007) were integrated with each other. Plus, prices of robusta coffee from Vietnam, Brazil and Indonesia (between January 1988 and May 2005) were also integrated. In each country, prices reacted to changes in the international price. It is believed that the fact of few companies control the trade of green coffee, buying the products from the same exporters, and possibly applying similar policies, allowed the existence comovement of prices. However, we should not neglect the role of the conditions of the supply to explain this integration. The pattern of relationship was not characterized by strong interdependence or perfect interaction and it remained clear that questions concerning to the market liberalization also influence in the long term balance. The most quick adjustments occurred between international prices and those of Brazil and Vietnam, a clear indication that the higher the participation in the production and export the higher degree of integration. Therefore, in the analyzed period there was a common and unique flow of information throughout the players in the industry, which responded to market conditions worldwide. A general conclusion is that the market is not segmented and there is transmission of prices, even being prevalent a structure of imperfect competition. This way, policies to control prices are no longer viable.Até 1989 o mercado de café foi marcado por um longo histórico de regulamentação. Além do Acordo Internacional do Café, que ditava as regras em nível internacional, em cada país o preço pago aos produtores era determinado pelo Estado de acordo com as necessidades locais, independentemente das condições de oferta e demanda. Como isso era feito de maneira distinta em cada país, os preços deixavam de refletir qualquer tendência de equilíbrio. Assim, o principal objetivo deste estudo foi investigar se, com a liberalização, os preços em nível de produtor passaram a ser integrados, compartilhando uma tendência comum de comportamento no longo prazo. Foi analisado também o grau de integração, medido pelo tempo necessário para que o mercado retornasse ao equilíbrio após um choque. O trabalho foi fundamentado na teoria de integração de mercados e nas relações estabelecidas entre produtores e firmas processadoras, que caracterizam um processo de interdependência oligopsônica. Analiticamente, utilizou-se um modelo multivariado de co-integração, por meio do procedimento de Johansen (1988), e perfis de persistência. Os resultados indicaram que Brasil, Colômbia, México, Guatemala, Peru e Honduras, representantes do mercado de café arábica (no período de janeiro de 1990 a junho de 2007) foram integrados entre si. Igualmente, os preços de café robusta do Vietnã, Brasil e Indonésia (entre janeiro de 1988 e maio de 2005) também foram integrados. Em cada país, os preços reagiram de maneira significativa às alterações no preço internacional. Acredita-se que o fato de poucas firmas controlarem o comércio de café verde, comprando o produto dos mesmos exportadores e, possivelmente, aplicando políticas semelhantes, permitiu que houvesse co-movimento de preços. Contudo, não se deve negligenciar o papel das condições da oferta para explicar essa integração. O padrão de relacionamento não foi caracterizado por extrema interdependência ou integração perfeita e deixou claro que questões relativas à liberalização do mercado ainda exercem influência sobre o equilíbrio de longo prazo. Os ajustes mais rápidos ocorreram entre os preços internacionais e os do Brasil e Vietnã, numa clara indicação de que, quanto maior a participação na produção e exportação, mais alto é o grau de integração. Concluiu-se, portanto, que no período analisado houve um fluxo comum e único de informações ao longo dos diversos players do setor, que responderam às condições do mercado mundial. Uma conclusão geral é a de que o mercado não é segmentado e há transmissão de preços, mesmo prevalecendo uma estrutura de concorrência imperfeita e, portanto, políticas de controle de preços não são mais viáveis.Universidade Federal de Viçosaapplication/pdfporUniversidade Federal de ViçosaMestrado em Economia AplicadaUFVBREconomia e Gerenciamento do Agronegócio; Economia das Relações Internacionais; Economia dos RecursosIntegração de mercadosInterdependência oligopsônicaCo-integraçãoCaféMarket integrationOligopsonistic interdependenceCointegrationCoffeeCNPQ::CIENCIAS SOCIAIS APLICADAS::ECONOMIA::ECONOMIA INTERNACIONAL::RELACOES DO COMERCIO; POLITICA COMERCIAL; INTEGRACAO ECONOMICAIntegração de preços no mercado internacional de caféPrice integration in the international coffee marketinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/openAccessreponame:LOCUS Repositório Institucional da UFVinstname:Universidade Federal de Viçosa (UFV)instacron:UFVORIGINALtexto completo.pdfapplication/pdf1412013https://locus.ufv.br//bitstream/123456789/18/1/texto%20completo.pdffbdb8d78d7ba0220304ea5d107559188MD51TEXTtexto completo.pdf.txttexto completo.pdf.txtExtracted texttext/plain240542https://locus.ufv.br//bitstream/123456789/18/2/texto%20completo.pdf.txt4f4c18efac6bc6da1406e4923b2cd70aMD52THUMBNAILtexto completo.pdf.jpgtexto completo.pdf.jpgIM Thumbnailimage/jpeg3595https://locus.ufv.br//bitstream/123456789/18/3/texto%20completo.pdf.jpg014efb42093764bd53788f46c4925323MD53123456789/182016-04-06 07:57:43.26oai:locus.ufv.br:123456789/18Repositório InstitucionalPUBhttps://www.locus.ufv.br/oai/requestfabiojreis@ufv.bropendoar:21452016-04-06T10:57:43LOCUS Repositório Institucional da UFV - Universidade Federal de Viçosa (UFV)false |
dc.title.por.fl_str_mv |
Integração de preços no mercado internacional de café |
dc.title.alternative.eng.fl_str_mv |
Price integration in the international coffee market |
title |
Integração de preços no mercado internacional de café |
spellingShingle |
Integração de preços no mercado internacional de café Cunha, Dênis Antônio da Integração de mercados Interdependência oligopsônica Co-integração Café Market integration Oligopsonistic interdependence Cointegration Coffee CNPQ::CIENCIAS SOCIAIS APLICADAS::ECONOMIA::ECONOMIA INTERNACIONAL::RELACOES DO COMERCIO; POLITICA COMERCIAL; INTEGRACAO ECONOMICA |
title_short |
Integração de preços no mercado internacional de café |
title_full |
Integração de preços no mercado internacional de café |
title_fullStr |
Integração de preços no mercado internacional de café |
title_full_unstemmed |
Integração de preços no mercado internacional de café |
title_sort |
Integração de preços no mercado internacional de café |
author |
Cunha, Dênis Antônio da |
author_facet |
Cunha, Dênis Antônio da |
author_role |
author |
dc.contributor.authorLattes.por.fl_str_mv |
http://lattes.cnpq.br/1033658951252242 |
dc.contributor.author.fl_str_mv |
Cunha, Dênis Antônio da |
dc.contributor.advisor-co1.fl_str_mv |
Braga, Marcelo José |
dc.contributor.advisor-co1Lattes.fl_str_mv |
http://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4798666D3 |
dc.contributor.advisor-co2.fl_str_mv |
Campos, Antônio Carvalho |
dc.contributor.advisor-co2Lattes.fl_str_mv |
http://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4781810A0 |
dc.contributor.advisor1.fl_str_mv |
Vale, Sônia Maria Leite Ribeiro do |
dc.contributor.advisor1Lattes.fl_str_mv |
http://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4788186D2 |
dc.contributor.referee1.fl_str_mv |
Nogueira, Fernando Tadeu Pongelupe |
dc.contributor.referee1Lattes.fl_str_mv |
http://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4581558A1 |
dc.contributor.referee2.fl_str_mv |
Silva, Orlando Monteiro da |
dc.contributor.referee2Lattes.fl_str_mv |
http://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4781281D9 |
dc.contributor.referee3.fl_str_mv |
Gomes, Marília Fernandes Maciel |
dc.contributor.referee3Lattes.fl_str_mv |
http://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4780074U1 |
contributor_str_mv |
Braga, Marcelo José Campos, Antônio Carvalho Vale, Sônia Maria Leite Ribeiro do Nogueira, Fernando Tadeu Pongelupe Silva, Orlando Monteiro da Gomes, Marília Fernandes Maciel |
dc.subject.por.fl_str_mv |
Integração de mercados Interdependência oligopsônica Co-integração Café |
topic |
Integração de mercados Interdependência oligopsônica Co-integração Café Market integration Oligopsonistic interdependence Cointegration Coffee CNPQ::CIENCIAS SOCIAIS APLICADAS::ECONOMIA::ECONOMIA INTERNACIONAL::RELACOES DO COMERCIO; POLITICA COMERCIAL; INTEGRACAO ECONOMICA |
dc.subject.eng.fl_str_mv |
Market integration Oligopsonistic interdependence Cointegration Coffee |
dc.subject.cnpq.fl_str_mv |
CNPQ::CIENCIAS SOCIAIS APLICADAS::ECONOMIA::ECONOMIA INTERNACIONAL::RELACOES DO COMERCIO; POLITICA COMERCIAL; INTEGRACAO ECONOMICA |
description |
Until 1989, the coffee market was marked by a long history of regulation. In addition to the International Coffee Agreement, which dictated the rules at an international level, in each country the price paid to producers was determined by the state according to local needs, regardless the conditions of supply and demand. It was made in a different way in each country. Thus, prices didn t reflect any trend of balance. Thus, the main purpose of this study was to investigate if, with the liberalization, the prices at the producer level have been integrated, sharing a common trend of behavior in long term. It was also examined the degree of integration, measured by the required time for the market to return to the balance after a shock. The study was based on the theory of market integration and on the relationship between producers and processing firms, which characterize a process of oligopsonistic interdependence. Analytically, it was used a multivariate model of cointegration (the reduced VAR proposed by Johansen, 1988) and persistence profiles. The results indicated that Brazil, Colombia, Mexico, Guatemala, Honduras and Peru, representatives of the arabica coffee market (from January 1990 to June 2007) were integrated with each other. Plus, prices of robusta coffee from Vietnam, Brazil and Indonesia (between January 1988 and May 2005) were also integrated. In each country, prices reacted to changes in the international price. It is believed that the fact of few companies control the trade of green coffee, buying the products from the same exporters, and possibly applying similar policies, allowed the existence comovement of prices. However, we should not neglect the role of the conditions of the supply to explain this integration. The pattern of relationship was not characterized by strong interdependence or perfect interaction and it remained clear that questions concerning to the market liberalization also influence in the long term balance. The most quick adjustments occurred between international prices and those of Brazil and Vietnam, a clear indication that the higher the participation in the production and export the higher degree of integration. Therefore, in the analyzed period there was a common and unique flow of information throughout the players in the industry, which responded to market conditions worldwide. A general conclusion is that the market is not segmented and there is transmission of prices, even being prevalent a structure of imperfect competition. This way, policies to control prices are no longer viable. |
publishDate |
2008 |
dc.date.issued.fl_str_mv |
2008-06-30 |
dc.date.available.fl_str_mv |
2009-02-17 2015-03-19T19:30:00Z |
dc.date.accessioned.fl_str_mv |
2015-03-19T19:30:00Z |
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info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
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masterThesis |
status_str |
publishedVersion |
dc.identifier.citation.fl_str_mv |
CUNHA, Dênis Antônio da. Price integration in the international coffee market. 2008. 123 f. Dissertação (Mestrado em Economia e Gerenciamento do Agronegócio; Economia das Relações Internacionais; Economia dos Recursos) - Universidade Federal de Viçosa, Viçosa, 2008. |
dc.identifier.uri.fl_str_mv |
http://locus.ufv.br/handle/123456789/18 |
identifier_str_mv |
CUNHA, Dênis Antônio da. Price integration in the international coffee market. 2008. 123 f. Dissertação (Mestrado em Economia e Gerenciamento do Agronegócio; Economia das Relações Internacionais; Economia dos Recursos) - Universidade Federal de Viçosa, Viçosa, 2008. |
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http://locus.ufv.br/handle/123456789/18 |
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Universidade Federal de Viçosa |
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Mestrado em Economia Aplicada |
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UFV |
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BR |
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Economia e Gerenciamento do Agronegócio; Economia das Relações Internacionais; Economia dos Recursos |
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Universidade Federal de Viçosa |
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