INSTITUTIONS AND PRICE TRANSMISSION IN THE VIETNAMESE HOG MARKET



The Vietnamese Hog Market

389


structure but also of market social embeddedness and history that determine the
nature of the institutions governing transactions.

Acknowledgments: I am grateful for the comments of three journal reviewers.

Notes

1. Vietnam. is today the second world exporter of rice. The falling of the price of rice in the
international market in 1997 has affected Vietnamese rural incomes tremendously, creating a
loss of 400 million US dollars, according to the estimations done by Barbe.

2. To test for causality four regressions are necessary (1) DPp on its own lagged values DPpm, (2)
DPp on its own lagged values DPpm and the lagged values DPrm, (3) DPr on its own lagged
values
DPrm, and (4) DPr on its own lagged values DPrm and on the lagged values DPpm. Then
we test whether the coefficients for the lagged values of
DPrm in (2) and for the lagged values
of
DPpm in (4) are null. The respective null hypothesis are that DPr does not cause DPp and
DPp does not cause DPr. Results in Table 4 give the F statistics for each of the null hypothesis.

3. Using the Johansen procedure, the null hypothesis that the factor loading for Pp in the
cointegration equation equals zero is not rejected. This implies that
Pp is weakly exogenous
with respect to the parameters of the long-run stationary relation linking the two prices. Thus
(3) is estimated with
Pr as the dependent variable.

References

Bailey, D. V., and B. W. Brorsen. 1989. “Price Asymmetry in Spatial Fed Cattle Markets.” Western
Journal of Agricultural Economics, 14
: 246-252.

Barbe, S. 1998. “Vietnam: Chocs externes, défis internes.” Lettre de conjoncture de la BNP,
October.

Boswijk, H. P., and J. P. Urbain. 1997. “Lagrange-Multiplier Tests for Weak Exogeneity: A
Synthesis.”
Econometric Review, 16: 21-38.

Boyd, M. S., and B. W. Brorsen. 1988. “Price Asymmetry in the U.S. Pork Marketing Channel.”
North Central Journal of Agricultural Economics, 10: 103-109.

von Cramon-Taubadel, S. 1998. “Estimating Asymmetric Price Transmission with the Error
Correction Representation: An Application to the German Pork Market.”
European Review
of Agricultural Economics, 25
: 1-18.

Dickey, D. A., and W. A. Fuller. 1979. “Autoregressive Time Series with a Unit Root.” Journal of
the American Statistical Association, 74
: 427- 431.

Engle, R. F., and C. W. J. Granger. 1987. “Cointegration and Error Correction: Representation
Estimation and Testing.”
Econometrica, 55: 251-276.

Fackler, P. L., and B. K. Goodwin. “Spatial Price Analysis.” In G. Rausser, and B. Gardner, eds.,
The Handbook of Agricultural Economics. North-Holland, forthcoming.

Fforde, A., S. de Vylder. 1996. From Plan to Market. The Economic Transition in Vietnam.
Boulder: Westview Press.

General Statistical Office. 1994. Vietnam Living Standards Survey. Ha Noi, State Planning
Committee.

General Statistical Office. 1996. Impetus and Present Situation of Vietnam Society and Economy
after Ten Years of Doi Moi.
Ha Noi, Statistical Publishing House.



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