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.
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