The Response of Ethiopian Grain Markets to Liberalization

Appendix 5 Results of unit root tests¹ for maize prices spreads among different markets

Spreads	Level		First Difference
Spreads	ADF	PP	ADF	PP
Addis - Shashemene	-3.83^a	-4.54^a	-9.97^a	-13.36^a
Addis - Jimma	-3.17^b	-4.70^a	-9.48^a	-15.54^a
Mekele - Addis	-4.56^a	-3.28^b	-7.97^a	-6.32^a
Addis - Bako	-3.80^a	-3.76^a	-9.66^a	-11.93^a
Dire Dawa - Shashemene	-4.32^a	-6.45^a	-11.02^a	-18.97^a
Dire Dawa - Addis	-3.70^a	-5.80^a	-9.90^a	-18.94^a
Dire Dawa - Bako	-3.05^b	-5.49^a	-9.53^a	-19.59^a
Dire Dawa - Jimma	-3.43^b	-4.50^a	-9.09^a	-15.06^a

Not ¹The unit root tests are conducted for three time periods: period I is from 1986:07 to 1991:03, period II is
from 1991:04 to 1996:06 while the whole series is from 1986:07 to 1996:06.

Note: a, b, and c indicate statistical significance at a probability of less than 1%, 5% and 10% respectively.

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