Evaluating the effectiveness of inter-regional trade and storage in Malawi’s private sector maize markets |
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| Institution: | 1. Jiangsu Co-Innovation Center for Prevention and Control of Important Animal Infectious Diseases and Zoonoses, Yangzhou University, Yangzhou, China;2. Joint International Research Laboratory of Agriculture and Agri-Product Safety, The Ministry of Education of China, China;3. College of Medicine, Yangzhou University, China;4. China Institute of Veterinary Drug Control, Beijing, China;5. Yangzhou Center for Disease Control and Prevention, Yangzhou, China;1. Servicio de Neurología, Hospital Universitario «Dr. José E. González», Universidad Autónoma de Nuevo León, Monterrey, Nuevo León, México;2. Servicio de Gastroenterología, Hospital Universitario «Dr. José E. González», Universidad Autónoma de Nuevo León, Monterrey, Nuevo León, México;3. Servicio de Hematología, Hospital Universitario «Dr. José E. González», Universidad Autónoma de Nuevo León, Monterrey, Nuevo León, México |
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| Abstract: | This paper evaluates the effectiveness of the private sector maize marketing system in Malawi using threshold autoregression models. Two dimensions of maize market performance are evaluated: (1) inter-regional trade and spatial price transmission; and (2) storage and seasonal price relationships. In both cases, threshold autoregression models which account for nonlinearities predicted by economic theory are applied. Results indicate that spatial price transmission and seasonal price patterns in private sector maize markets in Malawi are generally consistent with long-run competitive inter-regional trade and storage behavior, and that in most cases shocks to long-run equilibrium are arbitraged away quickly. This suggests the private sector in Malawi is generally doing a good job of transporting maize from surplus to deficit regions and smoothing maize consumption between harvests. |
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| Keywords: | Inter-regional trade Malawi maize Market efficiency Storage Threshold autoregression |
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