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Testing for spatial market integration and law of one price in Turkish wheat markets
Authors:Eryigit  Kadir Y  Karaman  Suleyman
Institution:(1) Finnish Forest Research Institute, Unioninkatu 40 A, 00170 Helsinki, Finland;(2) Finnish Forest Research Institute, Yliopistokatu 6, 80100 Joensuu, Finland;(3) Pellervo Economic Research Institute, Eerikinkatu 28 A, 00180 Helsinki, Finland
Abstract:This paper examines co-integration models in testing for spatial market integration and the Law of One Price (LOP) for Turkish wheat market. The multivariate co-integration tests show that there is one co-integrating vector in the system which implies that though the markets are integrated, the LOP does not hold. Vector error correction model restrictions tests also show that structural breaks have impacts on the long-run linkage among the prices. These results are important for wheat production policies and for wheat market liberalization considerations in the future.
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