Unilateral reforms, trade blocs, and law of one price: MERCOSUR rice markets

Ralph Bierlen, Eric J. Wailes and Gail Cramer
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Ralph Bierlen: Department of Agricultural Economics and Agribusiness, University of Arkansas-Fayetteville, Postal: Department of Agricultural Economics and Agribusiness, University of Arkansas-Fayetteville
Eric J. Wailes: Department of Agricultural Economics and Agribusiness, University of Arkansas-Fayetteville, Postal: Department of Agricultural Economics and Agribusiness, University of Arkansas-Fayetteville

Agribusiness, 1998, vol. 14, issue 3, 183-198

Abstract: The current study tests for the law of one price (LOP) in MERCOSUR rice markets and between the MERCOSUR and major rice exporters in the light of recent Argentinean and Brazilian unilateral reforms and regional integration. Johansen's multivariate cointegration testing procedures support the existence of the LOP in both instances in the post- (but not the pre-) unilateral reform and regional integration period. This is consistent with the notion that bloc and nonbloc members can both enjoy the benefits of unilateral reforms by a bloc member when the external bloc tariff is not prohibitive. © 1998 John Wiley & Sons, Inc.

Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:wly:agribz:v:14:y:1998:i:3:p:183-198

DOI: 10.1002/(SICI)1520-6297(199805/06)14:3<183::AID-AGR2>3.0.CO;2-X

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