Three Essays On The World Rice Market
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Three Essays On The World Rice Market
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Author : Hyunsoo Kang
language : en
Publisher:
Release Date : 2009
Three Essays On The World Rice Market written by Hyunsoo Kang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Three Essays On Rough Rice Marketing
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Author : Earl Lynn Taylor
language : en
Publisher:
Release Date : 1994
Three Essays On Rough Rice Marketing written by Earl Lynn Taylor and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Rice categories.
Three Essays On Rice
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Author : Chotima Pornsawang
language : en
Publisher:
Release Date : 2015
Three Essays On Rice written by Chotima Pornsawang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Three Essays On Market Efficiency
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Author : Thanasin Tanompongphandh
language : en
Publisher:
Release Date : 2011
Three Essays On Market Efficiency written by Thanasin Tanompongphandh and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
This dissertation tackles the concept of market efficiency from three distinct topics in applied economics, from microfinance, to agriculture commodity market, and further to market microstructure of the most advanced economy. The first essay, entitled "Market Efficiency and Price Discovery Among Leading Rice Exporting Countries", focuses on the issue of rice market efficiency. The study establishes, under Johansen's procedure, that there are long-run price co-movements existing among the three major rice-exporting countries, and within the United States domestic markets, the long-run efficient linkage between spot and future prices of rough rice, as Chicago Board of Trade rough rice futures converge to United States Department of Agriculture rough rice prices in a cash market. Regarding the efficiency among the export market prices, results show that the hypothesis of market efficiency are rejected in two of the three pairs, namely Thai-Vietnam and ThaiUS(Arkansas). The Gonzalo & Granger (1995) decomposition method finds that the Thai and United States rice are dominant in the price discovery process. Within the United States domestic markets, the dominant is the futures market followed by the cash market of the rough rice and then the milled rice export price. The second essay, entitled "Determinants for Formal Credit and Informal Credit Access: The Case of Thai Farm Households", examines determinants for Thai agricultural households' participation in formal and its informal parallel credit markets. The study follows Heckman's two-stage selection model (1979) approach to determine the informal loan participation of Thai agricultural households. Results reveal that households tend to 'stick' to the credit market in which they were previously engaged. This finding reinforces the vicious cycle which makes it more difficult for farmers to get out of debt. Secondly, the study finds that wealthier households are less likely to access credit, and are more likely to participate in formal credits than their less wealthy peers. Results also show less probability of credit access between May and December coinciding with the planting and harvesting season accentuating the nature of loans as working-capital rather than consumption loans. Finally, the study discovers that households with owned farmland are more likely to participate in the formal credit market, while households with rented farmland are more likely to participate in the informal credit market stressing the use of owned land as collateral to participate in the former. The final essay, entitled "On the Challenge of Testing Weak-Form Market Efficiency using High Frequency Data", explores the issue of efficiency in microstructure of the Exchange-Traded-Fund (ETF). This essay shows that the profitability of a simple technical trading strategy hinges heavily on the way the Trades And Quotes (TAQ) dataset is filtered for mistakes and outliers. This paper uses ultra-high-frequency TAQ data that cover the time-span since the inception of the S & P 500 ETF from January 1993 to December 2006. First, a widely used filtering methodology proposed by Hasbrouck (2003) is adopted. Under this methodology, the technical trading strategy clearly outperforms the buy-and-hold benchmark. However, when a more appropriate (stringent) filtering methodology is used, the technical trading strategy clearly underperforms the buy-and-hold benchmark. This evidence suggests that studies that based their methodology on Hasbrouck's (2003) less stringent filtering criterion could produce misleading results.
Three Essays On Trade Liberalization And Korean Agriculture
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Author : Chun Kwon Yoo
language : en
Publisher:
Release Date : 2011
Three Essays On Trade Liberalization And Korean Agriculture written by Chun Kwon Yoo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Agriculture, Cooperative categories.
Since the Uruguay Round Agreement on Agriculture (URAA) in 1994, global competition in Korean agricultural markets has significantly increased. The objective of this dissertation is to identify the effects of trade liberalization on productivity and pricing in the Korean rice market (Essay 1 and 2) and on the entire agricultural sector (Essay 3). Rice is the major agricultural commodity in Korean agriculture with Rice Processing Complexes (RPC), i.e. agricultural cooperatives, playing a major role in the rice processing industry. Essays 1 and 2 examine RPCs adjustment to the increasingly competitive market environment. The first essay draws on the emerging heterogeneous-firms trade model to test the hypothesis that trade liberalization forces least productivity firms to exit (extensive margin) and encourages reallocation of resources and market share to high productivity firms (intensive margin) within an industry. The above churning results in an increase in the average productivity of the industry. Results from using plant-level RPC data from 2002-2008 to test the above hypothesis show that international competition via increases in rice import (Minimum Market Access) has the largest effect on RPCs' productivity. In particular, greater competition shifts the left tail of the productivity distribution to the right, increasing the median productivity of the Korean rice processing industry. Thus, the above findings suggest that RPCs, often considered to be quasi-public firms shielded from competition, face significant adjustment following trade liberalization. Economic theory suggests that a key input, i.e. raw product that farmer-members deliver, is treated as given in marketing cooperatives' optimization, unlike in the case of profit maximizing firms. Thus, only if cooperatives minimize the cost of conventional inputs (labor and capital) cost and additionally, set the price of the raw product optimally, their production is efficient. Essay 2 examines RPCs' pricing efficiency, based on the above theory, by incorporating farmers' supply function of raw product (rice) into hypothesized RPCs' optimization framework. Results show that only large RPCs' pricing and thus, production is efficient. For small and medium RPCs, processing size, i.e. realizing economies of scale, is important for their efficiency. The latter finding suggests merger of neighboring small and medium RPCs to both expand supply of raw rice and lower processing costs. In fact, results show that post-merger RPCs have attained pricing efficiency similar to large RPCs. Since 2002, about 20 percent of Korean RPCs have merged adjusting to the competitive market and improving pricing efficiency and overall productivity. In the third essay, the effects of agricultural openness on aggregate agricultural productivity and farmers' welfare in Korea are examined. Results indicate that the openness significantly improves agricultural productivity, with a marked increase following URAA. However, in real terms, farm products' price and net farm business income have declined after trade liberalization. The findings show that agricultural trade liberalization has greatly benefitted Korean consumers, but the net impact on farmers' welfare from productivity growth, real price decline and transfer payments is less clear. The three essays show that Korean agriculture has been adjusting to the increasingly competitive environment in primary and processing sectors, contributing to overall gains for the Korean economy. Encouraging resource reallocation towards more competitive segments of Korean agriculture along with targeted transfer payments to revitalize losers from trade are needed to continue to realize and share gains from trade.
Three Essays On Markets And Welfare In Sub Sahara Africa
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Author : Jenny Carson Aker
language : en
Publisher:
Release Date : 2008
Three Essays On Markets And Welfare In Sub Sahara Africa written by Jenny Carson Aker and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Three Essays On Indian Agricultural Growth In The Post Green Revolution Period
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Author : Mandar Prabhatkumar Jayawant
language : en
Publisher:
Release Date : 1998
Three Essays On Indian Agricultural Growth In The Post Green Revolution Period written by Mandar Prabhatkumar Jayawant and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with categories.
Three Essays On Agricultural Marketing In Developing Countries
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Author : Aya Suzuki
language : en
Publisher:
Release Date : 2008
Three Essays On Agricultural Marketing In Developing Countries written by Aya Suzuki and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Three Essays In Search Of A Conversation
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Author : Sherman Lewis
language : en
Publisher: Hayward Area Planning Association
Release Date : 2022-08-27
Three Essays In Search Of A Conversation written by Sherman Lewis and has been published by Hayward Area Planning Association this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-08-27 with Political Science categories.
These essays are for Americans concerned about the future of our country and for policy wonks. By and large, the political process is controlled by those who take an intertest in politics, large in number but small as a percent of population. Are you a member of the political class? Membership is voluntary. Our first 800 years of thinking: science culture and empathy from the Enlightenment ~1600 to ~ 2400 The Crisis of the Anthropocene: The most comprehensive description of all issues of the crisis in less than 100 pages. For the purpose of going through your mind to influence your brain. Musings on our Present Discontent: America, not advanced, not a democracy. Right to life for baby; right to choose for mom. Taxation. The security of a free state. Issues not discussed. The threat from within, Trumpism. The threat from without: Putinism. How to participate. Renewal.
Three Essays On The Implications Of Imperfect Markets In Rural China
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Author : Yang Yao
language : en
Publisher:
Release Date : 1996
Three Essays On The Implications Of Imperfect Markets In Rural China written by Yang Yao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Agriculture categories.