Price behaviour in European countries: testing the law of one price in the short– and long–run at various levels of aggregation

1987 ◽  
Vol 19 (11) ◽  
pp. 1533-1559 ◽  
Author(s):  
Paul Brenton ◽  
Ashok Parikh
Keyword(s):  
Law Of One Price ◽  
European Countries ◽  
Long Run ◽  
The Law

scholarly journals Ley de precio único en el mercado español del aceite de oliva

2011 ◽  
Vol 8 (1) ◽  
pp. 37
Author(s):  
José Ángel Roldán Casas ◽  
Rafaela Dios-Palomares
Keyword(s):  
Olive Oil ◽  
Market Integration ◽  
Oil Prices ◽  
Law Of One Price ◽  
Monthly Data ◽  
Long Run ◽  
Oil Markets ◽  
The Law ◽  
Multivariate Cointegration

The aim of this paper is the study of long-run market integration of olive oil in Spain and the testing of the Law of One Price (LOP) in this market. The study is carried out using multivariate cointegration methodology and applied to monthly data on olive oil prices in Spain (1987-2001) corresponding to the regions considered by the Spanish Ministry of Agriculture, Fisheries and Food. The results show that Spanish olive oil markets are highly integrated with the Northeast being the leading market. However, perfect integration cannot be accepted.

scholarly journals DOES THE LAW OF ONE PRICE (LOP) HOLDS IN THE INTERNATIONAL BARLEY MARKETS

2021 ◽  
Vol 21 (4) ◽  
pp. 251-266
Author(s):  
Sanusi Mohammed Sadiq ◽  
P I Singh ◽  
M M Ahmad
Keyword(s):  
Empirical Evidence ◽  
Market Integration ◽  
Time Series Data ◽  
Impulse Response Function ◽  
Law Of One Price ◽  
Series Data ◽  
Economic Market ◽  
Causality Test ◽  
Long Run ◽  
The Law

A price time-series data of barley for a period of 49 years (1970-2019) sourced from the FAO database was used to determine the horizontal market integration of barley among some selected major market players in barley trade in the world. The chosen markets are Australia, Canada, Iran, Turkey and the USA based on the availability of up-to-date large span data. The collected data were analyzed using inferential statistics- unit root tests, co-integration tests, unrestricted vector autoregressive model, Granger causality test and impulse response function. The empirical evidence showed that the law of one price (LOP) exists among the selected markets i.e. there is perfect price communication among the markets in the long run, thus highly integrated. Besides, Australian and Canadian markets established a long-run equilibrium, thus have a stable price in the long run. Furthermore, the import and export hubs of barley in the trade are Canadian, USA and Turkey markets while Iranian and Australian markets are large consumer markets. The empirical evidence showed Canadian and USA markets to be the major players in the trade while the Australian market is a follower in the trade. All the selected markets have promising future prices with a little inflationary trend which will owe to supply fluctuation. The reinforcement of physical infrastructure, the use of ICTs and well-defined consistent agricultural policy/market initiatives would thus lead to the global creation of a single uniform economic market for barley.

Fractional Cointegration and the False Rejection of the Law of One Price in International Commodity Markets

1998 ◽  
Vol 30 (2) ◽  
pp. 267-276 ◽  
Author(s):  
Samarendu Mohanty ◽  
E. Wesley F. Peterson ◽  
Darnell B. Smith
Keyword(s):  
Commodity Prices ◽  
Commodity Markets ◽  
Cointegration Analysis ◽  
Law Of One Price ◽  
Fractional Cointegration ◽  
International Commodity ◽  
Price Series ◽  
Long Run ◽  
The Law ◽  
False Rejection

AbstractThis study examines the Law of One Price (LOP) in international commodity markets using fractional cointegration analysis. For proper evaluation of the LOP, fractional cointegration analysis seems to be appropriate because of its flexibility in capturing a wider range of mean reversion behavior than standard cointegration analysis. Out of nine pairs of price series examined, fractional cointegration supports the existence of the LOP in eight cases, as compared to three cases using standard cointegration procedures. Overall, these results suggest that there is a long-run tendency for the LOP to hold for commodity prices.

scholarly journals Revisiting the Environmental Kuznets Curve Hypothesis: A Case of Central Europe

Energies ◽  
2021 ◽  
Vol 14 (12) ◽  
pp. 3415
Author(s):  
Bartosz Jóźwik ◽  
Antonina-Victoria Gavryshkiv ◽  
Phouphet Kyophilavong ◽  
Lech Euzebiusz Gruszecki
Keyword(s):  
Economic Growth ◽  
Co2 Emissions ◽  
Central Europe ◽  
Environmental Kuznets Curve ◽  
European Countries ◽  
Kuznets Curve ◽  
The European Union ◽  
Ekc Hypothesis ◽  
Central European ◽  
Long Run

The rapid economic growth observed in Central European countries in the last thirty years has been the result of profound political changes and economic liberalization. This growth is partly connected with reducing carbon dioxide (CO2) emissions. However, the problem of CO2 emissions seems to remain unresolved. The aim of this paper is to test whether the Environmental Kuznets Curve (EKC) hypothesis holds true for Central European countries in an annual sample data that covers 1995–2016 in most countries. We examine cointegration by applying the Autoregressive Distributed Lag bound testing. This is the first study examining the relationship between CO2 emissions and economic growth in individual Central European countries from a long-run perspective, which allows the results to be compared. We confirmed the cointegration, but our estimates confirmed the EKC hypothesis only in Poland. It should also be noted that in all nine countries, energy consumption leads to increased CO2 emissions. The long-run elasticity ranges between 1.5 in Bulgaria and 2.0 in Croatia. We observed exceptionally low long-run elasticity in Estonia (0.49). Our findings suggest that to solve the environmental degradation problem in Central Europe, it is necessary to individualize the policies implemented in the European Union.

Moral and Legal Dilemmas of the New Polish Security Policy

2019 ◽  
Vol 27 (02) ◽  
pp. 260-274
Author(s):  
Marek Górka
Keyword(s):  
Security Policy ◽  
Terrorist Attack ◽  
Civil Liberties ◽  
European Countries ◽  
Heated Debate ◽  
The Law

Due to attacks carried out by terrorist organisations, most European countries have placed this phenomenon at the forefront of their priorities in the field of security policy. The fight against terrorism has sparked a heated debate about the significance of security and civil liberties. The law on anti-terrorist operations of 2 July 2016 triggered the debate in Poland as well. This article attempts to answer the question of whether it is possible to maintain a balance between freedom and security. Therefore, the contemporary challenge that many governments face is not effective terrorist attack prevention, but rather an effective anti-terrorism policy whose provisions will not pose a greater threat to democracy than terrorists themselves.

Lois Mémorielles in Post-Genocide Societies: The Rwandan Law on Genocide Ideology under International Human Rights Law Scrutiny

2014 ◽  
Vol 27 (2) ◽  
pp. 419-445 ◽  
Author(s):  
PIETRO SULLO
Keyword(s):  
Human Rights ◽  
Transitional Justice ◽  
Freedom Of Expression ◽  
European Countries ◽  
International Human Rights Law ◽  
Human Rights Law ◽  
International Human Rights ◽  
International Human ◽  
The Law ◽  
Human Rights Standards

AbstractThis article discusses the Rwandan Law 18/2008 on genocide ideology in the light of international human rights standards. In order to put the genocide ideology law into context, it sketches a brief overview of the post-genocide scenario. Because of the influence that provisions restricting freedom of expression aimed at fighting negationism might exert on testimonies during genocide trials, it pays particular attention to the transitional justice strategies adopted in Rwanda. Finally, it assesses the law on the genocide ideology against the background provided by the measures implemented in some European countries to deal with the phenomenon of negationism.

Income convergence in Europe: Catching up or falling behind?

2012 ◽  
Vol 62 (2) ◽  
pp. 183-204 ◽  
Author(s):  
Megan Czasonis ◽  
Michael Quinn
Keyword(s):  
European Countries ◽  
Eastern European ◽  
The European Union ◽  
Income Convergence ◽  
Euro Zone ◽  
Long Run ◽  
Time Period ◽  
Eastern European Countries ◽  
Time Frames ◽  
The Eu

One of the motivations for a country to join the European Union is the belief that this will boost short- and long-run incomes. Researchers have tested the hypothesis of income convergence in different settings using either regression or unit root analysis, with mixed results. In this paper, we use both methods on the same samples over a significant time period. This allows us to judge differences in results across varied time-frames and methodologies. The focus of these tests is on convergence to German and EMU average incomes by Eastern European countries and those within the Euro-zone from 1971–2007. The evidence for convergence is mixed. Among the Euro-zone countries, there is more evidence of convergence in the 1970s and 1980s than recently. There is significant evidence that Eastern Europe experienced convergence and that capital formation was one of the root causes. While the results do not support the hypothesis that joining the EU increases convergence, reforms undertaken in the 1990s by Eastern European countries in preparation for joining may have helped them to “catch up”, even if the act of joining the EU did not directly impact convergence.

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