Spatial Market Integration: A Case Study of the Polish–Czech Milk Market

Analyses of spatial market integration contributes to the knowledge about market efficiency and provides information to policymakers, as the spatial integration of markets contributes to competitiveness and economic development. Although the integration of agri-food markets is widely discussed in the economic literature, research on the dairy sector is relatively limited. This paper fulfils the research gap with an in-depth investigation of spatial milk and dairy product market integration between two neighboring countries—Poland and Czechia—using regional data, and including both production and processing levels. The econometric analysis of time series covering the period 2001–2021 reveals that only long-run milk and skimmed milk powder (SMP) price relationships are between the Czech Republic and Poland. The results of the study confirm that the factors influencing spatial price relationships between the Czech Republic and Poland are: strong trade ties, the common moment of accession to the EU, a close distance between markets, and region specialization.

Rice Subsector Development and Farmer Efficiency in Nepal: Implications for Further Transformation and Food Security

With economic development agricultural systems in the Global South transform from subsistence farming to higher productivity with market integration and increase in rural income and food security. In Nepal, agriculture continues to provide livelihoods for two-thirds of the predominantly rural population, largely at a subsistence-level. Rice is the staple food and covers the largest land area but yields are relatively low, with an annual import bill of USD 300 Million. The study uses data from 310 households from two distinct rice producing areas to assess farmers' rice production systems. It analyses farmers' rice production efficiency using a stochastic frontier production function to suggest how to advance the transformation of Nepal's rice sector. Our study finds that while agriculture related services such as access to inputs, information, markets, irrigation, and finance have generally improved, paddy farmers are only able to achieve 76% of potential output. Small/marginal farms were relatively less efficient than medium and large farms. Women farmers faced unequal access to technologies and have lower productivity than men. Unavailability of labor and capital, land fragmentation, and the lack of consistent access to seed and fertilizers contribute to reduced efficiency. Public and private sector investments are needed to enhance the timely and adequate access to quality seeds, fertilizers, processing facilities, and equipment services. Adopting a market systems approach through cooperative farming, targeted delivery of extension services, and linkages with rice millers can promote inclusive growth and improve rice food security in Nepal.

The Influence of ASEAN Bond Market Integration in the Philippines’ Inflationary Pressures, Credit Expansions, and its Challenges

Bond markets have grown mature in many countries; however, the quality of financial integration varies across ASEAN economies. In the case of bond markets in the ASEAN +3, they experienced fast development; however, they are still less integrated. This study attempts to examine the ramifications of the ASEAN bond market integration and past crises to the Philippines’ inflation, credit, and growth and identify what impedes the development of the bond market for the period of 1992 to 2017. The study also aims to have a more in-depth analysis on preventing rises from happening and controlling both credit expansions and inflationary pressures. The Ordinary Least Square method (OLS) was used to examine the relationship of inflation, credit, bond market index, real interest rate, and integration to the Philippines’ growth. This led to this paper providing empirical insights that credit has a significant positive relationship with GDP growth; while, inflation has a significant negative relationship with GDP growth. However, the bond market index and integration showed insignificant negative results. This study provides possible reasons for the said conclusion and suggests ways not only to develop and grow the debt market in the Philippines but also to sustain long-run economic stability and growth to become on par with other ASEAN economies.

Beihilfenkontrolle zwischen Supranationalität und Intergouvernementalität

The Brexit experience sheds new light on the question of whether credible state aid regulation must by its nature be supranational. Following a review of the disciplines of EU state aid law and WTO subsidy law, which shape international subsidy law, it is explained why the introduction of bi- and plurilateral control regimes beyond the WTO is necessary from the EU's point of view and which hurdles these efforts must overcome. Finally, on the basis of an overall analysis of EU (free trade) agreements, a concentric circle model of state aid law is developed, which reveals the link between type of agreement, market integration, geographical proximity and the impact of EU law on the state aid rules agreed with the treaty partners.

Resilience in the Context of the Implementation of the EU-Ukraine Association Agreement

This article examines the extent of the practice of resilience in the process of the implementation of the EU-Ukraine Association Agreement (AA). Also, it analyses the main legislative and institutional tools promoting resilience of Ukraine’s market integration with the EU. Two cases are considered in this study. The first case is the launch of negotiations on the EU-Ukraine Agreement on Conformity and Acceptance of Industrial Products (ACAA). The second case is an EU-Ukraine Trade Dispute on Export Woods Ban. In both cases the EU institutions and Ukraine display a high degree of flexibility to pursue a policy of resilience to achieve a high degree of EU Internal Market rapprochement. In the case of Ukraine, the institutional mechanism of the EU-Ukraine AA remains unused as a forum to discuss effectively and to find solutions for impeding problems in the bilateral cooperation agenda. Therefore, a coherent, transparent, and effective institutional cooperation framework in the bilateral EU-Ukraine relations is still needed.

Local Stock Market Integration with International Gold and Oil Price

We look for the integration of Bangladesh Stock Market with international gold and oil price using most recent monthly data set from January 2003 to December 2020 (2003m1-2020m12). We employ the bounds-testing approach to cointegration between stock market index (DSEX) and international gold and oil price and eventually find an integration and dynamic significant impact of international gold and oil price on DSEX in the long and short-run. We discuss the important policy implications of the dynamic impact of international gold and oil price on stock market index.