米国産トウモロコシ輸出過程の市場構造と価格伝達  [in Japanese] The Market Structure and Price Transmission in the U.S. Corn Exporting Process  [in Japanese]

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Author(s)

Abstract

The purpose of this paper is to analyse the relationship between the market structure of the corn exporting industry in the U.S. and the price transmission from corn cash prices at the export ports in the U.S. Gulf to CIF prices at the import ports in Japan. Based on the arguments of Asymmetric Price Transmission (APT), the market share of the U.S. grain exporting companies is investigated in order to illustrate the market structure, and the price transmission is estimated by applying the Threshold Autoregressive (TAR)Model and M (Momentum)-TAR Model.<br>The main conclusions are as follows. The market concentration was relatively small in the 1980s and the first half of 1990s due to restructuring and consolidation of grain exporting companies. In the last half of 1990s and the 2000s, however, the market became less competitive and the market concentration got larger. The inference results using TAR and M-TAR models show that corn prices were transmitted more rapidly when the input-output price differences were squeezed than when they were stretched, which is so called positive APT, in the sample of the last half of 1990s and the 2000s, although the corn prices were transmitted symmetrically in the sample of the 1980s and the first half of 1990s. The Error Correction Model (ECM), in which the results of inferences by using TAR and M-TAR models were incorporated, was applied to find which factors have impacts on CIF import price changes. It was revealed that the Gulf cash prices mainly 3 months ago and the ocean freight rates 2-3 months ago most significantly affected the changes in CIF prices.

Journal

  • Journal of Rural Economics

    Journal of Rural Economics 81(4), 223-234, 2010-03-25

    The Agricultural Economics Society of Japan

References:  38

Cited by:  5

Codes

  • NII Article ID (NAID)
    10026328272
  • NII NACSIS-CAT ID (NCID)
    AN00200867
  • Text Lang
    JPN
  • Article Type
    Journal Article
  • ISSN
    03873234
  • NDL Article ID
    10639080
  • NDL Source Classification
    ZR8(科学技術--農林水産--農産--農業経済学)
  • NDL Call No.
    Z18-385
  • Data Source
    CJP  CJPref  NDL  J-STAGE 
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