Price linkages between tea markets : a case study for Colombo, Kolkata and Mombasa auctions

Purpose: This paper aims to identify the price linkages among the three largest auction tea markets in Colombo (Sri Lanka), Kolkata (India), and Mombasa (Kenya). The hypothesis about the existence of long-term price linkages between markets was verified and the rate of short-term price reactions to exogenous price shocks on particular markets has been defined. Design/Methodology/Approach: Due to a diverse level of integration of particular variables, ARDL models were applied in the analyses. The bounds test was applied to test long-term price linkages. Short-term adjustment were described based on the restricted Error Correction Models. Findings: The obtained results indicated that market linkages were mainly long-term. Short-term price linkages among markets were poor. The Colombo market had the largest number of price maker features, but the Kolkata market behaved more like a price taker. The article analyzes average prices of tea in the individual markets. Price differences do not include the tea class quality. Practical Implications: The results indicate that price information on other markets is primarily relevant for long-term decisions. In short-term decisions, information on tea prices on other markets is of relatively small importance. Originality/Value: The indication of central markets is important for market participants. It is difficult to determine a priori whether and if so which markets are the most important in the price setting process. The obtained results indicate that the Colombo market was the leading market in the long term. In the short term, price information on other markets was primarily relevant for the Kolkata market.peer-reviewe

SEED PRODUCTION IN EU COUNTRIES

The article presents seed production in EU countries. EU as a whole is one of the biggest seed markets. Certified seed production differs considerably with regard to crops and country. Highest level of seed production reach: Denmark, France, Germany and United Kingdom. The opposite refers to Bulgaria and Poland

Sezonowość PKB i jego komponentów w krajach Unii Europejskiej

Celem opracowania jest porównanie sezonowości PKB oraz jego komponentów w krajach Unii Europejskiej (UE). Podjęto próbę określenia wielkości wahań sezonowych, ich udziału w zmienności krótkookresowej oraz zróżnicowania w zależności od kraju i kategorii ekonomicznej. W analizie, przeprowadzonej na podstawie danych Eurostatu za lata 2002—2015, oparto się na modelu sezonowości deterministycznej. Uzyskane wyniki wskazują na duże, choć zróżnicowane w zależności od kraju i kategorii ekonomicznej wahania sezonowe. Największym wahaniom podlegały nakłady brutto na środki trwałe, a najmniejszym — import. Stwierdzono wyraźny ujemny związek pomiędzy sezonowością PKB a jego wielkością przypadającą na osobę.The following research aims at comparing GDP seasonality and its components in the European Union countries. An attempt was made to determine the size of seasonal fluctuations, their share in short-term variability and the differences depending on the country and economic category. The analysis, based on the Eurostat data for the years 2002—2015, relies on a model of deterministic seasonality. The obtained results show large but varied seasonal fluctuations depending on the country and economic category. Gross fixed capital formation was subject to the largest seasonal fluctuations, whereas imports was exposed to the minor ones. A visible negative correlation between GDP seasonality and GDP per capita was found

Zmiany cen na międzynarodowym rynku oleistych w okresie upowszechnia się odmian zmodyfikowanych genetycznie

The paper presents changes in the international oilseeds market during the period of genetically modified varieties dissemination. Despite differing countries’ regulations the international oilseeds market grew rapidly. There was found weakening causal relationships between European oilseed prices and US soya prices, however. / Synopsis. W artykule przedstawiono zmiany na międzynarodowym rynku oleistych w okresie upowszechniania odmian zmodyfikowanych genetycznie. Pomimo odmiennych regulacji krajowych rynku GMO poziom obrotów międzynarodowych oleistymi szybko wzrastał. Stwierdzono jednak osłabienie związków przyczynowych pomiędzy europejskimi cenami oleistych a cenami soi w USA

ZMIANY SEZONOWOŚCI CEN ZIEMNIAKÓW W POLSCE

The article presents the changes in the level and distribution of seasonal fluctuations in the prices of potato in Poland in the years 1995-2014. It was found a strong decline of seasonal price fluctuations, resulting primarily from the flattening of seasonal price increases during the summer, and the disappearance of seasonal price declines in the spring. In addition to the structural determinants represented in the model by the time variable changes in price seasonality was affected by interest rates

Powiązania pomiędzy cenami produktów rolnych w Polsce i krajach UE

Price linkages between the Polish and foreign markets of grains and pork were investigated in the paper. The analysis indicates a decrease in price differences between the Polish and the EU markets and their increase between the Polish and the US markets. Causality tests and VAR models indicate a strong influence of foreign prices on the Polish markets. / Synopsis. Celem badań było określenie powiązań pomiędzy cenami zbóż i żywca wieprzowego w Polsce a cenami na wybranych rynkach zagranicznych. Stwierdzono zmniejszenie się różnic w poziomie cen pomiędzy rynkiem polskim a rynkami krajów UE i zwiększenie różnic w stosunku do amerykańskiego rynku zbóż. Testy przyczynowości i analiza VAR wskazują na silne oddziaływanie cen zagranicznych na ceny w Polsce

Wykorzystanie modelu VAR w analizie powiązań stóp procentowych w Polsce

W opracowaniu analizowano powiązania pomiędzy dziennymi, miesięcznymi, rocznymi i pięcioletnimi stopami procentowymi w Polsce. W analizie wykorzystano modele VAR, funkcje odpowiedzi na impuls oraz dekompozycję wariancji. Uzyskane wyniki wskazują, że dominuje oddziaływanie stóp długookresowych na stopy krótkookresowe. Taki charakter powiązań wskazuje na występowanie zwrotnej, wzmocnionej reakcji stóp procentowych.In this research it is examined the relationship between daily, monthly, yearly and 5-yearly interest rates in Poland. VAR model was used in analyze, the impulse response function and variance decomposition. These results indicate that there is influence of long-term interest rates on short-term rates. Such a relationship indicates the presence of feedback, an enhanced response rates.Zadanie pt. „Digitalizacja i udostępnienie w Cyfrowym Repozytorium Uniwersytetu Łódzkiego kolekcji czasopism naukowych wydawanych przez Uniwersytet Łódzki” nr 885/P-DUN/2014 dofinansowane zostało ze środków MNiSW w ramach działalności upowszechniającej naukę

Influence of the Industry’s Output on Electricity Prices: Comparison of the Nord Pool and HUPX Markets

Electricity markets are characterised by high sensitivity to variations in supply and demand conditions. However, they also exhibit a number of specific characteristics, including large daily, weekly, and seasonal price fluctuations. The aim of this article is to assess the impact of fluctuations in the industry’s output on wholesale electricity prices. Results were compared for the Nord Pool markets, with a high share of renewable energy supply, and the HUPX markets, where fossil fuel and/or nuclear energy supply dominates. The results obtained generally indicate the positive impact of changes in the industry’s output on wholesale electricity prices. This impact was stronger in the HUPX markets and for periods in daily and weekly cycles with higher energy demands. The results indicate that the sensitivity of electricity prices to fluctuations in the industry’s output is lower in markets with a higher share of renewable energy, especially for periods with higher energy demands

Diversification of seasonal character of unemployment in major Polish cities

Celem artykułu jest określenie poziomu i tendencji zmian sezonowości bezrobotnych na wielkomiejskich rynkach pracy w Polsce. Podstawą analizy były dane dotyczące liczby zarejestrowanych bezrobotnych w miastach powyżej 300 000 mieszkańców za okres od stycznia 2002 do grudnia 2013 r. Sezonowe składniki bezrobocia wyodrębniono algorytmem Census X-12 ARIMA. Uzyskane wyniki wskazują, że sezonowość bezrobocia w dużych miastach w Polsce jest niska, najniższą sezonowością charakteryzowała się Warszawa, a najwyższą aglomeracja trójmiejska. W latach 2002-2013 we wszystkich miastach nastąpił wzrost sezonowości bezrobocia. Poszczególne miasta charakteryzowały się bardzo podobnym rozkładem wahań sezonowych bezrobocia w trakcie roku. Przeprowadzone analizy wskazują, że wrażliwość zmiany liczby sezonowych bezrobotnych na zmiany całkowitej liczby bezrobotnych była większa w okresie spadku liczby bezrobotnych w latach 2002-2008. Uzyskane wyniki wskazują także na procykliczny charakter sezonowości bezrobocia.The aim of this article was to determine the level and the tendency of the seasonal character of the unemployed in the urban labour markets in Poland. The analysis was based on the data concerning the number of the registered unemployed in cities with more than 300 000 inhabitants, between 2002 and 2013. Seasonal factors were distinguished by using Census X-12 ARIMA. The results indicate that the seasonal character of the unemployment in big Polish cities is low, the lowest one turned out to be for Warsaw, the highest for Tricity. The increase in the seasonal character of unemployment was noticed in all cities between 2002 -2013. These cities were characterized by a similar range of fluctuation concerning the seasonal character of unemployment during the year. The analysis indicates that the susceptibility of the change in the number of the seasonal unemployed to the change in the total number of the unemployed was higher in the period of the unemployment decline between 2002 and 2008. The results also prove the procyclical nature of the seasonal character of the unemployment

Labor market discrimination – are women still more secondary workers?

Discrimination based on gender is commonly observed on labor markets, although its scale and symptoms are different with regard to country and are subject to changes over time. Gender-related diverse flows on the labor market constitute one of its symptoms. The paper’s main objective was to answer the question whether women on the labor market were still secondary workers. The analysis was conducted based on general models of flows on the labour market, examining connections between changes in a number of unemployed and changes in a number of employed men and women. There were applied data for eight OECD countries from various regions of the world. The obtained results were highly diversified depending on the analysis period and country. However, they confirmed that in the past women had been more secondary workers despite no differences in the unemployment rate. Gender impact was noticeable especially in the employment decrease periods. For data after the year 1990, gender-related differences disappeared or significantly decreased in four countries (Australia, Denmark, United Kingdom, United States), but in two of them (Canada, South Korea) – differences increased. First published online 29 October 202