Effects of the agricultural commodity and the food price volatility on economic integration: an empirical assessment

This paper empirically examines the effects of the global agricultural commodity price volatility and the food price volatility on the level of economic integration over the period 1970–2012. The benchmark regressions are based on the data from 133 countries. The results indicate that the level of e...

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Bibliographic Details
Published in:Empirical economics 2019-01, Vol.56 (1), p.173-202
Main Author: Gozgor, Giray
Format: Article
Language:English
Subjects:
Agricultural commodities
Agriculture
Commodity prices
Econometrics
Economic integration
Economic theory
Economic Theory/Quantitative Economics/Mathematical Methods
Economics
Economics and Finance
Finance
Food
Food prices
Insurance
Longitudinal studies
Management
Statistics for Business
Volatility
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Summary:This paper empirically examines the effects of the global agricultural commodity price volatility and the food price volatility on the level of economic integration over the period 1970–2012. The benchmark regressions are based on the data from 133 countries. The results indicate that the level of economic integration is negatively related to both the agricultural commodity price volatility and the food price volatility. In addition to this, the negative impacts of the agricultural commodity price volatility and the food price volatility on the level of economic integration are statistically significant in the middle- and the high-income countries. These findings remain robust when it considers different estimation techniques and different measures of price volatility, and deals with extreme cases.
ISSN:0377-7332
1435-8921
DOI:10.1007/s00181-017-1359-6