Testing the Weak Form of Efficient Market Hypothesis and Causality Analysis in Colombian Food Supply Centers
In Colombia, there are traditional food supply centers to trade agricultural products. Government institutions publish sale prices of these products in weekly reports. In order to determine the random characteristics of these price series and if there are relationships between the centers, we use a...
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| Format: | Online |
| Language: | spa |
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Universidad Pedagógica y Tecnológica de Colombia
2019
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| Online Access: | https://revistas.uptc.edu.co/index.php/cenes/article/view/8040 |
| _version_ | 1801705960780070912 |
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| author | Talero-Sarmiento, Leonardo Hernán Lamos-Díaz, Henry Garavito-Hernández, Edwin Alberto |
| author_facet | Talero-Sarmiento, Leonardo Hernán Lamos-Díaz, Henry Garavito-Hernández, Edwin Alberto |
| author_sort | Talero-Sarmiento, Leonardo Hernán |
| collection | OJS |
| description | In Colombia, there are traditional food supply centers to trade agricultural products. Government institutions publish sale prices of these products in weekly reports. In order to determine the random characteristics of these price series and if there are relationships between the centers, we use a battery of six different tests to examine the weak form of efficient market hypothesis and the Granger causality test. For this, this work collected the historical weekly price of 28 agricultural products, taking into account six markets, during the first week of 2013 to the last week of 2017. The main results indicate that markets tend towards efficiency, however, the efficiency depends on the product traded. In addition, the centers in Manizales, Barranquilla and Villavicencio influence the prices of the Bogotá, Bucaramanga and Medellín markets. |
| format | Online |
| id | oai:oai.revistas.uptc.edu.co:article-8040 |
| institution | Revista Apuntes del Cenes |
| language | spa |
| publishDate | 2019 |
| publisher | Universidad Pedagógica y Tecnológica de Colombia |
| record_format | ojs |
| spelling | oai:oai.revistas.uptc.edu.co:article-80402022-06-17T21:35:10Z Testing the Weak Form of Efficient Market Hypothesis and Causality Analysis in Colombian Food Supply Centers Evaluación de la hipótesis de eficiencia débil y análisis de causalidad en las centrales de abastos de Colombia Talero-Sarmiento, Leonardo Hernán Lamos-Díaz, Henry Garavito-Hernández, Edwin Alberto Granger causality Agricultural markets microeconomics Agricultural prices Causalidad de Granger mercados agrícolas microeconomía precios agrícolas In Colombia, there are traditional food supply centers to trade agricultural products. Government institutions publish sale prices of these products in weekly reports. In order to determine the random characteristics of these price series and if there are relationships between the centers, we use a battery of six different tests to examine the weak form of efficient market hypothesis and the Granger causality test. For this, this work collected the historical weekly price of 28 agricultural products, taking into account six markets, during the first week of 2013 to the last week of 2017. The main results indicate that markets tend towards efficiency, however, the efficiency depends on the product traded. In addition, the centers in Manizales, Barranquilla and Villavicencio influence the prices of the Bogotá, Bucaramanga and Medellín markets. En Colombia existen centros tradicionales de acopio donde se comercializan y distribuyen productos agrícolas. El precio de venta de estos productos es publicado por instituciones del Gobierno en informes semanales. Con el objetivo de determinar si las series de precios siguen una caminata aleatoria y si existen relaciones entre los centros, se aplican seis pruebas que evalúan la hipótesis de eficiencia débil y la prueba de causalidad de Granger. Para ello se analiza el precio histórico semanal de 28 productos agrícolas comercializados en seis mercados, durante la primera semana de 2013 a la última de 2017. Los principales resultados indican que los mercados tienden a la eficiencia, aunque no tienen el mismo nivel, ya que esta varía según el producto que se comercialice. Además, los centros en Manizales, Barranquilla y Villavicencio influyen sobre los precios de los mercados de Bogotá, Bucaramanga y Medellín Universidad Pedagógica y Tecnológica de Colombia 2019-02-07 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Peer reviewed Article application/pdf text/xml https://revistas.uptc.edu.co/index.php/cenes/article/view/8040 10.19053/01203053.v38.n67.2019.8040 Apuntes del Cenes; Vol. 38 No. 67 (2019); 35-69 Apuntes del Cenes; Vol. 38 Núm. 67 (2019); 35-69 2256-5779 0120-3053 spa https://revistas.uptc.edu.co/index.php/cenes/article/view/8040/7610 https://revistas.uptc.edu.co/index.php/cenes/article/view/8040/11205 Copyright (c) 2019 Leonardo Hernán Talero-Sarmiento, Henry Lamos-Díaz, Edwin Alberto Garavito-Hernández http://creativecommons.org/licenses/by-nc-sa/4.0 |
| spellingShingle | Granger causality Agricultural markets microeconomics Agricultural prices Causalidad de Granger mercados agrícolas microeconomía precios agrícolas Talero-Sarmiento, Leonardo Hernán Lamos-Díaz, Henry Garavito-Hernández, Edwin Alberto Testing the Weak Form of Efficient Market Hypothesis and Causality Analysis in Colombian Food Supply Centers |
| title | Testing the Weak Form of Efficient Market Hypothesis and Causality Analysis in Colombian Food Supply Centers |
| title_alt | Evaluación de la hipótesis de eficiencia débil y análisis de causalidad en las centrales de abastos de Colombia |
| title_full | Testing the Weak Form of Efficient Market Hypothesis and Causality Analysis in Colombian Food Supply Centers |
| title_fullStr | Testing the Weak Form of Efficient Market Hypothesis and Causality Analysis in Colombian Food Supply Centers |
| title_full_unstemmed | Testing the Weak Form of Efficient Market Hypothesis and Causality Analysis in Colombian Food Supply Centers |
| title_short | Testing the Weak Form of Efficient Market Hypothesis and Causality Analysis in Colombian Food Supply Centers |
| title_sort | testing the weak form of efficient market hypothesis and causality analysis in colombian food supply centers |
| topic | Granger causality Agricultural markets microeconomics Agricultural prices Causalidad de Granger mercados agrícolas microeconomía precios agrícolas |
| topic_facet | Granger causality Agricultural markets microeconomics Agricultural prices Causalidad de Granger mercados agrícolas microeconomía precios agrícolas |
| url | https://revistas.uptc.edu.co/index.php/cenes/article/view/8040 |
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