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Abstract

The objective of the present study is to analyze the long-run relation of ethanol price in different producing states in Brazil: Paraná, São Paulo, Minas Gerais, Goiás, Mato Grosso and Mato Grosso do Sul (Central-South) and Alagoas and Pernambuco (North-Northeast), to identify the dynamic process of price establishment. Monthly data from April 2008 to March 2013 were used with the methodology of cointegration model described by Johansen (1988) and tests on β and α parameters of cointegration vector to analyze perfect integration and integration relations, although non perfect integrated. The results showed that São Paulo, Paraná, Minas Gerais and Goiás are perfectly integrated. Moreover, these states showed non perfect integration with the states of North-Northeast and Mato Grosso. The states of North-Northeast region are perfectly integrated.

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