@article{Gaio:43924,
      recid = {43924},
      author = {Gaio, Luiz Eduardo and Castro Junior, Luiz Gonzaga de and  Oliveira, Andre Ribeiro de},
      title = {CAUSALIDADE E ELASTICIDADE NA TRANSMISSÃO DE PREÇO DO BOI  GORDO ENTRE REGIÕES DO BRASIL E A BOLSA DE MERCADORIAS  & FUTUROS (BM&F)},
      journal = {Organizações Rurais e Agroindustriais/Rural and  Agro-Industrial Organizations},
      address = {2005-09-01},
      number = {1511-2016-131111},
      pages = {16},
      month = {Sep},
      year = {2005},
      abstract = {This study analyzes the transmission elasticity and the  price causality of beef, between BM&F and important places  in Brazil,
seeking data referring to the intensity of price  transmission and detecting the existent relations between  beef price in these places and
in BM&F. Studies in several  regions were realized, using daily price data in a period  comprehended between 2000 and 2004. The
studied cities were  Araçatuba (SP), Barretos (SP), Bauru (SP), Presidente  Prudente (SP), Noroeste do Paraná (PR), Três Lagoas  (MS),
Campo Grande (MS), Triângulo Mineiro (MG), Dourados  (GO), Goiânia (GO) and Cuiabá (MT). The results of the  Dickey-Fuller
Augmented (DFA) unit root test show that all  price series are integrated of first order, I(1). The  results of the Johansen co-integration
test suggest that  all series are co-integrated. It can be concludedm thus,  that the beef markets are spatially integrated , which  means
that supply and demand shocks in BM&F affect the beef  prices in the other markets. Another outcome of this  research, resulting from
the estimation of an error  correction model and the application of the Granger  causality test, is that the BM&F Granger-causes the
prices  in the other regions. Now with the price transmission  elasticity verify that its elasticity maintains around 1,  turning in some
place as elastic as inelastic. Therefore,  the results of this research suggest that the Brazilian  beef market is efficient, since information
has flowed  rapidly among the market agents, allowing arbitrage and the  Law of One Price to work properly.},
      url = {http://ageconsearch.umn.edu/record/43924},
      doi = {https://doi.org/10.22004/ag.econ.43924},
}