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Kennya Siqueira and Alziro Vasconcelos
''Relationship among the condensed milk prices in the international market''
( 2012, Vol. 32 No.4 )
Brazil is one of the largest producer and exporter of condensed milk. Because of it, it is important to analyze the relationship among the Brazilian prices and the main exporters' prices in order to understand if they are integrated and follow the same way in the long run. So, using a combination of cointegration methods, Directed Acyclic Graphs (DAGs) and Impulse Response Functions (IRF), proposed by Siqueira (2007), we analyzed the condensed milk prices in Brazil, Netherland, Belgium and Chile, which are the largest exporters of this product. The results indicated a cointegration among Brazilian, Belgium and Chilean prices. However, the DAG analysis did not show any causal relationship among them, it means that they are integrated, but they do not cause or influence each other.
Keywords: condensed milk, price formation, spatial integration
Manuscript Received : Nov 28 2012 Manuscript Accepted : Nov 29 2012

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