A Comparative Analysis of Dynamic Interactions between European and Indonesian Cocoa Markets during the 2008 Global Financial Crisis and the 2011 European Debt Crisis

• Autorzy: Mukhlis Mukhlis , M. Shabri Abd. Majid , Sofyan Syahnur , Musrizal Musrizal , Nova Nova

Warianty tytułu

Analiza porównawcza dynamicznych interakcji między europejskimi i indonezyjskimi rynkami kakao podczas światowego kryzysu finansowego w 2008 r. i europejskiego kryzysu zadłużenia w 2011 r.

• Języki publikacji: EN

Abstrakty

EN

This study empirically explores the dynamic interactions between the European and Indonesian cocoa markets during the 2008 global financial crisis (GFC) and the 2011 European debt crisis (EDC) using a battery of time series approaches of cointegration and multivariate Granger causality. The study documented a long-run equilibrium between the European and Indonesian cocoa markets, implying a reciprocal relationship. However, an inefficient adjustment transmission in the Indonesian cocoa prices was recorded throughout the study. The US currency constantly influenced Indonesian cocoa prices, while cocoa markets were independent of fluctuations in world oil prices. Overall, the study recorded a different level of the speed of adjustment of short-run imbalances to long-run equilibrium in the domestic cocoa market across economic crises. (original abstract)

Opracowanie przedstawia badanie empiryczne dynamicznych interakcji między europejskim i indonezyjskim rynkiem kakao podczas globalnego kryzysu finansowego w 2008 r. (GFC) i europejskiego kryzysu zadłużenia w 2011 r. (EDC). Badanie zrealizowano wykorzystując podejścia kointegracji i wieloczynnikowej przyczynowości Grangera w oparciu o zestaw szeregów czasowych. Badanie potwierdziło długoterminową równowagę między europejskim i indonezyjskim rynkiem kakao, sugerując istnienie wzajemnej relacji między nimi. Jednak w całym badaniu odnotowywano nieefektywną transmisję korekt cen kakao w Indonezji. Waluta amerykańska stale wpływała na indonezyjskie ceny kakao, podczas gdy rynki kakao były niezależne od wahań światowych cen ropy naftowej. Generalnie w badaniu odnotowano różny poziom szybkości dostosowywania się krótkookresowych nierównowag do długookresowej równowagi na krajowym rynku kakao w czasie kryzysów gospodarczych. (abstrakt oryginalny)

Słowa kluczowe

EN

Cocoa; Financial crisis; Exchange rates; Oil prices; Consumer price index (CPI)

PL

Kakao; Kryzys finansowy; Kurs walutowy; Ceny ropy naftowej; Indeks cen konsumpcyjnych

• Czasopismo: Comparative Economic Research
• Rocznik: 2021
• Tom: 24
• Numer: nr 3
• Strony: 139--162

Twórcy

autor

Mukhlis Mukhlis

• Universitas Almuslim, Bireuen, Indonesia

autor

M. Shabri Abd. Majid

• Universitas Syiah Kuala Banda Aceh, Indonesia

autor

Sofyan Syahnur

• Universitas Syiah Kuala Banda Aceh, Indonesia

autor

Musrizal Musrizal

• Universitas Almuslim, Bireuen, Indonesia

autor

Nova Nova

• Universitas Almuslim, Bireuen, Indonesia

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Identyfikatory

DOI

10.18778/1508-2008.24.26