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Price transmission and asymmetric price development in the vertical structure of the milk industry in Hungary.

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Popovics P., Toth J.
Kozgazdasagi Szemle (Economic Review)
|
2006
|
vol. 53
|
issue 4
349-364
EN
The study analyses the market behaviour of the vertical structure of Hungary's milk industry in 1995-2003. It examines whether the individual customary prices in the structure have developed in line with market forces, and which actors in the structure have the greatest influence on those prices. The asymmetric nature of milk prices justifies a price-transmission examination. If the movements in the inflation-corrected prices at various vertical stages are investigated, it becomes clear that this cannot be called perfect market competition; the price movements show more of an oligopolistic character. The econometric analysis shows that the prices on the milk market in Hungary work upwards in the lower stage of the vertical structure and downwards in the upper stage, and that the price transmission between two extremes of the vertical structure, in the period examined, is not perfect, but asymmetrical and delayed in time, which has a marked effect on the current crisis on the milk market. The study makes proposals for using knowledge of the price transmission in economic policy and concludes with a few lessons from the case.
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