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This article analyses the level of integration in 10 cattle markets in Mali. The results indicate a limited interdependence among markets where, in majority of cases, more than 70 per cent of price variation is due to own-price shocks. However, the Ségou market exhibited a high level of interaction with other markets, behaving mostly as a price inf...
Contexts in source publication
Context 1
... are weekly nominal prices from 10 livestock markets; Bamako; Douentza; Gossi; Kayes; Nara; Niamana; San; Ségou; Sofara; and Wabaria ( Figure 1). These markets are located in six of the eight regions of Mali in addition to the District of Bamako ( Table 1). Note that all 10 markets under study are connected by paved roads. ...
Context 2
... possible sources of price information can explain this result. The first source of price signals seems to come from the transhumance zone around Gossi and the high cattle production area of Mopti (supply-driven, see Table 1). These price signals are then transmitted to the Ségou region located next to Mopti and linked by the Bamako-Gao highway. ...
Context 3
... price signals are then transmitted to the Ségou region located next to Mopti and linked by the Bamako-Gao highway. The second possibility suggests price signals to come from the terminal market of Bamako and are transmitted mainly to Ségou and Sofara markets (demand-driven, see Table 1). Nevertheless, we were unable to determine with clarity whether any of the markets under study had any distinct pattern of price leadership that stands out across markets. ...
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Background:
Millions of pyrethroid LLINs have been distributed in Mali during the past 20 years which, along with agricultural use, has increased the selection pressure on malaria vector populations. This study investigated pyrethroid resistance intensity and susceptible status of malaria vectors to alternative insecticides to guide choice of inse...
Citations
... These corresponding property types and cities are possible to be the price leaders in their associated groups (Matesanz et al., 2014), which can be examined by lead-lag (e.g., Yang and Leatham, 1999;Yang, Bessler and Leatham, 2001;Yang, Kolari and Min, 2003;Li, Yang, Hsiao and Chang, 2005;Yang, Hsiao, Li and Wang, 2006;Yang, Yang and Zhou, 2012;Yang, Li and Wang, 2021) and contemporaneous (e.g. Bessler and Akleman, 1998;Awokuse and Bessler, 2003;Bessler, Yang and Wongcharupan, 2003;Haigh and Bessler, 2004;Yang and Bessler, 2004;Lai and Bessler, 2015;Bizimana, Angerer, Bessler and Keita, 2015;Chopra and Bessler, 2005) causality. Our analysis here thus could help identify potential important sources of price discovery in the real estate market across different regions and different property types. ...
Using correlation-based hierarchical analysis and synchronization analysis, this study focuses on monthly price indices for residential homes, office buildings, and retail properties in ten major Chinese cities for the years 2005 to 2021. Through these analyses, one can identify interactions and interdependence among the price indices, heterogeneous patterns in synchronizations of the price indices, and their evolving paths with time. Empirical findings suggest that the degree of real estate price comovements across all property types and cities is relatively low and stable from January 2017 to February 2020, followed by significant increases during the COVID-19 pandemic from March 2020 to January 2021 and significant decreases since February 2021 with the recovery of the economy. Several groups of property types and cities are determined in this study, each of which having its members reveal rather strong but volatile synchronizations of price indices. Rolling importance analysis does not suggest persistent increasing or decreasing trends for the real estate price associated with a specific property type and city. Policy studies on real estate price comovements may benefit from these findings here.
... For selection of the factor, there does not seem to be conclusive research. For a sample with 158 observations, the use of 0.5 for the factor has been seen in the literature (Bizimana et al. 2015). For the sample size of 2811 here, the factor of 0.9 should be appropriate and it leads to the same skeleton as that based on the PC algorithm (results available upon request) Fig. 3 The DAG on innovations on the daily regional steel price indices of east, south, north, central south, northeast, southwest, and northwest China based on the LiNGAM algorithm across all sub-figures in Fig. 4 as they have been normalized by the standard deviation of historical innovations for a specific variable. ...
In this study, we aim at investigating dynamic relations among steel price indices of all seven regional markets in China, spanning the period of 2010M1–2021M4. With daily data, we apply techniques of vector error correction modeling and the directed acyclic graph to analyze the issue of contemporaneous causality among the seven indices, the latter of which is facilitated through the LiNGAM algorithm. We find via vector error correction modeling that each of the seven indices is part of cointegration relations and responses to long-run equilibrium disturbances. We arrive at causal paths via the LiNGAM algorithm for enabling innovation accounting analysis. With this analysis, we find sophisticated dynamics in price adjustment processes following shocks, for which east and northeast regions have the most significant impacts on other regions, followed by south and north regions, followed by the southwest region. Central south and northwest regions are not found to have significant impacts on others. These results suggest that policies on regional steel prices in the long run might be designed with most attention paid to five of the seven regions, particularly east and northeast regions.
... Its aim was to discover the effects of the recent public and private investments that resulted in improvements to roads, market infrastructure, telecommunication networks, access to mobile phones, and digital financial infrastructure (Roba et al. 2017;Parlasca 2021). The interaction between such technologies in an environment with improved physical infrastructure improves market integration (Barrett 2008;Bizimana et al. 2015). Therefore, it is not only logical to expect price information to flow effectively, but also that transfer costs between markets will be reduced and thereafter remain relatively stationary. ...
This article analyses the level of integration in pastoral markets in Kenya using high-frequency data generated through a crowdsourcing endeavour. The vector error-correction model framework was used to estimate the causal relationships between the short- and long-run market price. The results indicate that a higher proportion of price variation in larger markets in the region was due to market price shocks, while variation in the smaller markets originated from the larger markets. Weekly adjustments and the convergence of prices on a long-run equilibrium after experiencing shocks were also observed. Price transmission was also evident between markets operating along different trading routes. However, markets located close to production catchments exhibited lower price trends, despite being connected. These results suggest a strong influence of the recent infrastructural investments on price transmission between markets in the region. The findings imply that more investments would enhance the competitive trading environment and reduce unidirectional price transmission.
... Currently, livestock trade in Mali mostly consists of live animals that are trekked to cities or large livestock markets, either for local consumption or for further export to coastal countries [15]. However, the limited access to grazing and water sources and the insecurity hindering livestock mobility have contributed to an expansion of vehicular long-distance transportation of live animals. ...
... livestock herds during the dry season [34]. Aside from the large grazing areas, Mopti also possesses the highest number of livestock markets (113) in the country [15], which attract 28% of Mali's marketed breeding cattle [35]. Sikasso also is an important livestock source although not as prominent as Mopti and Ségou. ...
... The importance of Ségou, Mopti, and to a lesser extent Sikasso for livestock trade can be explained by their high number of livestock markets, allowing livestock aggregation and movement [15]. Ségou's role also reflects its major road connection to Bamako, making it a reliable trade corridor. ...
Mali is a major livestock producing country in West Africa. However, in recent years, the sector has faced multiple challenges like farmer-herder conflicts, overuse of grazing and water resources, and the effects of climate change. Meanwhile, traditional livestock systems are becoming less important given the increased availability of vehicular transport for regional and international animal trade as well as new opportunities for more specialised urban and peri-urban production systems. To assess the role of Mali’s capital city Bamako for livestock consumption and trade, this study examined the scale of livestock movement in the city, comprising influxes, outfluxes, and transits. To this end, flows of cattle, small ruminants, and livestock feed were recorded through road surveys covering three different seasons. The results showed the role of Bamako as a major trade hub in the distribution of ruminants. While traffic of cattle and sheep was regional, movement of goats was smaller and more localised. Religious festivals were an important driver of livestock traffic, both in terms of the numbers of livestock and the distance covered. This study highlights the role of cities for livestock mobility and contributes to a better understanding of challenges related to urban livestock production and trade and its requirements for better livestock management.
... More edges would be pruned out as the factor increases. However, there have not been conclusive studies on the factor selection.Bizimana et al. (2015) use 0.5 for their sample size of 158 based on communications with Dr. Joseph D. Ramsey from Carnegie Mellon University, who is one of the administrators of the TETRAD software.Lai and Bessler (2015) use 1 for the number of observations exceeding 200. ...
This paper examines contemporaneous causality among daily price series of the Chinese Stock Index 300 (CSI300), nearby futures, and first distant futures for April 2010 ~ November 2014 through vector error correction modeling and directed acyclic graphs. As non-Gaussian data are prominent in financial time series, the recently developed Linear Non-Gaussian Acyclic Model (LiNGAM) algorithm is utilized to facilitate analysis. It refines results derived from the PC algorithm, which does not lead to the unique identification of a directed acyclic graph. The price series studied are tied together through cointegration and the nearby futures adjusts towards long-run relationships. Contemporaneous price information is determined to be discovered in the nearby futures. The results suggest that a shock to the nearby futures could have long-lasting effects on prices across the three series under consideration. Policy makers should pay close attention to the nearby futures for financial stability.
... A 2017 household survey in Robit conducted by IWMI on behalf of the ILSSI project indicates as well that about 70% of the vegetables produced (mainly garlic and tomatoes) were sold by farmers at the market (see excel data file in supplemental materials). However, in many developing countries markets fail due to the lack of communication and transport infrastructure, and appropriate regulations and finance (Barrett, 2005;Bizimana et al., 2015). We recognize that the issue of market access and participation is complex in developing countries where several types of transaction costs come into play (Key et al., 2000); these forces are included in the analyses to the extent possible by using prices derived from farmer surveys rather than published average prices for the country. ...
Previous models used to evaluate the adoption of agricultural technologies have focused mainly on assessing the ex-post impact of technology without necessarily quantifying the profit and risk associated with the adoption of technology. This study introduces a farm simulation model (FARMSIM) that evaluates the potential economic and nutritional impacts of new agricultural technologies before and after they are adopted (ex-ante and ex-post). FARMSIM is a Monte Carlo simulation model that simultaneously evaluates a baseline and an alternative farming technology for a representative farm. The farming technologies under study comprise water lifting technologies (pulley and tank, rope and washer pump, gasoline/diesel motor pump and a solar pump) and fertilizers. The study finds that the use of fertilizers combined with optimal irrigation to grow vegetables and fodder using a motor pump had the highest net present value and profit compared to other scenarios. However, the findings also indicate the scenario under the pulley system, a low cost technology, to be the most feasible with the highest benefit cost ratio. Solar pump system had a lower benefit cost ratio compared to the pulley and motor pump scenarios due to high initial investment cost. Based on simulation results, all four water lifting technologies are profitable and suitable for use in Robit kebele. Moreover, due to improved technologies in alternative scenarios, the nutrition simulation results show in general an increase in food quantities available to the family for calories, proteins, iron, fat, calcium and vitamin A. The daily minimum requirements per adult equivalent were met for all nutrients under study except for fat and calcium. Supplemental nutrition through production and purchase, to fill the gap in fat and calcium is recommended for households in Robit kebele.
... A 2017 household survey in Robit conducted by IWMI on behalf of the ILSSI project indicates as well that about 70% of the vegetables produced (mainly garlic and tomatoes) were sold by farmers at the market (see excel data file in supplemental materials). However, in many developing countries markets fail due to the lack of communication and transport infrastructure, and appropriate regulations and finance (Barrett, 2005;Bizimana et al., 2015). We recognize that the issue of market access and participation is complex in developing countries where several types of transaction costs come into play (Key et al., 2000); these forces are included in the analyses to the extent possible by using prices derived from farmer surveys rather than published average prices for the country. ...
Purpose
This study aims to investigate dynamic relations among office property price indices of 10 major cities in China for the years 2005–2021.
Design/methodology/approach
Using monthly data, the authors adopt vector error correction modeling and the directed acyclic graph for the characterization of contemporaneous causality among the 10 indices.
Findings
The PC algorithm identifies the causal pattern, and the linear non-Gaussian acyclic model algorithm further determines the causal path from which we perform innovation accounting analysis. Sophisticated price dynamics are found in price adjustment processes following price shocks, which are generally dominated by the top tier of cities.
Originality/value
This suggests that policies on office property prices, in the long run, might need to be planned with particular attention paid to the top tier of cities.
This study introduces an integrated vector error correction and directed acyclic graph method for investigating contemporaneous causalities with application to regional scrap steel prices in east, north, south, central, northeast, and southwest China. We use daily data and combine the Peter and Clark (PC) and Linear NonGaussian Acyclic Model (LiNGAM) algorithms to discover contemporaneous causalities. The vector error correction model shows each of the six series is part of cointegration relationships, and prices of north and southwest regions do not respond to long-run equilibrium disturbances. The PC algorithm shows the causal patterns, and the LiNGAM algorithm discovers the causal paths that enable the analysis of innovation accounting. Based upon impulse responses, we sort out sophisticated dynamics among price adjustment processes following shocks, for which north and southwest regions dominate price adjustment processes compared to the other four regions. The proposed approach provides short-term and long-term pricing policies for scrap steel throughout China.
Purpose
This study aims to investigate dynamic relationships among residential housing price indices of ten major Chinese cities for the years 2005–2021.
Design/methodology/approach
Using monthly data, this study uses vector error correction modeling and the directed acyclic graph for characterization of contemporaneous causality among the ten indices.
Findings
The PC algorithm identifies the causal pattern and the Linear Non-Gaussian Acyclic Model algorithm further determines the causal path, from which this study conducts innovation accounting analysis. Sophisticated price dynamics are found in price adjustment processes following price shocks, which are generally dominated by the top tiers of cities.
Originality/value
This study suggests that policies on residential housing prices in the long run might need to be planned with particular attention paid to these top tiers of cities.
