This article analyses the effect of 10 years of liberalisation policy on price integration in the Beninese maize market. The comparison of price series for two periods, before and after the policy change, shows that the expected positive effect is not confirmed by co-integration analysis. Though...

We use the classic agency model to derive a time-varying optimal hedge ratio for low-frequency time-series data: the type of data used by crop farmers when deciding about production and about their hedging strategy. Rooted in the classic agency framework, the proposed hedge ratio reflects the...

This paper proposes a test for orthogonality of the errors in a vector error-correction model (VECM) that focuses on the recursive ordering among the contemporaneously correlated errors. The test is based on the fact that when the frequency of the data is sufficiently low one of the variables in...