This paper considers vertical price relationships between wholesalers and retailers on five local maize markets in Benin. We show that if the common factor and the long-run disequilibrium error are not explicitly taken into account in testing the channel model, one can easily be wrong about how...

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...

This paper considers vertical price relationships between wholesalers and retailers on five local maize markets in Benin. We show that if the common factor and the long-run disequilibrium error are not explicitly taken into account in testing the channel model, one can easily be wrong about how...