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COINTEGRATION ANALYSIS OF THE WORLD’S SUGAR MARKET: THE EXISTENCE OF THE LONG-TERM EQUILIBRIUM

Elena Kuzmenko, Luboš Smutka, Wadim Strielkowski, Justas Štreimikis, Dalia Štreimikienė

In general, sugar markets are among the fastest developing markets in the world (Huang & Xiong, 2020). The significant global market liberalization resulted in the fast growth of supply and stocks (Zuckerindustrie, 2018). At the same time, continuous changes in consumption patterns are affecting the global demand for sugar and sugar products (Muhammad et al., 2019). On the other hand, global sugar market is still influenced by the existing protectionists measures (see Solomon, 2014). It is of note that protectionist policies are applied in sugar markets by both developed and developing countries (Haley, 2016). Eventually, global sugar market appears to be suffering because of high-applied tariffs, limited tariff quotas and production subsidies (da Costa et al., 2015). As a result, this is reflected in price transmission and significant sugar price differences existing among individual regions in the world. Another specific feature of global sugar market is its notable price fluctuation which is a result of speculative trade activities.
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České zemědělství v procesu integrace

Blanka Baráková, Iva Nedomlelová

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