Custos de transação e comportamento da base para o preço do milho em Rio Verde, GO
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Data
2013-09
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Resumo
The aim of this study was to analyze the behavior of the “base”, which is the difference
between the price of maize in the municipality of Rio Verde (state of Goiás, Brazil) and the future
price of maize in BM&FBovespa, from 1/3/2005 to 3/15/2011. Thus, the hypothesis of this study
is that the transaction costs and the regional characteristics of maize commercialization generate
high difference in prices between markets. The threshold autoregressive model (TAR) was used to
understand the important dimensions of transaction costs. The estimated results of 7.78% for the
TAR parameter show weak convergence of market prices, and therefore weakening of the “base” in
the region. This shows that producers minimize regional transaction costs, and therefore are more concerned with private hedging transactions in the physical market, thus not resorting to the stock
exchange to protect against price fluctuation.
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Comercialização, Modelos com threshold, Hedge, Commercialization, Threshold models, Hedge
Citação
CUNHA, Cleyzer Adrian da; SCALCO, Paulo Roberto; WANDER, Alcido Elenor. Custos de transação e comportamento da base para o preço do milho em Rio Verde, GO. Revista de Politica Agricola, Brasília v. 3, n. 3, p. 88-95, jul./set. 2013.