Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/259282 
Year of Publication: 
2021
Citation: 
[Journal:] Comparative Economic Research. Central and Eastern Europe [ISSN:] 2082-6737 [Volume:] 24 [Issue:] 3 [Publisher:] Łódź University Press [Place:] Łódź [Year:] 2021 [Pages:] 139-162
Publisher: 
Łódź University Press, Łódź
Abstract: 
This study empirically explores the dynamic interactions between the European and Indonesian cocoa markets during the 2008 global financial crisis (GFC) and the 2011 European debt crisis (EDC) using a battery of time series approaches of cointegration and multivariate Granger causality. The study documented a long-run equilibrium between the European and Indonesian cocoa markets, implying a reciprocal relationship. However, an inefficient adjustment transmission in the Indonesian cocoa prices was recorded throughout the study. The US currency constantly influenced Indonesian cocoa prices, while cocoa markets were independent of fluctuations in world oil prices. Overall, the study recorded a different level of the speed of adjustment of short-run imbalances to long-run equilibrium in the domestic cocoa market across economic crises.
Subjects: 
cocoa market
CPI
exchange rate
oil price
economic crisis
JEL: 
C01
C23
O13
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

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