Evaluación de la hipótesis de eficiencia débil y análisis de causalidad en las centrales de abastos de Colombia

1 recurso en línea (páginas 35-62).

Autores:
Talero Sarmiento, Leonardo Hernán
Lamos Díaz, Henry
Garavito Hernández, Edwin Alberto
Tipo de recurso:
Article of journal
Fecha de publicación:
2019
Institución:
Universidad Pedagógica y Tecnológica de Colombia
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http://repositorio.uptc.edu.co/handle/001/2576
Palabra clave:
Centros de acopio - Investigaciones
Mercadeo de productos agrícolas
Producción agropecuaria - Aspectos económicos - Colombia
Indicadores económicos
Precios agrícolas
Agricultura - Aspectos económicos
Prueba de hipótesis
Causalidad de Granger
Microeconomía
Precios agrícolas
Rights
openAccess
License
Copyright (c) 2019 Universidad Pedagógica y Tecnológica de Colombia
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dc.title.spa.fl_str_mv Evaluación de la hipótesis de eficiencia débil y análisis de causalidad en las centrales de abastos de Colombia
dc.title.alternative.eng.fl_str_mv Testing the weak form of efficient market hypothesis and causality analysis in Colombian food supply centers
Avaliação da hipótese da eficiência fraca do mercado e análise de causalidade em centros de abastecimento de comida da Colômbia
title Evaluación de la hipótesis de eficiencia débil y análisis de causalidad en las centrales de abastos de Colombia
spellingShingle Evaluación de la hipótesis de eficiencia débil y análisis de causalidad en las centrales de abastos de Colombia
Centros de acopio - Investigaciones
Mercadeo de productos agrícolas
Producción agropecuaria - Aspectos económicos - Colombia
Indicadores económicos
Precios agrícolas
Agricultura - Aspectos económicos
Prueba de hipótesis
Causalidad de Granger
Microeconomía
Precios agrícolas
title_short Evaluación de la hipótesis de eficiencia débil y análisis de causalidad en las centrales de abastos de Colombia
title_full Evaluación de la hipótesis de eficiencia débil y análisis de causalidad en las centrales de abastos de Colombia
title_fullStr Evaluación de la hipótesis de eficiencia débil y análisis de causalidad en las centrales de abastos de Colombia
title_full_unstemmed Evaluación de la hipótesis de eficiencia débil y análisis de causalidad en las centrales de abastos de Colombia
title_sort Evaluación de la hipótesis de eficiencia débil y análisis de causalidad en las centrales de abastos de Colombia
dc.creator.fl_str_mv Talero Sarmiento, Leonardo Hernán
Lamos Díaz, Henry
Garavito Hernández, Edwin Alberto
dc.contributor.author.none.fl_str_mv Talero Sarmiento, Leonardo Hernán
Lamos Díaz, Henry
Garavito Hernández, Edwin Alberto
dc.subject.armarc.none.fl_str_mv Centros de acopio - Investigaciones
Mercadeo de productos agrícolas
Producción agropecuaria - Aspectos económicos - Colombia
Indicadores económicos
Precios agrícolas
Agricultura - Aspectos económicos
topic Centros de acopio - Investigaciones
Mercadeo de productos agrícolas
Producción agropecuaria - Aspectos económicos - Colombia
Indicadores económicos
Precios agrícolas
Agricultura - Aspectos económicos
Prueba de hipótesis
Causalidad de Granger
Microeconomía
Precios agrícolas
dc.subject.proposal.spa.fl_str_mv Prueba de hipótesis
Causalidad de Granger
Microeconomía
Precios agrícolas
description 1 recurso en línea (páginas 35-62).
publishDate 2019
dc.date.accessioned.none.fl_str_mv 2019-05-10T20:05:41Z
dc.date.available.none.fl_str_mv 2019-05-10T20:05:41Z
dc.date.issued.none.fl_str_mv 2019-02-07
dc.type.spa.fl_str_mv Artículo de revista
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dc.identifier.citation.spa.fl_str_mv Talero Sarmiento, L. H., Lamos Díaz, H. & Garavito Hernández, E. A. (2019). Evaluación de la hipótesis de eficiencia débil y análisis de causalidad en las centrales de abastos de Colombia. Apuntes del CENES, 38(67), 35-62. DOI: https://doi.org/10.19053/01203053.v38.n67.2019.8040. http://repositorio.uptc.edu.co/handle/001/2576
dc.identifier.issn.none.fl_str_mv Electrónico 2256-5779
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dc.identifier.uri.none.fl_str_mv http://repositorio.uptc.edu.co/handle/001/2576
dc.identifier.doi.none.fl_str_mv 10.19053/01203053.v38.n67.2019.8040
identifier_str_mv Talero Sarmiento, L. H., Lamos Díaz, H. & Garavito Hernández, E. A. (2019). Evaluación de la hipótesis de eficiencia débil y análisis de causalidad en las centrales de abastos de Colombia. Apuntes del CENES, 38(67), 35-62. DOI: https://doi.org/10.19053/01203053.v38.n67.2019.8040. http://repositorio.uptc.edu.co/handle/001/2576
Electrónico 2256-5779
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Benavides, G. (2004). Price Volatility Forecasts for Agricultural Commodities: An Application of Historical Volatility Models, Option Implieds and Composite Approaches for Futures Prices of Corn and Wheat. SSRN Electronic Journal, 3(2), 40–59. https://doi.org/10.2139/ssrn.611062
Bouri, E., Chang, T., & Gupta, R. (2017). Testing the Efficiency of the Wine Market Using Unit Root Tests with Sharp and Smooth Breaks. Wine Economics and Policy, 6(2), 80-87. https://doi.org/10.1016/j.wep.2017.06.001
Caeiro, F. & Mateus, A. (2014). Randtests: Testing Randomness in R. R Package Version, 1.
Cárdenas, J. I. & Vallejo, L. E. (2016). Agricultura y desarrollo rural en Colombia 2011-2013: una aproximación. Apuntes del Cenes, 35(62), 87. https://doi. org/10.19053/22565779.4411
Coronado, S., Ramírez, M. & Celso, P. L. (2014). Inefficiency in the International Coffee Market: The Case of Colombian Arabica. African Journal of Agricultural Research, 9(5), 556–561.
DeJong, D. N., Nankervis, J. C., Savin, N. E. & Whiteman, C. H. (1992). The Power Problems of Unit Root Test in Time Series with Autoregressive Errors. Journal of Econometrics, 53(1–3), 323–343. https://doi.org/10.1016/0304-4076(92)90090-E
Departamento Administrativo Nacional de Estadística -DANE-. (2017). Cuentas trimestrales, Colombia. Producto interno bruto (PIB) Boletín técnico cuarto trimestre de 2016. Bogotá: DANE.
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Duarte-Duarte, J. B. & Mascareñas Pérez-Iñigo, J. M. (2014a). Comprobación de la eficiencia débil en los principales mercados financieros latinoamericanos. Estudios Gerenciales, 30(133), 365–375. https://doi.org/10.1016/j.estger.2014.05.005
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dc.relation.ispartofjournal.spa.fl_str_mv Apuntes del CENES;Volumen 38, número 67 (Enero-Junio 2019)
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spelling Talero Sarmiento, Leonardo HernánLamos Díaz, HenryGaravito Hernández, Edwin Alberto2019-05-10T20:05:41Z2019-05-10T20:05:41Z2019-02-07Talero Sarmiento, L. H., Lamos Díaz, H. & Garavito Hernández, E. A. (2019). Evaluación de la hipótesis de eficiencia débil y análisis de causalidad en las centrales de abastos de Colombia. Apuntes del CENES, 38(67), 35-62. DOI: https://doi.org/10.19053/01203053.v38.n67.2019.8040. http://repositorio.uptc.edu.co/handle/001/2576Electrónico 2256-57790120-3053http://repositorio.uptc.edu.co/handle/001/257610.19053/01203053.v38.n67.2019.80401 recurso en línea (páginas 35-62).Na Colômbia, existem centros de coleta tradicionais, onde os produtos agrícolas são comercializados e distribuídos, o preço de venda desses produtos é publicado por instituições governamentais em relatórios semanais. Para determinar se as séries de preços seguem um passeio aleatório e se existem relações entre os centros, são aplicados seis testes que avaliam a hipótese de eficiência fraca e o teste de causalidade de Granger. Para tanto, é analizado o preço semanal histórico de vinte e oito produtos agrícolas comercializados em seis mercados, durante a primeira semana de 2013 até a última semana de 2017. Os principais resultados indicam que os mercados tendem para a eficiência, embora não tenham o mesmo nível porquanto a eficiência varia de acordo com o produto que é comercializado. Além disso, os centros de Manizales, Barranquilla e Villavicencio influenciam os preços dos mercados de Bogotá, Bucaramanga e Medellín.In Colombia, there are traditional food supply centers to trade agricultural products. Government institutions publish sale prices of these products in weekly reports. In order to determine the random characteristics of these price series and if there are relationships between the centers, we use a battery of six different tests to examine the weak form of efficient market hypothesis and the Granger causality test. For this, this work collected the historical weekly price of 28 agricultural products, taking into account six markets, during the first week of 2013 to the last week of 2017. The main results indicate that markets tend towards efficiency, however, the efficiency depends on the product traded. In addition, the centers in Manizales, Barranquilla and Villavicencio influence the prices of the Bogotá, Bucaramanga and Medellín markets.En Colombia existen centros tradicionales de acopio donde se comercializan y distribuyen productos agrícolas. El precio de venta de estos productos es publicado por instituciones del Gobierno en informes semanales. Con el objetivo de determinar si las series de precios siguen una caminata aleatoria y si existen relaciones entre los centros, se aplican seis pruebas que evalúan la hipótesis de eficiencia débil y la prueba de causalidad de Granger. Para ello se analiza el precio histórico semanal de 28 productos agrícolas comercializados en seis mercados, durante la primera semana de 2013 a la última de 2017. Los principales resultados indican que los mercados tienden a la eficiencia, aunque no tienen el mismo nivel, ya que esta varía según el producto que se comercialice. Además, los centros en Manizales, Barranquilla y Villavicencio influyen sobre los precios de los mercados de Bogotá, Bucaramanga y Medellín.Bibliografía y webgrafía: páginas 59-62.Código de Clasificación de Journal of Economic Literature (JEL) :C12, D4, D40, G14, Q13.application/pdfspaUniversidad Pedagógica y Tecnológica de ColombiaCopyright (c) 2019 Universidad Pedagógica y Tecnológica de Colombiahttps://creativecommons.org/licenses/by-nc-sa/4.0/info:eu-repo/semantics/openAccessAtribución-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)http://purl.org/coar/access_right/c_abf2https://revistas.uptc.edu.co/index.php/cenes/article/view/8040/7610Evaluación de la hipótesis de eficiencia débil y análisis de causalidad en las centrales de abastos de ColombiaTesting the weak form of efficient market hypothesis and causality analysis in Colombian food supply centersAvaliação da hipótese da eficiência fraca do mercado e análise de causalidade em centros de abastecimento de comida da ColômbiaArtículo de revistahttp://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionTexthttps://purl.org/redcol/resource_type/ARThttp://purl.org/coar/version/c_970fb48d4fbd8a85Bekkers, E., Brockmeier, M., Francois, J., & Yang, F. (2017). Local Food Prices and International Price Transmission. World Development, 96, 216–230. https://doi. org/10.1016/j.worlddev.2017.03.008Benavides, G. (2004). Price Volatility Forecasts for Agricultural Commodities: An Application of Historical Volatility Models, Option Implieds and Composite Approaches for Futures Prices of Corn and Wheat. SSRN Electronic Journal, 3(2), 40–59. https://doi.org/10.2139/ssrn.611062Bouri, E., Chang, T., & Gupta, R. (2017). Testing the Efficiency of the Wine Market Using Unit Root Tests with Sharp and Smooth Breaks. Wine Economics and Policy, 6(2), 80-87. https://doi.org/10.1016/j.wep.2017.06.001Caeiro, F. & Mateus, A. (2014). Randtests: Testing Randomness in R. R Package Version, 1.Cárdenas, J. I. & Vallejo, L. E. (2016). Agricultura y desarrollo rural en Colombia 2011-2013: una aproximación. Apuntes del Cenes, 35(62), 87. https://doi. org/10.19053/22565779.4411Coronado, S., Ramírez, M. & Celso, P. L. (2014). Inefficiency in the International Coffee Market: The Case of Colombian Arabica. African Journal of Agricultural Research, 9(5), 556–561.DeJong, D. N., Nankervis, J. C., Savin, N. E. & Whiteman, C. H. (1992). The Power Problems of Unit Root Test in Time Series with Autoregressive Errors. Journal of Econometrics, 53(1–3), 323–343. https://doi.org/10.1016/0304-4076(92)90090-EDepartamento Administrativo Nacional de Estadística -DANE-. (2017). Cuentas trimestrales, Colombia. Producto interno bruto (PIB) Boletín técnico cuarto trimestre de 2016. Bogotá: DANE.Departamento Nacional de Planeación -DNP-. (2015). El campo colombiano: un camino hacia el bienestar y la paz. Misión para la transformación del campo. Recuperado de https://www.dnp.gov.co/programas/agricultura/Paginas/Informe-misi%- C3%B3n-FInal.aspx.Duarte-Duarte, J. B. & Mascareñas Pérez-Iñigo, J. M. (2014a). Comprobación de la eficiencia débil en los principales mercados financieros latinoamericanos. 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