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A Comparative Analysis of Dynamic Interactions between European and Indonesian Cocoa Markets during the 2008 Global Financial Crisis and the 2011 European Debt Crisis

dc.contributor.authorMukhlis, Mukhlis
dc.contributor.authorMajid, M. Shabri Abd.
dc.contributor.authorSyahnur, Sofyan
dc.contributor.authorMusrizal, Musrizal
dc.contributor.authorNova, Nova
dc.date.accessioned2021-09-23T08:08:00Z
dc.date.available2021-09-23T08:08:00Z
dc.date.issued2021-09-21
dc.identifier.issn1508-2008
dc.identifier.urihttp://hdl.handle.net/11089/39152
dc.description.abstractThis 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.en
dc.description.abstractOpracowanie przedstawia badanie empiryczne dynamicznych interakcji między europejskim i indonezyjskim rynkiem kakao podczas globalnego kryzysu finansowego w 2008 r. (GFC) i europejskiego kryzysu zadłużenia w 2011 r. (EDC). Badanie zrealizowano wykorzystując podejścia kointegracji i wieloczynnikowej przyczynowości Grangera w oparciu o zestaw szeregów czasowych. Badanie potwierdziło długoterminową równowagę między europejskim i indonezyjskim rynkiem kakao, sugerując istnienie wzajemnej relacji między nimi. Jednak w całym badaniu odnotowywano nieefektywną transmisję korekt cen kakao w Indonezji. Waluta amerykańska stale wpływała na indonezyjskie ceny kakao, podczas gdy rynki kakao były niezależne od wahań światowych cen ropy naftowej. Generalnie w badaniu odnotowano różny poziom szybkości dostosowywania się krótkookresowych nierównowag do długookresowej równowagi na krajowym rynku kakao w czasie kryzysów gospodarczych.pl
dc.language.isoen
dc.publisherWydawnictwo Uniwersytetu Łódzkiegopl
dc.relation.ispartofseriesComparative Economic Research. Central and Eastern Europe;3pl
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0
dc.subjectcocoa marketen
dc.subjectCPIen
dc.subjectexchange rateen
dc.subjectoil priceen
dc.subjecteconomic crisisen
dc.subjectrynek kakaopl
dc.subjectCPIpl
dc.subjectkurs walutowypl
dc.subjectcena ropy naftowejpl
dc.subjectkryzys gospodarczypl
dc.titleA Comparative Analysis of Dynamic Interactions between European and Indonesian Cocoa Markets during the 2008 Global Financial Crisis and the 2011 European Debt Crisisen
dc.title.alternativeAnaliza porównawcza dynamicznych interakcji między europejskimi i indonezyjskimi rynkami kakao podczas światowego kryzysu finansowego w 2008 r. i europejskiego kryzysu zadłużenia w 2011 r.pl
dc.typeArticle
dc.page.number139-162
dc.contributor.authorAffiliationMukhlis, Mukhlis - Lecturer, Universitas Almuslim, Faculty of Economics, Bireuen, Indonesiaen
dc.contributor.authorAffiliationMajid, M. Shabri Abd. - Professor, Universitas Syiah Kuala Banda Aceh, Faculty of Economics and Business, Indonesia, Corresponding authoren
dc.contributor.authorAffiliationSyahnur, Sofyan - Associate Professor, Universitas Syiah Kuala Banda Aceh, Faculty of Economics and Business, Indonesiaen
dc.contributor.authorAffiliationMusrizal, Musrizal - Lecturer, Universitas Almuslim, Faculty of Economics, Bireuen, Indonesiaen
dc.contributor.authorAffiliationNova, Nova - Lecturer, Universitas Almuslim, Faculty of Economics, Bireuen, Indonesiaen
dc.identifier.eissn2082-6737
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dc.contributor.authorEmailMukhlis, Mukhlis - mukhlis.umuslim@gmail.com
dc.contributor.authorEmailMajid, M. Shabri Abd. - mshabri@unsyiah.ac.id
dc.contributor.authorEmailSyahnur, Sofyan - kabari_sofyan@unsyiah.ac.id
dc.contributor.authorEmailMusrizal, Musrizal - musrizalyusuf@gmail.com
dc.contributor.authorEmailNova, Nova - novasyamaun1@gmail.com
dc.identifier.doi10.18778/1508-2008.24.26
dc.relation.volume24


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