Journal of Integrative Agriculture ›› 2022, Vol. 21 ›› Issue (2): 552-565.DOI: 10.1016/S2095-3119(21)63850-9

所属专题： 农业经济与管理合辑Agricultural Economics and Management

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  • 收稿日期:2020-01-04 接受日期:2021-10-19 出版日期:2022-01-02 发布日期:2022-01-02

Black tea markets worldwide: Are they integrated?

XU Yong-mei1, QIAO Fang-bin2, HUANG Ji-kun3   

  1. 1 School of Economics, Zhejiang Gongshang Unviersity, Hangzhou 310018, P.R.China
    2 China Economics and Management Academy, Central University of Finance and Economics, Beijing 100081, P.R.China
    3 China Center for Agricultural Policy, Peking University, Beijing 100871, P.R.China
  • Received:2020-01-04 Accepted:2021-10-19 Online:2022-01-02 Published:2022-01-02
  • About author:Received 24 December, 2020 Accepted 19 October, 2021 Correspondence QIAO Fang-bin, E-mail: qiaofangbin@cufe.edu.com; HUANG Ji-kun, E-mail: jkhuang.ccap@pku.edu.cn
  • Supported by:
    This work was supported by the National Natural Science Foundation of China (71773150 and 71934003).

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摘要：

近年来，随着国际贸易的快速扩张，全球茶叶消费显著增长。然而，现有的文献却缺乏对全球主要茶叶市场融合的系统研究。本研究实证分析了2012年到2019年间世界主要红茶拍卖市场的每周价格序列。研究结果表明，经管存在异质性，世界主要红茶拍卖市场是融合的。这一结论不仅适用于区域性的茶叶市场，也适用于国际性的茶叶市场。该研究结论对以数百万小农为主的茶叶主产国具有重要政策含义。


Abstract: Global tea consumption has risen significantly alongside rapid expansion of international trade in recent years.  However, few studies have systematically examined the relationship among the major tea markets worldwide.  Using weekly data from 2012–2019, this study empirically analyzed the price series of the world’s major black tea auction markets.  The estimation results showed that these markets are connected, even though heterogeneities vary.  This finding holds not only for regional markets but also for international markets.  The findings offer important implications for tea-producing countries with millions of smallholder farmers.

Key words: black tea market , price , integration , VECM