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Any domestic support price at the initial equilibrium price would become ineffective unless accompanied by an export ban.
Any domestic support price at the initial equilibrium price would have to increase proportionally not to become ineffective.
In the case of wheat, the domestic support price (expressed in USS)S appears to be a reasonable proxy for that "normal" price.
is the support price (expressed in USS) and 0 = [zeta] = 1.
l-X) is close to unity) and there is a strong support price policy set in domestic currency terms (i.
Generally, one could expect the support price to influence differently the domestic market prices when the support price is effective, i.
Results were statistically poor, and generally not supportive of the view that the support price variable looses its significance when it is not effective, as defined above (in fact sometimes the opposite was suggested
The same is true for the (log of) exchange rate (PRs per USS) time series, as well as for the (log of) support price (in USS) time series.
The results suggest that the domestic support price (in US$) is a key determinant of the domestic price, quite independent from the international price, even in the long-run.
There is only weak evidence of the existence of long-run co-integrating equations between domestric price, international price, exchange rate, and (when applicable) domestic support price (in foreign currency terms) for key agricultural commodities in Pakistan.
In the case of wheat, the empirical analysis suggests that the domestic support price (in foreign currency terms) has been a key independent explanatory variable, even in the long-run.
Finally, the attempt to isolate domestic prices for agricultural commodities from variations in the international prices, for wheat in particular through the support price mechanism, would hamper the macroeconomic adjustment to terms of trade shocks (international prices of wheat, cotton, rice, and sugar relative to the international prices for major imported inputs).

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