The International School of Economics at TSU (ISET) and ISET Policy Institute are looking for a Communications Specialist.
Dimension and Scope:
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Price Transmission on Wheat Flour Market in Georgia
Details
Between August 2014 and May 2015, international wheat prices declined by 18%, rice prices dropped by 14% and maize prices declined by 6% (World Bank, 2015). This decreased prices are expected to be transmitted from international to domestic consumer prices of food items (e.g., wheat flour, bread). However, there are many factors that hinder this transmission process. Several studies analyzed price transmission from international to domestic markets (e.g., Acharya et al. 2012; Götz 2008). In particular, after so called food crises of 2007–2008 and 2010–2011 many studies were focusing on the role of integration of domestic markets to international markets, the price transmission of food prices between large markets and small ones. These crises made interesting to understand and investigate the price relationships in a main food products more thoroughly. Also, to study the implications for food security and livelihoods in food-insecure countries (IFPRI, 2016).
Georgia highly depends on food imports. In particular, the share of wheat import in total wheat consumption of the country has been around 90% in recent years (GeoStat, 2016). Wheat products are the main staple foods both in rural and urban areas in Georgia. Wheat accounted for 41% of the total dietary energy supply in 2005-07. On average in 2005-09 per capita consumption of wheat and wheat products (as foods) was 150 kg/yr. Therefore, improved understanding of market integration of Georgian wheat sector is important for country’s food security.
This policy paper investigates how prices are transmitted from international wheat market to Georgia’s flour market. In particular, this research will address two research questions. First, we measure how international wheat market prices are integrated with domestic prices in Georgia. Furthermore, we conducted Engle-Granger ECM test to understand asymmetric price transmission (APT), whether the positive or negative shocks are transmitted within the same time period.
Since September, 2014, the ISET Policy Institute has been working with the German Economic Team (GET). In May,2015 ISET-PI and GET extended their partnership and began working on a variety of policy briefs for Georgia's industrial development. These briefs will simultaneously advance research in the sector and provide the Georgian government a set of guidelines for the development of its own policy, exploring where Georgia's comparative advantages lie. The German Economic Team is a consulting group who provides advisory services to the Georgian government on economic policy and is supported by the German Federal Ministry for Economic Affairs and Energy.
ISET Lectures, Seminars and Trainings
Lectures
Seminars
Trainings
Taxing Tobacco in Georgia: The welfare and distributional ga...
Tuesday, 19 November 2019
On November 19, ISET was visited by Mr. Alan Fuchs of the World Bank Group, whose presentation, 'Taxing Tobacco in Georgia: The welfare and distributional gains of quitting smoking’, delved into the welfare and distributional impact of increasi...
On the 13th of November, ISET was visited by Joey Cherdarchuk of Darkhorse Analytics, a Canadian company specializing in data science and information design. The firm is dedicated to helping organizations and individuals present their data in a clear...
Caucasus and Central Asia: Outlook and Policy Challenges
Friday, 08 November 2019
On November 8, ISET was visited by Mr. Juha Kahkonen, Deputy Director of the Middle East and Central Asia Department of the IMF, who gave a presentation on the fact that global trade tensions and slowing growth amongst key trading partners are affect...
On October 25th, ISET was visited by Dr. Robert A. Lawson of the Fraser Institute. In a highly entertaining and often humorous lecture, Dr. Lawson discussed a wide variety of topics, including the notion of economic freedom, research into economic li...
On October 2nd, ISET was visited by representatives of FMO, the Dutch Entrepreneurial Bank, who came to talk about the Bank’s activities and its investments in Georgia. Mr. Jan-Willem Hoek, Investment Officer, and Ms. Naomi Campbell, Environmen...
That Georgia is making strident progress on a variety of international indices is widely reported in the domestic press, but many Georgians may still view claims of their country ranking highly on global lists of safety and economic freedom with a de...
The Role of Small and Medium-sized Enterprises in Developmen...
Tuesday, 08 October 2019
Independent entrepreneurship is one of the main drivers of economic development and often manifests itself in the form of small and medium enterprises (SMEs). These start-ups trigger innovation, boost productivity and bring about structural change.
...
The Effects of Georgia’s Universal Health Coverage Program o...
Monday, 24 June 2019
Almost as soon as they are through the front doors, new arrivals to ISET are told that the institute is like a family, and it does not take long before the truth of these words is proved. ISET alumni frequently come back to visit, and not just to pay...
‘There are two types of people’ is the common opening for a number of jokes and idioms, but as research carried out by ISET alumnus Ala Avoyan (now of the University of Indiana) shows, there is some truth to this old adage.
Two different...
The debate over working hours has become a frequent topic of discussion in recent years, especially as increasing numbers of modern industries (especially workplaces such as technology startups) find the traditional nine-to-five standard incompatible...
Effects of the past: how Stalin’s deportations have affected...
Monday, 27 May 2019
It may appear as though the subject of gender and gender norms is a fairly recent socio-political phenomenon – particularly in Eastern Europe and Central Asia – but it does, in fact, have a longer history than might initially be thought, ...
Training in Value Chain Analysis for Social Enterprises
Wednesday, 19 September 2018
September 17-18 2018, the APRC’s Rati Kochlamazashvili and Pati Mamardashvili conducted a training exercise for Civil Society Organizations (CSO) running Social Enterprises (SE) in value chain analysis and development.
In the recent years, SE ...
Georgia committed to harmonize its electricity market legislation with EU Third Energy Package and liberalize it according to the accession protocol with the Energy Community. These structural changes are expected to contribute to a more efficient fu...
Integrating Ecosystem Services into Local Development Planni...
Monday, 02 April 2018
ISET Policy Institute collaborated with Gesellschaft für Internationale Zusammenarbeit (GIZ) starts a training course about integrating ecosystem services into local development planning.
Integrating Ecosystem Services into Local Development Pl...
ISET-PI trains Competition Agency of Georgia Staff in the basics of econometrics and STATA. The objective of the training is to strengthen the capacity of the Competition Agency staff to use STATA to conduct independent data analysis, run OLS regress...
ISET is implementing a new training program, "Economics, Finance and Banking," with VTB Bank. The aim of the program is to introduce VTB Bank's employees to the major principles of economics, finance and banking.
The training program is now being co...
