THE NOVOSIBIRSK OBLAST IN THE SYSTEM OF REGIONAL MARKETS
K.P. Gluschenko1,2
1Institute of Economics and Industrial Engineering of the Siberian Branch of the RAS, Academician Lavrentyev Ave., 17, Novosibirsk, Novosibirsk region, 630090
2Novosibirsk State University, Pirogova str., 2, Novosibirsk, Novosibirsk region, 630090
Keywords: интеграция рынков, закон единой цены, конвергенция цен, нелинейный тренд, регионы России, market integration, law of one price, price convergence, nonlinear trend, Russian regions
Abstract
This paper studies integration of the Novosibirsk Oblast market for final goods with markets of all other Russian regions. It considers an aggregated market represented by a basket of basic foods (staples basket). The law of one price serves as the criterion of market integration. It is the base for constructing time series models of the regional costs of the staples basket over 2001-2015 relative to its cost in the Novosibirsk Oblast. Regional markets are divided into four groups: perfectly integrated with the Novosibirsk Oblast market, conditionally integrated with it, not integrated but tending towards integration, and neither integrated nor tending towards integration. Nonlinear time series models with asymptotically decaying trends describe the movement towards integration (price convergence).
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