Based on Johansen cointegration, error correction model, Granger causality test, impulse response function and variance decomposition, we did empirical research on the price relationship between China and international wool markets by using weekly wool auction price data from January 16, 2009 to April 11, 2014. The results show that a cointegration relationship is found between China, Australia, New Zealand and South Africa wool prices, and the speed of adjustment is likely to be slow in China wool market; Australia is the international wool price setter, while China doesn't have enough wool pricing power; China wool market price changing is mainly affected by Australia wool market.%选取2009年1月16日至2014年4月11日的周度羊毛拍卖价格数据，运用Johansen协整检验、误差校正模型、格兰杰因果关系检验、脉冲响应函数和方差分解方法对中国与国际羊毛市场价格关系进行实证研究。结果表明：中国羊毛市场和国际羊毛市场之间存在价格协整关系，但中国羊毛市场价格偏离均衡时的调整速度较慢；在国际羊毛市场价格形成中，澳大利亚羊毛市场处于主体引导地位，而中国羊毛市场缺乏定价权；中国羊毛市场价格变化主要受澳大利亚羊毛市场价格变化的影响。
展开▼
