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MASTER DISSERTATION: PROJECT COMPLETION STATEMENT

To achieve the final dissertation I had many problems to define properly the area of research. Since the beginning the research was about the relation between Brazilian and International markets of wheat. At beginning I have started analysing the relation through the Relevant Market literature and after under the Geographical Relevant Markets, but both were inappropriate as my Supervisor advised. After such mistakes and advises I finally started the analysis through the market integration literature and later on adding some Governmental policies issues. The first chapter is mainly about historical and structural aspects around the wheat market in Brazil and world. To obtain information about the evolution of prices of wheat in Brazil I had to contact the Brazilian Supply Company CONAB - , a Governmental institution, because I could not find the data in any other source. The CONAB sent me the information by email. Also I had to contact the Wheat Brazilian Association Abitrigo- to have access to papers and documents available only for associates. The association provided me a temporary associate number to login into their website and access the information researched. The second chapter was partially easier to finish, because the literature about market integration is very broad and the seminal works are usually cited in most of the papers. In most of the literature revised about market integration there were some analytical approaches to determine the existence of integration or to verify the way of the price adjustments. In the same analytical base the third chapter was developed. After reading the first and second chapters is highly possible that the reader can conclude that the International and Brazilian wheat markets are integrated, however, the coitegration test was done to give a formal support for this conclusion and also to put in practice the learning obtained in classes. Apart from Cointegration test, was also done the stationarity and causality tests. At beginning was complicated to manage the eviews program, but after some advises from Professors Chris Stuart and Nischaal the program became easier to run and the outcomes obtained were the ones expected. Nowadays I fell more comfortable to use the program, especially in the areas analysed in the dissertation. The forth chapter probably is my main contribution as an economic researcher, because I have not seen in any other paper the relation made here about Government

Policies, Market Integration and Brazilian wheat dependence and the ways and the importance to decrease the dependence in wheat. In overall I enjoyed the dissertation, apart from the first failures. The opportunity to reapply what was seen in QRM and econometric classes was very useful for my intellectual formation. I just disliked the timing and the university process regarding the dissertation.