摘要：This paper discuss the relationship between traditional parametric tests formarket integration such as causuality tests and tests of the Law of One Priceand cointegration tests for market integration. We show that cointegrationtests are a natural extension of the traditional methods taking into accountthat prices are nonstationary, and not an alternative approach. By using theJohansen test, one can both test for causality and provided that prices arecointegrated, for the Law of One Price. An empirical analysis is provided forthe whitefish market in France.
