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On the Efficiency of Markets for Agricultural Products: Rice Prices and Capital Markets in Java, 1823 1853

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  • VAN ZANDEN, JAN LUITEN

Abstract

I use rice prices in three cities to analyze the efficiency of the marketing system and the institutional framework of Javanese agriculture, 1823 1853. I show that imperfections in rural capital markets caused the extreme fluctuations in rice prices and that the segmentation of the capital market modifies the McCloskey and Nash interpretation of the relationship between seasonal fluctuations of grain (or rice) prices and interest rates. I argue that these fluctuations proxy peasants stress. Finally, I hypothesize that institutional and market failures explain the noneconomic behavior of Javanese peasants in Boeke s theory of dualistic economic development.

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Bibliographic Info

Article provided by Cambridge University Press in its journal The Journal of Economic History.

Volume (Year): 64 (2004)
Issue (Month): 04 (December)
Pages: 1028-1055

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Handle: RePEc:cup:jechis:v:64:y:2004:i:04:p:1028-1055_04

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Cited by:
  1. Jörg Baten & Mojgan Stegl & Pierre Eng, 2013. "The biological standard of living and body height in colonial and post-colonial Indonesia, 1770–2000," Journal of Bioeconomics, Springer, vol. 15(2), pages 103-122, July.
  2. Pierre vanderEng, 2010. "Market Responses To Climate Stress: Rice In Java In The 1930s," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 50(1), pages 62-79, 03.

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  1. Historical Economic Geography

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