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Integration and Segmentation in International Markets for Rice and Wheat, 1877-1994

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  • Myung Soo Cha

    (Yeungnam University)

Abstract

Did international grain markets become ever better integrated during the past century? This question cannot be addressed by looking at either price correlation or coejï¬ cient of variation, which are sensitive to aggregate shocks. This paper calculates correlation coeï¬ icients after removing the impact of macro shocks, which indicate pre-1914 wheat markets were better developed than rice markets. In 1914-36, both WWI and protectionism dislocated wheat markets, but could not prevent rice markets from becoming better integrated. Although peace and free trade returned after 1945, rice markets disintegrated, and wheat markets failed to recover the pre-1914 level of integration, due to growing state interventionism.

Suggested Citation

  • Myung Soo Cha, 2000. "Integration and Segmentation in International Markets for Rice and Wheat, 1877-1994," Korean Economic Review, Korean Economic Association, vol. 16, pages 107-123.
    • Handle: RePEc:kea:keappr:ker-200006-16-1-07
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    Citations

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    Cited by:

    1. Pierre Van Der Eng, 2004. "Productivity and Comparative Advantage in Rice Agriculture in South‐East Asia Since 1870," Asian Economic Journal, East Asian Economic Association, vol. 18(4), pages 345-370, December.
    2. Bassino, Jean-Pascal & van der Eng, Pierre, 2019. "Japan and the Asian Divergence: Market Integration, Climate Anomalies and Famines during the 18th and 19th Centuries," CEI Working Paper Series 2018-18, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.

    More about this item

    Keywords

    Market Integration; Price Correlation; Aggregate Shocks;
    All these keywords.

    JEL classification:

    • F1 - International Economics - - Trade
    • N7 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services

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