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Commodity market disintegration in the interwar period

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  • William Hynes
  • David S. Jacks
  • Kevin H. O'rourke

Abstract

In this paper, we document the disintegration of international commodity markets between 1913 and 1938. There was dramatic disintegration during World War I, gradual reintegration during the 1920s, and then a substantial disintegration after 1929. The period saw the unravelling of many of the integration gains of 1870-1913. While increased transport costs help explain the wartime disintegration, they cannot explain the post-1929 increase in trade costs. The proliferation of tariff and non-tariff barriers to trade, the collapse of the interwar gold standard, and the evaporation of commercial credit loom large as suspects. Copyright , Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/ereh/her009
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Bibliographic Info

Article provided by Oxford University Press in its journal European Review of Economic History.

Volume (Year): 16 (2012)
Issue (Month): 2 (May)
Pages: 119-143

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Handle: RePEc:oup:ereveh:v:16:y:2012:i:2:p:119-143

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Cited by:
  1. Brunt, Liam & Cannon, Edmund, 2013. "Integration in the English wheat market 1770-1820," Discussion Paper Series in Economics 12/2013, Department of Economics, Norwegian School of Economics.
  2. Richard S. Grossman & Christopher M. Meissner, 2010. "International Aspects of the Great Depression and the Crisis of 2007: Similarities, Differences, and Lessons," Wesleyan Economics Working Papers 2010-002, Wesleyan University, Department of Economics, revised Aug 2010.
  3. James MacGee & Chris Hajzler, 2012. "Retail Price Differences across U.S. and Canadian Cities during the Interwar Period," 2012 Meeting Papers 1126, Society for Economic Dynamics.
  4. David S. Jacks & Christopher M. Meissner & Dennis Novy, 2009. "Trade Booms, Trade Busts, and Trade Costs," CESifo Working Paper Series 2767, CESifo Group Munich.
  5. repec:cge:warwcg:33 is not listed on IDEAS
  6. David S. Jacks, 2011. "Defying Gravity: The 1932 Imperial Economic Conference and the Reorientation of Canadian Trade," NBER Working Papers 17242, National Bureau of Economic Research, Inc.
  7. Kevin Hjortshøj O'Rourke, 2012. "From Empire to Europe: Britain in the World Economy," Economics Series Working Papers Number 106, University of Oxford, Department of Economics.
  8. Giovanni Federico, 2011. "A Tale of Two Oceans: Market Integration Over the High Seas, 1800-1940," Working Papers 0011, European Historical Economics Society (EHES).

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