Land markets and agrarian backwardness (Spain, 1900-1936)
AbstractTo what extent were land markets the cause of Spanish agrarian backwardness? This paper uses new provincial data on average real land prices, together with provincial level variation in land productivity, to analyse land markets efficiency. To address this unresolved issue, we test whether land markets were spatially integrated and whether their prices can be explained with the present value model. Our results suggest that land prices converged across provinces and that variations were driven by fundamentals. In consequence, we conclude that institutional failure in land markets was not the cause of the relatively poor productivity performance of Spanish agriculture
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Bibliographic InfoPaper provided by Universidad Carlos III, Departamento de Historia Económica e Instituciones in its series Working Papers in Economic History with number wp09-02.
Date of creation: Jun 2009
Date of revision:
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Land prices determinants; Price convergence; Panel unit-roots; Present value model;
This paper has been announced in the following NEP Reports:
- NEP-AGR-2009-07-03 (Agricultural Economics)
- NEP-ALL-2009-07-03 (All new papers)
- NEP-HIS-2009-07-03 (Business, Economic & Financial History)
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- Juan Carmona Pidal & Markus Lampe & Joan R. Roses, 2011. "Spanish housing markets during the first phase of the rural-urban transition process," Working Papers in Economic History wp11-08, Universidad Carlos III, Departamento de Historia Económica e Instituciones.
- Juan Carmona Pidal & Markus Lampe & Joan R. Rosés, 2012.
"Housing markets during the rural-urban transition : evidence from early 20th century Spain,"
Working Papers in Economic History
wp12-10, Universidad Carlos III, Departamento de Historia Económica e Instituciones.
- Juan Carmona Pidal & Markus Lampe & Joan Ramón Rosés, 2012. "Housing Markets during the Rural-Urban Transition: Evidence from early 20th Century Spain," Working Papers 0030, European Historical Economics Society (EHES).
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