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Market Integration in Russia During the Transformation Years

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  • Gluschenko, Konstantin

    (Institute of Economics and Industrial Engineering, Siberian Branch of the Russian Academy of Sciences.)

Abstract

A cross-sectional relationship between price dispersion among Russian regions and per capita income dispersion is used to measure the degree of integration between regional commodity markets. The sequence of cross-sectional estimations for each month of the period spanning 1992 through 2000 provides the temporal pattern of market integration in Russia, yielding an integration trajectory. This pattern suggests that the regional fragmentation of the national market had been increasing during the early years of transition, and then (since about the end of 1994) integration was tending – in general – to improve. However, substantial fluctuations occur in the movement to more integration. Difficult-to-access regions markedly contribute to the overall disconnectedness of regional markets; controlling for these regions, the pattern becomes more encouraging. Surprisingly, the European part of Russia turns out to be less integrated than its Asian part. A number of culprits behind market fragmentation are found, organized crime among them.

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File URL: http://www.ihs.ac.at/publications/eco/es-116.pdf
File Function: First version, 2002
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Bibliographic Info

Paper provided by Institute for Advanced Studies in its series Economics Series with number 116.

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Length: 38 pages
Date of creation: Jul 2002
Date of revision:
Handle: RePEc:ihs:ihsesp:116

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Keywords: Market integration; Law of one price; Price dispersion; Russian regions.;

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References

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  1. Paula De Masi & Vincent Koen, 1995. "Relative Price Convergence in Russia," IMF Working Papers 95/54, International Monetary Fund.
  2. David C. Parsley & Shang-Jin Wei, 1996. "Convergence to the Law of One Price Without Trade Barriers or Currency Fluctuations," NBER Working Papers 5654, National Bureau of Economic Research, Inc.
  3. Paula De Masi & Vincent Koen, 1997. "Prices in Transition," IMF Working Papers 97/158, International Monetary Fund.
  4. Obstfeld, Maurice & Taylor, Alan M, 1997. "Nonlinear Aspects of Goods-Market Arbitrage and Adjustment: Heckscher's Commodity Points Revisited," CEPR Discussion Papers 1672, C.E.P.R. Discussion Papers.
  5. Vincent Koen & Steven Phillips, 1992. "Price Liberalization in Russia," IMF Working Papers 92/92, International Monetary Fund.
  6. Konstantin Gluschenko, 2003. "Market integration in Russia during the transformation years," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 11(3), pages 411-434, 09.
  7. Barry K. Goodwin & Thomas J. Grennes & Christine McCurdy, 1999. "Spatial price dynamics and integration in russian food markets," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 3(2), pages 157-193.
  8. Daniel Berkowitz & David N. DeJong, 2001. "The evolution of market integration in Russia," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 9(1), pages 87-104, March.
  9. Glushchenko Konstantin, 2001. "Inter-regional Variability of Inflation Rates," EERC Working Paper Series 99-17e, EERC Research Network, Russia and CIS.
  10. Konstantin Gluschenko, 2004. "Analysing changes in market integration through a cross-sectional test for the law of one price," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 9(2), pages 135-149.
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Citations

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Cited by:
  1. John Gibson & Steven Stillman, 2004. "CPI Bias and Real Living Standards in Russia During The Transition," Econometric Society 2004 North American Summer Meetings 504, Econometric Society.
  2. Alisher Akhmedjonov & Irina N. Il’ina & Carol S. Leonard & Zafar Nazarov & Evgenij E. Plisetskij & Elena S. Vakulenko, 2013. "Russia’s regions: governance and Well-being, 2000-2008," HSE Working papers WP BRP 42/EC/2013, National Research University Higher School of Economics.
  3. Konstantin Gluschenko, 2004. "The Law of one Price in the Russian Economy," LICOS Discussion Papers 15204, LICOS - Centre for Institutions and Economic Performance, KU Leuven.
  4. Michael Beenstock & Daniel Felsenstein, 2007. "Mobility and Mean Reversion in the Dynamics of Regional Inequality," International Regional Science Review, , vol. 30(4), pages 335-361, October.
  5. Granville, Brigitte & Leonard, Carol S., 2010. "Do Informal Institutions Matter for Technological Change in Russia? The Impact of Communist Norms and Conventions, 1998-2004," World Development, Elsevier, vol. 38(2), pages 155-169, February.
  6. Konstantin Gluschenko, 2006. "Price Mobility of Locations," William Davidson Institute Working Papers Series wp842, William Davidson Institute at the University of Michigan.
  7. Gluschenko, Konstantin, 2005. "Crime and Prices," Economics Series 167, Institute for Advanced Studies.
  8. Konstantin Gluschenko, 2003. "Market integration in Russia during the transformation years," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 11(3), pages 411-434, 09.
  9. Konstantin Gluschenko, 2008. "Goods Market Integration in Russia during the Economic Upturn," William Davidson Institute Working Papers Series wp921, William Davidson Institute at the University of Michigan.
  10. Konstantin Gluschenko, 2008. "Anatomy of Russia's Market Segmentation," LICOS Discussion Papers 21108, LICOS - Centre for Institutions and Economic Performance, KU Leuven.
  11. Herrmann-Pillath, Carsten & Libman, Alexander & Yu, Xiaofan, 2014. "Economic integration in China: Politics and culture," Journal of Comparative Economics, Elsevier, vol. 42(2), pages 470-492.
  12. Konstantin Gluschenko, 2010. "Impact of The Global Crisis on Spatial Relationships in Russia," LICOS Discussion Papers 26910, LICOS - Centre for Institutions and Economic Performance, KU Leuven.
  13. Konstantin Gluschenko, 2010. "Price convergence and market integration in Russia," William Davidson Institute Working Papers Series wp999, William Davidson Institute at the University of Michigan.
  14. Konstantin Gluschenko, 2004. "The Evolution of Cross-Region Price Distribution in Russia," William Davidson Institute Working Papers Series 2004-716, William Davidson Institute at the University of Michigan.

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