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Market Integration in Russia During the Transformation Years

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

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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
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File Function: First version, 2002
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Publisher 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
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Handle: RePEc:ihs:ihsesp:116

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

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Find related papers by JEL classification:
P22 - Economic Systems - - Socialist Systems and Transition Economies - - - Prices
R10 - Urban, Rural, and Regional Economics - - General Regional Economics - - - General
R15 - Urban, Rural, and Regional Economics - - General Regional Economics - - - Econometric and Input-Output Models; Other Methods

References listed on IDEAS
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  1. Glushchenko Konstantin, 2002. "Common Russian Market: Myth rather than Reality," EERC Working Paper Series 01-11e, EERC Research Network, Russia and CIS. [Downloadable!]
  2. Parsley, David C & Wei, Shang-Jin, 1996. "Convergence to the Law of One Price without Trade Barriers or Currency Fluctuations," The Quarterly Journal of Economics, MIT Press, vol. 111(4), pages 1211-36, November. [Downloadable!] (restricted)
    Other versions:
  3. 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. [Downloadable!] (restricted)
    Other versions:
  4. Steven Phillips & Vincent Koen, 1992. "Price Liberalization in Russia: The Early Record," IMF Working Papers 92/92, International Monetary Fund.
  5. Glushchenko Konstantin, 2001. "Inter-regional Variability of Inflation Rates," EERC Working Paper Series 99-17e, EERC Research Network, Russia and CIS. [Downloadable!]
  6. Obstfeld, Maurice & Taylor, Alan M., 1997. "Nonlinear Aspects of Goods-Market Arbitrage and Adjustment: Heckscher's Commodity Points Revisited," Journal of the Japanese and International Economies, Elsevier, vol. 11(4), pages 441-479, December. [Downloadable!] (restricted)
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  7. 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. [Downloadable!] (restricted)
    Other versions:
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Gluschenko, Konstantin, 2006. "Russia’s common market takes shape: Price convergence and market integration among Russian regions," BOFIT Discussion Papers 7/2006, Bank of Finland, Institute for Economies in Transition. [Downloadable!]
  2. 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 Stephen M. Ross Business School. [Downloadable!]
  3. Glushchenko Konstantin, . "Integration of the Russian Market. Empirical Analysis," EERC Working Paper Series 04-06e, EERC Research Network, Russia and CIS. [Downloadable!]
  4. Konstantin Gluschenko, 2006. "Price Mobility of Locations," William Davidson Institute Working Papers Series wp842, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  5. Konstantin Gluschenko, 2008. "Anatomy of Russia’s Market Segmentation," LICOS Discussion Papers 21108, LICOS - Centre for Institutions and Economic Performance, K.U.Leuven. [Downloadable!]
  6. Konstantin Gluschenko, 2004. "The Law of one Price in the Russian Economy," LICOS Discussion Papers 15204, LICOS - Centre for Institutions and Economic Performance, K.U.Leuven. [Downloadable!]
  7. Gluschenko, Konstantin, 2002. "Market Integration in Russia During the Transformation Years," Economics Series 116, Institute for Advanced Studies. [Downloadable!]
    Other versions:
  8. Gluschenko, Konstantin, 2005. "Crime and Prices," Economics Series 167, Institute for Advanced Studies. [Downloadable!]
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