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The Law of one Price in the Russian Economy

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  • Konstantin Gluschenko

Abstract

Taking the law of one price as a test for market integration, the spatial set-up of Russia's market integration over 1994-2000 is analyzed with the use of time series of the cost of a staples basket across Russian regions. The law is found to hold for about 50% to 60% of Russian regions, estimates of a threshold model suggesting rather high barriers to inter-regional trade. To reveal whether there is a movement towards market integration among non-integrated regions, dynamics of cross-sectional distribution of prices receives study. The results indicate that such a tendency does take place. An effort is made to identify forces responsible for Enter-regional price disparities.

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File URL: http://www.econ.kuleuven.be/licos/publications/dp/dp152.pdf
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Bibliographic Info

Paper provided by LICOS - Centre for Institutions and Economic Performance, KU Leuven in its series LICOS Discussion Papers with number 15204.

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Length: 40 pages
Date of creation: 2004
Date of revision:
Handle: RePEc:lic:licosd:15204

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Keywords: market integration; price dispersion; price convergence; Russia; Russian regions;

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  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.
  2. 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.
  3. Kenneth D. West & Whitney K. Newey, 1995. "Automatic Lag Selection in Covariance Matrix Estimation," NBER Technical Working Papers 0144, National Bureau of Economic Research, Inc.
  4. Gluschenko, Konstantin, 2002. "Market Integration in Russia During the Transformation Years," Economics Series 116, Institute for Advanced Studies.
  5. Paula De Masi & Vincent Koen, 1997. "Prices in Transition - Ten Stylized Facts," IMF Working Papers 97/158, International Monetary Fund.
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Cited by:
  1. Gluschenko, Konstantin, 2010. "The Law of One Price in the Russian Economic Space," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 17(1), pages 3-19.

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