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Market Power and Commodity Prices: Brazil, Chile and the United States, 1820s-1930

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  • Marcelo de Paiva Abreu

    ()
    (Department of Economics PUC-Rio)

  • Felipe Tamega Fernandes

Abstract

The paper focuses on market power by certain countries in specific commodity markets as a crucial factor in explaining the level of protection. It is argued that a country which is a price maker in the world market of a specific commodity might affect its world price through export taxes, import taxes and commodity stockpiling. Standard reduced form equations were estimated to test if significant market shares in international markets of Brazilian coffee, Chilean saltpetre and US cotton implied domestic variables were relevant for the determination of the corresponding world commodity prices. Results suggest the producers succeeded in passing through increases in internal costs to the relevant world commodity price.

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Bibliographic Info

Paper provided by Department of Economics PUC-Rio (Brazil) in its series Textos para discussão with number 511.

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Length: 30p
Date of creation: Dec 2005
Date of revision:
Handle: RePEc:rio:texdis:511

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  1. O'Rourke, Kevin H, 2000. "Tariffs and Growth in the Late 19th Century," Economic Journal, Royal Economic Society, vol. 110(463), pages 456-83, April.
  2. Marcelo de Paiva Abreu, 2004. "The Political Economy of High Protection in Brazil before 1987," IDB Publications 9375, Inter-American Development Bank.
  3. Harley, C.K., 1991. "The Antebellum American Tariff : Food Exports and Manufacturing," UWO Department of Economics Working Papers 9105, University of Western Ontario, Department of Economics.
  4. Estevadeordal, Antoni, 1997. "Measuring protection in the early twentieth century," European Review of Economic History, Cambridge University Press, vol. 1(01), pages 89-125, April.
  5. Luis A. V. Catão, 1992. "A new wholesale price index for Brazil during the period 1870-1913," Revista Brasileira de Economia, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil), vol. 46(4), pages 519-534, October.
  6. José Díaz & Gert Wagner, 2004. "Política Comercial: Instrumentos y Antecedentes. Chile en los Siglos XIX y XX," Documentos de Trabajo 223, Instituto de Economia. Pontificia Universidad Católica de Chile..
  7. Douglas A. Irwin, 2001. "The Optimal Tax on Antebellum U.S. Cotton Exports," NBER Working Papers 8689, National Bureau of Economic Research, Inc.
  8. Juan Braun-Llona & Matías Braun-Llona & Ignacio Briones & José Díaz & Rolf Lüders & Gert Wagner, . "Economía Chilena 1810-1995. Estadísticas Históricas," Documentos de Trabajo 187, Instituto de Economia. Pontificia Universidad Católica de Chile..
  9. James, John A, 1981. "The Optimal Tariff in the Antebellum United States," American Economic Review, American Economic Association, vol. 71(4), pages 726-34, September.
  10. Rolf Lüders & Gert Wagner, 2003. "Export Tariff, Welfare and Public Finance: Nitrates from 1880 to 1930," Documentos de Trabajo 241, Instituto de Economia. Pontificia Universidad Católica de Chile..
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