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The Evolution of Market Integration in Russia

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  • Daniel Berkowitz
  • David N. DeJong

Abstract

We use a statistical model of commodity trade to measure the extent of integration between regional commodity markets within Russia. Monthly time-series data on regional commodity prices spanning 1994 through 1999 indicate substantial temporal fluctuations in integration over this period: an initial period of widespread integration gradually gave way to a period of disconnectedness in 1995 through 1997, which seems to have subsided by mid-1998. These temporal fluctuations exhibit strong statistical relationships with a host of aggregate variables; most notably, internal integration exhibits a strong negative relationship with international trade.

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Bibliographic Info

Paper provided by William Davidson Institute at the University of Michigan in its series William Davidson Institute Working Papers Series with number 334.

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Length: pages
Date of creation: 01 Aug 2000
Date of revision:
Handle: RePEc:wdi:papers:2000-334

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Keywords: internal borders; temporal fluctuations;

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References

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  1. Vincent Koen & Steven Phillips, 1992. "Price Liberalization in Russia," IMF Working Papers 92/92, International Monetary Fund.
  2. Luis A. Rivera-Batiz & Paul M. Romer, 1990. "Economic Integration and Endogenous Growth," NBER Working Papers 3528, National Bureau of Economic Research, Inc.
  3. Berkowitz, Daniel & DeJong, David N., 1999. "Russia's internal border," Regional Science and Urban Economics, Elsevier, Elsevier, vol. 29(5), pages 633-649, September.
  4. Krugman, Paul, 1991. "Increasing Returns and Economic Geography," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 99(3), pages 483-99, June.
  5. Charles Engel & John H. Rogers, 1994. "How Wide is the Border?," NBER Working Papers 4829, National Bureau of Economic Research, Inc.
  6. Paula De Masi & Vincent Koen, 1996. "Relative Price Convergence in Russia," IMF Staff Papers, Palgrave Macmillan, vol. 43(1), pages 97-122, March.
  7. 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, MIT Press, vol. 111(4), pages 1211-36, November.
  8. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, Econometric Society, vol. 48(4), pages 817-38, May.
  9. Kenneth Rogoff, 1996. "The Purchasing Power Parity Puzzle," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 34(2), pages 647-668, June.
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Citations

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Cited by:
  1. Konstantin Gluschenko, 2005. "Inter-Regional Price Convergence and Market Integration in Russia," Urban/Regional, EconWPA 0504002, EconWPA.
  2. Konstantin Gluschenko, 2010. "Price convergence and market integration in Russia," William Davidson Institute Working Papers Series, William Davidson Institute at the University of Michigan wp999, William Davidson Institute at the University of Michigan.
  3. Konstantin Gluschenko, 2008. "Anatomy of Russia's Market Segmentation," LICOS Discussion Papers, LICOS - Centre for Institutions and Economic Performance, KU Leuven 21108, LICOS - Centre for Institutions and Economic Performance, KU Leuven.
  4. 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., John Wiley & Sons, Ltd., vol. 9(2), pages 135-149.
  5. Gluschenko, Konstantin, 2002. "Market Integration in Russia During the Transformation Years," Economics Series, Institute for Advanced Studies 116, Institute for Advanced Studies.
  6. 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.
  7. Konstantin Gluschenko, 2004. "The Law of one Price in the Russian Economy," LICOS Discussion Papers, LICOS - Centre for Institutions and Economic Performance, KU Leuven 15204, LICOS - Centre for Institutions and Economic Performance, KU Leuven.
  8. Konstantin Gluschenko, 2009. "Goods market integration in Russia during the economic upturn," Post-Communist Economies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 21(2), pages 125-142.
  9. Konstantin Gluschenko, 2004. "The Evolution of Cross-Region Price Distribution in Russia," William Davidson Institute Working Papers Series, William Davidson Institute at the University of Michigan 2004-716, William Davidson Institute at the University of Michigan.

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