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Russian commodity exchanges: A case study of organized markets in the transition process, 1990‐96

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  • Jerome D. Davis

Abstract

Few developments are more significant in transitional economics than the development of organized commodity and financial markets. Working from a transaction costs framework, this paper analyses a set of these markets, the Russian commodity exchanges, and their attempts to order trade in commodities in the period 1990‐96. These exchanges have incurred high transaction costs both in defining the property rights involved in trading and in overcoming the problems of agent search and ‘immediacy’. Parallels between Russian commodity exchanges and other organized markets in Eastern Europe are drawn and remedies for the problems encountered are suggested.

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  • Jerome D. Davis, 1998. "Russian commodity exchanges: A case study of organized markets in the transition process, 1990‐96," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 6(1), pages 183-196, May.
    • Handle: RePEc:bla:etrans:v:6:y:1998:i:1:p:183-196
    DOI: 10.1111/j.1468-0351.1998.tb00044.x
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