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Commodity Price Volatility and World Market Integration since 1700

Author

Listed:
  • David S. Jacks

    (Simon Fraser University and NBER)

  • Kevin H. O'Rourke

    (Trinity College, Dublin and NBER)

  • Jeffrey G. Williamson

    (Harvard University, University of Wisconsin, and NBER)

Abstract

Poor countries are more volatile than rich countries, and this volatility impedes their growth. Furthermore, commodity prices are a key source of that volatility. This paper explores price volatility since 1700 to offer three stylized facts: commodity price volatility has not increased over time, commodities have always shown greater price volatility than manufactures, and world market integration breeds less commodity price volatility. Thus, economic isolation is associated with much greater commodity price volatility, while world market integration is associated with less. © 2011 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.

Suggested Citation

  • David S. Jacks & Kevin H. O'Rourke & Jeffrey G. Williamson, 2011. "Commodity Price Volatility and World Market Integration since 1700," The Review of Economics and Statistics, MIT Press, vol. 93(3), pages 800-813, August.
    • Handle: RePEc:tpr:restat:v:93:y:2011:i:3:p:800-813
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    JEL classification:

    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • N7 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services
    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations

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