Navigating in Troubled Waters: South American Exports of Food and Agricultural Products in the World Market, 1900-1938
The present study offers a new quantitative base to analyze the evolution of exports of agricultural and food products from South America in the complicated period between 1900 and 1938. The data base has been elaborated from the information published by the International Institute of Agriculture (IIA), in those years. The paper also constructs a terms of trade series for South American agricultural exports, using the data of Grilli-Yang (1988), updated by Pfaffenzeller (2007). It is considered to be the first time of offering for this period a series for the evolution for the terms of trade in the region which takes into account in its construction the relative weight of the exports of the distinct agricultural products. An explanation is provided of the position of South America in the world market for agricultural products on the eve of the First World War. Then it is analyzed first the impact of the war on the volume of agricultural exports from the region and in second place that of the Great Depression. Finally the evolution of the terms of trade of South American agricultural exports throughout the period is analyzed..
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