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Market Emergence and Transition: Transaction Costs, Arbitrage, and Autarky in China’s Grain Markets.

Abstract:

Using tri-monthly Chinese provincial grain prices from 1988 to 1995, we estimate a parity-bounds model of inter-regional trade for four sub-periods to characterize how multiple aspects of market performance change during the process of economic transition. For each period, we estimate the extent to which arbitrage opportunities are realized by traders, the transaction costs between location pairs, and the likelihood that regions do not trade. Trade restrictions...

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Publication status:
Published
Peer review status:
Peer reviewed

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Files:
Publisher copy:
10.1111/1467-8276.00243
Publisher:
Oxford University Press
Journal:
American Journal of Agricultural Economics More from this journal
Volume:
84
Issue:
1
Pages:
67 - 82
Publication date:
2002-01-01
DOI:
ISSN:
0002-9092
Language:
English
UUID:
uuid:691dad56-62db-4769-83bf-0752a4a89d42
Local pid:
oai:economics.ouls.ox.ac.uk:15133
Deposit date:
2011-08-16

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