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Commodity price volatility and world market integration since 1700

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...

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Publisher copy:
10.1162/REST_a_00091

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Journal:
Review of Economics and Statistics
Volume:
93
Issue:
3
Publication date:
2011-01-01
DOI:
URN:
uuid:6f541b0a-ccdc-4ba7-9023-c7f529a7ca1d
Local pid:
oai:economics.ouls.ox.ac.uk:15289
Language:
English

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