Commodity price volatility and world market integration since 1700

Review of Economics and Statistics

Volumn 93, Issue 3, 2011, Pages 800-813

  Jacks, David S ^a,d   O'rourke, Kevin H ^b,d   Williamson, Jeffrey G ^c,d  

^a SIMON FRASER UNIVERSITY   (Canada)

^b TRINITY COLLEGE DUBLIN   (Ireland)

^c HARVARD UNIVERSITY   (United States)

^d NATIONAL BUREAU OF ECONOMIC RESEARCH   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 80053933455     PISSN: 00346535     EISSN: 15309142     Source Type: Journal    
DOI: 10.1162/REST_a_00091     Document Type: Article

References (66)

1. Acemoglu, Daron, Simon Johnson, James A. Robinson, and Yunyong Thaicharoen, "Institutional Causes, Macroeconomic Symptoms:Volatility, Crises, and Growth," Journal of Monetary Economics 50 (2003), 49-122
2. Aghion, Philippe, George-Marios Angeletos, Abhijit Banerjee, and Kalina Manova, "Volatility and Growth: Credit Constraints and Productivity-Enhancing Investments," NBER working paper no. 11349,(2005)
3. Aghion, Philippe, Philippe Bacchetta, Romain Rancière, and Kenneth Rogoff, "Exchange Rate Volatility and Productivity Growth: The Role of Financial Development," CEPR discussion paper no. 5629, (2006)
4. Aizenman, Joshua, and Nancy Marion, "Volatility and Investment: Interpreting Evidence from Developing Countries," Economica 66(1999), 157-179
5. Bezanson, Anne, Prices and Inflation during the American Revolution:Pennsylvania, 1770-1790 (Philadelphia: University of Pennsylvania Press, 1951)
6. Bezanson, Anne, Marjorie C. Denison, Miriam Hussey, and Elsa Kemp, Wholesale Prices in Philadelphia, 1852-1896 (Philadelphia: University of Pennsylvania Press, 1954)
7. Bezanson, Anne, Robert D. Gray, and Miriam Hussey, Prices in Colonial Pennsylvania (Philadelphia: University of Pennsylvania Press, 1935)
8. Bezanson, Anne, Wholesale Prices in Philadelphia, 1784-1861 (Philadelphia: University of Pennsylvania Press, 1936)
9. Blattman, Christopher, Jason Hwang, and Jeffrey G. Williamson, "The Impact of the Terms of Trade on Economic Development in the Periphery, 1870-1939: Volatility and Secular Change," Journal of Development Economics 82 (2007), 156-179
10. Bleaney, Michael, and David Greenaway, "The Impact of Terms of Trade and Real Exchange Rate Volatility on Investment and Growth in Sub-Saharan Africa," Journal of Development Economics 65(2001), 491-500
11. Bollerslev, Tim, "Generalized Autoregressive Conditional Heteroskedasticity,"Journal of Econometrics 31 (1986), 307-327
12. Boughton, James M, "Commodity and Manufactures Prices in the Long Run," IMF working paper no. WP/91/47 (1991)
13. Cashin, Paul, and C. John McDermott, "The Long-Run Behavior of Commodity Prices: Small Trends and Big Variability," IMF staff papers 49 (2002), 175-199
14. Clark, Gregory, "The Condition of the Working Class in England, 1209-2004," Journal of Political Economy 113 (2005), 1307-1340
15. Cuddington, John T., and Hong Liang, "Commodity Price Volatility across Exchange Rate Regimes," Georgetown University and IMF mimeograph (2003)
16. Cuddington, John T., Rodney Ludema, and Shamila A. Jayasuriya, "Prebisch-Singer Redux," in D. Lederman and W. F. Maloney (Eds.),Natural Resources: Neither Curse nor Destiny (Stanford: Stanford University Press, 2007)
17. Davenant, Charles, An Essay upon the Probable Methods of Making People Gainers in the Balance of Trade (London: James Knapton, 1699)
18. Deaton, Angus S., "Commodity Prices and Growth in Africa," Journal of Economic Perspectives 13 (1999), 23-40
19. Deaton, Angus S., and Ronald I. Miller, "International Commodity Prices, Macroeconomic Performance and Politics in Sub-Saharan Africa," Journal of African Economics 5 (1996), 99-191
20. Deb, Partha, Pravin K. Trivedi, and Panayotis Varangis, "The Excess Comovement of Commodity Prices Reconsidered," Journal of Applied Econometrics 11 (1996), 275-291
21. Dercon, Stefan, Insurance against Poverty (New York: Oxford University Press, 2004)
22. Elbers, Chris, Jan Willem Gunning, and Bill Kinsey, "Growth and Risk:Methodology and Micro Evidence," World Bank Economic Review 21:1 (2007), 1-20
23. Engle, Robert F., "Autoregressive Conditional Heteroskedasticity with Estimates of the Variance of United Kingdom Inflation," Econometrica 50 (1982), 987-1008
24. Fafchamps, Marcel, Rural Poverty, Risk and Development (Cheltenham:Edward Elgar, 2003)
25. Fatás, Antonio, and Ilian Mivhov, "Policy Volatility, Institutions and Economic Growth," INSEAD, unpublished manuscript
26. Flug, Karnit, Antonio Spilimbergo, and Erik Wachtenheim, "Investment in Education: Do Economic Volatility and Credit Constraints Matter?"Journal of Development Economics 55 (1999), 465-481
27. Frankenberg, Elizabeth, Kathleen Beegle, Bondan Sikoki, and Duncan Thomas, "Health, Family Planning and Well-Being in Indonesia during an Economic Crisis: Early Results from the Indonesian Family Life Survey," RAND Labor and Population Program working paper series 99-06 (1999)
28. Friis, Astrid, and Kristof Glamann, A History of Prices and Wages in Denmark, 1660-1800 (London: Longmans Green, 1958)
29. Gayer, Arthur D., Walt W. Rostow, and Anna J. Schwartz, Microfilmed to The Growth and Fluctuation of the British Economy, 1790-1850 (Oxford: Clarendon Press, 1953)
30. Grilli, Enzo, and Maw Cheng Yang, "Primary Commodity Prices, Manufactured Goods Prices, and the Terms of Trade of Developing Countries: What the Long Run Shows," World Bank Economic Review 2 (1988), 1-47
31. Hnatkovska, Viktoria, and Norman Loayza, "Volatility and Growth," in J. Aizenman and B. Pinto (Eds.), Managing Economic Volatility and Crises: A Practitioner's Guide (Cambridge: Cambridge University Press, 2005)
32. International Monetary Fund, Primary Commodity Prices Database(2008)
33. Irwin, Douglas A., "The Welfare Cost of Autarky: Evidence from the Jeffersonian Trade Embargo, 1807-09," Review of International Economics 13 (2005), 631-645
34. Jacoby, Hana G., and Emmanuel Skoufias, "Risk, Financial Markets, and Human Capital in a Developing Country," Review of Economic Studies 64 (1997), 311-335
35. Jensen, Robert, "Agricultural Volatility and Investments in Children,"American Economic Review 90 (2000), 399-404
36. Koren, Miklos, and Silvana Tenreyro, "Volatility and Development,"Quarterly Journal of Economics 122 (2007), 243-287
37. Lewis, W. Arthur, The Evolution of the International Economic Order (Princeton, N.J.: Princeton University Press, 1978)
38. Loayza, Norman V., Romain Rancière, Luis Servén, and Jaume Ventura, "Macroeconomic Volatility and Welfare in Developing Countries:An Introduction," World Bank Economic Review 21 (2007), 343-357
39. Martin, Will, "Outgrowing Resource Dependence: Theory and Developments," in D. Lederman and W. F. Maloney (Eds.), Natural Resources: Neither Curse nor Destiny (Stanford: Stanford University Press, 2007)
40. Mills, Frederick C., The Behavior of Prices (New York: National Bureau of Economic Research, 1926)
41. Mintz, Ilse, Cyclical Fluctuations in the Exports of the United States since 1879 (New York: National Bureau of Economic Research, 1967)
42. O'Rourke, Kevin H., "The Worldwide Economic Impact of the French Revolutionary and Napoleonic Wars, 1793-1815," Journal of Global History 1 (2006), 123-149
43. O'Rourke, Kevin H., "War and Welfare: Britain, France and the United States, 1807-14," Oxford Economic Papers, no. 59 (2007), i8-i30
44. O'Rourke, Kevin H., and Jeffrey G. Williamson, "When Did Globalization Begin?" European Review of Economic History 6 (2002), 23-50
45. Persson, Karl Gunnar, Grain Markets in Europe, 1500-1900 (Cambridge:Cambridge University Press, 1999)
46. Poelhekke, Steven, and Frederick van der Ploeg, "Volatility, Financial Development and the Natural Resource Curse," CEPR discussion paper no. 6513 (2007)
47. Posthumus, Nicolaas W., Inquiry into the History of Prices in Holland (Leiden: Brill, 1946)
48. Prebisch, Raul, "The Economic Development of Latin America and Its Principal Problems," Economic Bulletin for Latin America 7(1950), 1-22
49. Radetzki, Marian, A Handbook of Primary Commodities in the Global Economy (Cambridge: Cambridge University Press, 2008)
50. Ramey, Garey, and Valerie A. Ramey, "Cross-Country Evidence on the Link between Volatility and Growth," American Economic Review 85 (1995), 1138-1151
51. Roumasset, James A., Rice and Risk: Decision-Making among Low-Income Farmers (Amsterdam: North-Holland, 1976)
52. Roumasset, James A., Jean-Marc Boussard, and Inderjit Singh (Eds.),Risk, Uncertainty and Agricultural Development (New York: Agricultural Development Council, 1979)
53. Rosenzweig, Mark R., and Kenneth I. Wolpin, "Credit Market Constraints, Consumption Smoothing, and the Accumulation of Durable Production Assets in Low Income Countries: Investments in Bullocks in India," Journal of Political Economy 101 (1993), 223-244
54. Sauerbeck, Augustus, "Prices of Commodities and the Precious Metals,"Journal of the Statistical Society of London 49 (1886), 581-648
55. Sauerbeck, Augustus, "Prices of Commodities during the Last Seven Years," Journal of the Royal Statistical Society 56 (1893), 215-254
56. Sauerbeck, Augustus, "Prices of Commodities in 1908," Journal of the Royal Statistical Society 72 (1908), 68-80
57. Sauerbeck, Augustus, "Wholesale Prices of Commodities in 1916," Journal of the Royal Statistical Society 80 (1917), 289-309
58. Statist, "Wholesale Prices of Commodities in 1929," Journal of the Royal Statistical Society 93 (1930), 271-287
59. Statist, "Wholesale Prices in 1950," Journal of the Royal Statistical Society 114 (1951), 408-422
60. Szirmai, Adam, The Dynamics of Socio-Economic Development: An Introduction (Cambridge: Cambridge University Press, 2005)
61. Thomas, Duncan, Kathleen Beegle, Elizabeth Frankenberg, Bondan Sikoki, John Strauss, and Graciela Teruel, "Education in a Crisis," Journal of Development Economics 74 (2004), 53-85
62. UNCTAD, Commodity Price Statistics (New York: U.N. Conference on Trade and Development, 2007)
63. UNCTAD, Trade and Development Report, 2008 (New York: U.N. Conference on Trade and Development, 2008)
64. Williamson, Jeffrey G., "Why Was British Growth So Slow during the Industrial Revolution?" Journal of Economic History 44 (1984), 687-712
65. Williamson, Jeffrey G., "Globalization and the Great Divergence: Terms of Trade Booms and Volatility in the Poor Periphery, 1782-1913," European Review of Economic History 12 (2008), 355-391
66. Williamson, Jeffrey G., Trade and Poverty: When the Third World Fell Behind (Cambridge, MA: MIT Press, 2011)