Land markets and agrarian backwardness (Spain, 1900-1936)

Joan Rosés
Authors registered in the RePEc Author Service: Juan Carmona ()

IFCS - Working Papers in Economic History.WH from Universidad Carlos III de Madrid. Instituto Figuerola

Abstract: To what extent were land markets the cause of Spanish agrarian backwardness? This paper uses new provincial data on average real land prices, together with provincial level variation in land productivity, to analyse land markets efficiency. To address this unresolved issue, we test whether land markets were spatially integrated and whether their prices can be explained with the present value model. Our results suggest that land prices converged across provinces and that variations were driven by fundamentals. In consequence, we conclude that institutional failure in land markets was not the cause of the relatively poor productivity performance of Spanish agriculture

Keywords: Land; prices; determinants; Price; convergence; Panel; unit-roots; Present; value; model (search for similar items in EconPapers)
Date: 2009-06
New Economics Papers: this item is included in nep-agr and nep-his
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:cte:whrepe:wp09-02

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