Crown Rule, Home Charges, and U.K.-India Terms of Trade

Dennis Appleyard and Shyam Gouri Suresh

No 14-12, Working Papers from Davidson College, Department of Economics

Abstract: This paper examines possible determinants of the long-run bilateral commodity terms of trade between the United Kingdom and British India during the Crown Rule period of 1858-1947. The potential influences of aggregate real incomes, price levels/money supplies, international transportation costs, and the exchange rate are included in the analysis, but we especially focus on the Home Charges that India was obliged to pay to Britain. The econometric results provide some support for the hypothesis that a rise in Home Charges was associated with an improvement in Britain’s terms of trade with India. In addition, a clear role was played by changes in transport costs and in the exchange rate.

JEL-codes: F14 F54 N73 N74 N75 (search for similar items in EconPapers)
Date: 2014-10
New Economics Papers: this item is included in nep-his, nep-int and nep-opm
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Published in Indian Economic Journal, January 2016, Volume 63, Issue 4, pages 632-653

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