Integration and Segmentation in International Markets for Rice and Wheat, 1877-1994

Myung Soo Cha
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Myung Soo Cha: Yeungnam University

Korean Economic Review, 2000, vol. 16, 107-123

Abstract: Did international grain markets become ever better integrated during the past century? This question cannot be addressed by looking at either price correlation or coejï¬ cient of variation, which are sensitive to aggregate shocks. This paper calculates correlation coeï¬ icients after removing the impact of macro shocks, which indicate pre-1914 wheat markets were better developed than rice markets. In 1914-36, both WWI and protectionism dislocated wheat markets, but could not prevent rice markets from becoming better integrated. Although peace and free trade returned after 1945, rice markets disintegrated, and wheat markets failed to recover the pre-1914 level of integration, due to growing state interventionism.

Keywords: Market Integration; Price Correlation; Aggregate Shocks (search for similar items in EconPapers)
JEL-codes: F1 N7 (search for similar items in EconPapers)
Date: 2000
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