Regional prices in early twentieth-century Spain: a country-product-dummy approach

Alicia Gómez-Tello, Alfonso Díez-Minguela, Julio Martinez-Galarraga and Daniel Tirado-Fabregat
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Alicia Gómez-Tello: Universitat de València
Alfonso Díez-Minguela: Universitat de València
Authors registered in the RePEc Author Service: Alfonso Díez Minguela ()

Cliometrica, 2019, vol. 13, issue 2, No 4, 245-276

Abstract: Abstract This paper explores regional price variation in early twentieth-century Spain. Using consumer price information from the bulletins published by the Instituto de Reformas Sociales between 1910 and 1920, we build a dataset with a total of 40,581 quotes covering 22 items for each of the 49 provinces. We then estimate provincial price levels following a country-product-dummy (CPD) approach. Our findings suggest that spatial price variation existed across Spanish provinces. In line with the Balassa–Samuelson conjecture, consumer prices and productivity levels were somewhat related. Additionally, it is shown that prices rose in all provinces after the outbreak of World War I. Even more, it appears that this demand-shock brought about spatial asymmetries in price growth.

Keywords: Spain; Prices; Living standards; Economic development (search for similar items in EconPapers)
JEL-codes: E01 N00 N9 O11 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s11698-018-0175-3

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