Commodity Price Volatility and World Market Integration since 1700

David Jacks, Kevin O'Rourke and Jeffrey G. Williamson
Additional contact information
Jeffrey G. Williamson: Harvard University, University of Wisconsin, and NBER

The Review of Economics and Statistics, 2011, vol. 93, issue 3, 800-813

Abstract: Poor countries are more volatile than rich countries, and this volatility impedes their growth. Furthermore, commodity prices are a key source of that volatility. This paper explores price volatility since 1700 to offer three stylized facts: commodity price volatility has not increased over time, commodities have always shown greater price volatility than manufactures, and world market integration breeds less commodity price volatility. Thus, economic isolation is associated with much greater commodity price volatility, while world market integration is associated with less. © 2011 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.

Date: 2011
References: Add references at CitEc
Citations: View citations in EconPapers (161)

Downloads: (external link)
http://www.mitpressjournals.org/doi/pdf/10.1162/REST_a_00091 link to full text (application/pdf)
Access to full text is restricted to subscribers.

Related works:
Working Paper: Commodity Price Volatility and World Market Integration since 1700 (2009)
Working Paper: Commodity Price Volatility and World Market Integration since 1700 (2009)
Working Paper: Commodity Price Volatility and World Market Integration since 1700 (2009)
Working Paper: Commodity Price Volatility and World Market Integration since 1700 (2009)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:tpr:restat:v:93:y:2011:i:3:p:800-813

Ordering information: This journal article can be ordered from
https://mitpressjour ... rnal/?issn=0034-6535

Access Statistics for this article

The Review of Economics and Statistics is currently edited by Pierre Azoulay, Olivier Coibion, Will Dobbie, Raymond Fisman, Benjamin R. Handel, Brian A. Jacob, Kareen Rozen, Xiaoxia Shi, Tavneet Suri and Yi Xu

More articles in The Review of Economics and Statistics from MIT Press
Bibliographic data for series maintained by The MIT Press ().