Have unequal treaties fostered domestic market integration in Late Imperial China ?
Mary-Françoise Renard () and
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Mary-Françoise Renard: CERDI - Centre d'Études et de Recherches sur le Développement International - UCA [2017-2020] - Université Clermont Auvergne [2017-2020] - CNRS - Centre National de la Recherche Scientifique
Shuo Shi: CCES - China Center for Economic Studies, Fudan University
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The objective of the paper is to study the relationship between international trade openness and domestic market integration in Late Imperial China. More specifically, we focus on a natural experiment namely the Unequal Treaties of the second half of the nineteenth century that lifted the long-existing international trade restriction system. The integration of domestic markets is analyzed while looking at the existence of a long term common movement in the grain prices between provinces. The econometric results show that trade openness did not lead to better integration of the Chinese domestic grain markets. Our results support the hypothesis according to which long-distance trade has not generated efficiency gains in domestic markets. We evidence a strong segmentation between domestic and international grain markets owing to different traded products and operators.
Keywords: Market integration; Law of one prices; Late Imperial China (search for similar items in EconPapers)
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Chapter: Have Unequal Treaties Fostered Domestic Market Integration in Late Imperial China? (2022)
Working Paper: Have Unequal Treaties Fostered Domestic Market Integration in Late Imperial China? (2022)
Working Paper: Have unequal treaties fostered domestic market integration in Late Imperial China ? (2020)
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