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Commodity Market Disintegration in the Interwar Period

William Hynes (), David Jacks () and Kevin O'Rourke ()

No 14767, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Using data collected by the International Institute of Agriculture, we document the disintegration of international commodity markets between 1913 and 1938. There was dramatic disintegration during World War I, gradual reintegration during the 1920s, and then a very substantial disintegration after 1929. The period saw the unravelling of a great many of the integration gains of the 1870-1913 period. While increased transport costs certainly help to explain the wartime disintegration, they cannot explain the post-1929 increase in trade costs. Protectionism seems the most likely alternative candidate.

JEL-codes: F13 F15 F59 N70 (search for similar items in EconPapers)
Date: 2009-03
Note: DAE ITI
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Published as William Hynes & David S. Jacks & Kevin H. O'rourke, 2012. "Commodity market disintegration in the interwar period," European Review of Economic History, Oxford University Press, vol. 16(2), pages 119-143, May.

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Journal Article: Commodity market disintegration in the interwar period (2012) Downloads
Working Paper: Commodity Market Disintegration in the Interwar Period (2009) Downloads
Working Paper: Commodity Market Disintegration in the Interwar Period (2009) Downloads
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