COMMODITY PRICE VOLATILITY AND WORLD MARKET INTEGRATION SINCE 1700

• 成果类型: Article
• 署名作者: Jacks, David S.; O'Rourke, Kevin H.; Williamson, Jeffrey G.
• 署名单位: Simon Fraser University; National Bureau of Economic Research; Trinity College Dublin; Harvard University; University of Wisconsin System; University of Wisconsin Madison
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/REST_a_00091
• 发表日期: 2011-08
• 页码: 800-813
• 关键词: DEVELOPING-COUNTRIES; GROWTH; terms; TRADE; IMPACT; GLOBALIZATION; investments; periphery; RISK

摘要

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.