Market Emergence and Transition: Transaction Costs, Arbitrage, and Autarky in China’s Grain Markets.
Using tri-monthly Chinese provincial grain prices from 1988 to 1995, we estimate a parity-bounds model of inter-regional trade for four sub-periods to characterize how multiple aspects of market performance change during the process of economic transition. For each period, we estimat...
| Main Authors: | , , , |
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| Format: | Journal article |
| Language: | English |
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Oxford University Press
2002
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| _version_ | 1797073442620571648 |
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| author | Park, A Jin, H Rozelle, S Huang, J |
| author_facet | Park, A Jin, H Rozelle, S Huang, J |
| author_sort | Park, A |
| collection | OXFORD |
| description | Using tri-monthly Chinese provincial grain prices from 1988 to 1995, we estimate a parity-bounds model of inter-regional trade for four sub-periods to characterize how multiple aspects of market performance change during the process of economic transition. For each period, we estimate the extent to which arbitrage opportunities are realized by traders, the transaction costs between location pairs, and the likelihood that regions do not trade. Trade restrictions cannot explain the pattern of uneven market development over time. Infrastructure bottlenecks, managerial incentive reforms, and production specialization policies all were likely important factors affecting market performance. |
| first_indexed | 2024-03-06T23:22:13Z |
| format | Journal article |
| id | oxford-uuid:691dad56-62db-4769-83bf-0752a4a89d42 |
| institution | University of Oxford |
| language | English |
| last_indexed | 2024-03-06T23:22:13Z |
| publishDate | 2002 |
| publisher | Oxford University Press |
| record_format | dspace |
| spelling | oxford-uuid:691dad56-62db-4769-83bf-0752a4a89d422022-03-26T18:49:17ZMarket Emergence and Transition: Transaction Costs, Arbitrage, and Autarky in China’s Grain Markets.Journal articlehttp://purl.org/coar/resource_type/c_dcae04bcuuid:691dad56-62db-4769-83bf-0752a4a89d42EnglishDepartment of Economics - ePrintsOxford University Press2002Park, AJin, HRozelle, SHuang, JUsing tri-monthly Chinese provincial grain prices from 1988 to 1995, we estimate a parity-bounds model of inter-regional trade for four sub-periods to characterize how multiple aspects of market performance change during the process of economic transition. For each period, we estimate the extent to which arbitrage opportunities are realized by traders, the transaction costs between location pairs, and the likelihood that regions do not trade. Trade restrictions cannot explain the pattern of uneven market development over time. Infrastructure bottlenecks, managerial incentive reforms, and production specialization policies all were likely important factors affecting market performance. |
| spellingShingle | Park, A Jin, H Rozelle, S Huang, J Market Emergence and Transition: Transaction Costs, Arbitrage, and Autarky in China’s Grain Markets. |
| title | Market Emergence and Transition: Transaction Costs, Arbitrage, and Autarky in China’s Grain Markets. |
| title_full | Market Emergence and Transition: Transaction Costs, Arbitrage, and Autarky in China’s Grain Markets. |
| title_fullStr | Market Emergence and Transition: Transaction Costs, Arbitrage, and Autarky in China’s Grain Markets. |
| title_full_unstemmed | Market Emergence and Transition: Transaction Costs, Arbitrage, and Autarky in China’s Grain Markets. |
| title_short | Market Emergence and Transition: Transaction Costs, Arbitrage, and Autarky in China’s Grain Markets. |
| title_sort | market emergence and transition transaction costs arbitrage and autarky in china s grain markets |
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