Post offices and British Indian grain price convergence

T. Andrabi, S. Bharat, Michael Kuehlwein
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引用次数: 4

Abstract

ABSTRACT There is a large literature on the impact of railways on price convergence. Ignored, however, is the role of another potentially important network: post offices. By providing timely information on arbitrage and trade opportunities, post offices could also contribute to market integration. This paper tests that proposition in the context of British Indian grain markets. Rice and wheat markets in colonial India saw a broad convergence in prices during the late nineteenth and early twentieth centuries. Research suggests that railways mattered, but are capable of explaining only some of that convergence. This paper tests whether the spread of post offices also contributed to that price convergence. We find that it did, though the effects shrink in the presence of railways. Estimates suggest that between 1881 and 1911, post office growth reduced price dispersion by 20–24% of the total decline in Indian grain price dispersion. The precise mechanism through which these effects operate, however, is less clear.
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邮局与英印粮食价格趋同
关于铁路对价格趋同的影响已有大量文献。然而,人们忽略了另一个潜在的重要网络的作用:邮局。通过及时提供套利和贸易机会的信息,邮局还可以促进市场一体化。本文以英属印度粮食市场为背景,对这一命题进行了检验。在19世纪末和20世纪初,殖民地印度的大米和小麦市场的价格普遍趋同。研究表明,铁路很重要,但只能部分解释这种趋同。本文检验了邮局的扩张是否也促进了价格趋同。我们发现确实如此,尽管在有铁路的情况下,这种影响变小了。据估计,在1881年至1911年间,邮局的增长减少了印度粮食价格分散总降幅的20-24%。然而,这些效应运作的确切机制尚不清楚。
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来源期刊
CiteScore
1.30
自引率
0.00%
发文量
11
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