Economic geography aspects of the Panama Canal | Zendy

Stephan Maurer | Zendy; Ferdinand Rauch | Zendy

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Economic geography aspects of the Panama Canal

Author(s) -

Stephan Maurer,

Ferdinand Rauch

Publication year - 2022

Publication title -

oxford economic papers

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.68

H-Index - 69

eISSN - 1464-3812

pISSN - 0030-7653

DOI - 10.1093/oep/gpac009

Subject(s) - panama canal , panama , economic geography , population , economics , geography , state (computer science) , immigration , agricultural economics , international trade , mathematics , statistics , demography , archaeology , algorithm , sociology

This paper studies how the opening of the Panama Canal in 1914 changed counties’ market potential and influenced the economic geography of the USA. We compute shipment effective distances with and without the canal from each US county to each other US county and to international ports and compute the resulting change in market potential. The main elasticity would imply that a 1% increase in market potential led to a total increase of population by around 2.3% in 1940. We compute similar elasticities for wages, land values, and immigration from out of state. Tradable (manufacturing) industries react stronger than non-tradable (services) industries.

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