Open AccessThe evolution of market integration in Russia
Author(s) -
Berkowitz Daniel,
DeJong David N.
Publication year - 2001
Publication title -
economics of transition
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.351
H-Index - 51
eISSN - 1468-0351
pISSN - 0967-0750
DOI - 10.1111/1468-0351.00068
Subject(s) - commodity , economics , market integration , aggregate (composite) , period (music) , measure (data warehouse) , commodity market , econometrics , economic integration , statistical analysis , international economics , international trade , macroeconomics , market economy , statistics , mathematics , materials science , physics , finance , database , computer science , acoustics , composite material
We use a statistical model of commodity trade to measure the extent of integration between regional commodity markets within Russia. Monthly time‐series data on regional commodity prices spanning 1994 through 1999 indicate substantial fluctuations in integration over this period: an initial period of widespread integration gradually gave way to a period of disconnectedness in 1995 through 1997, which seems to have subsided by mid‐1998. These fluctuations exhibit strong statistical relationships with a host of aggregate variables; most notably, internal integration exhibits a strong negative relationship with international trade.
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