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Trade costs in the first wave of Globalization
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Jacks, David S. (David Steven), Meissner, Christopher M. (Christopher Michael) and Novy, Dennis (2007) Trade costs in the first wave of Globalization. Working Paper. Cambridge, Massachusetts: National Bureau of Economic Research. Working paper series (National Bureau of Economic Research) (No.12602).
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Official URL: http://www.nber.org/papers/w12602
Abstract
What drives globalization today and in the past? We employ a new micro-founded measure of bilateral trade costs based on a standard model of trade in differentiated goods
to address this question. These trade costs gauge the difference between observed bilateral trade and frictionless trade. They comprise tariffs, transportation costs and all other factors that impede international trade but which are inherently difficult to observe. Trade costs
fell on average by ten to Þfteen percent between 1870 and 1913. We also use this measure to decompose the growth of global trade over that period and Þnd that roughly 44 percent of the global trade boom can be explained by reductions in trade costs; the remaining 56 percent is attributable to economic expansion.
| Item Type: | Working or Discussion Paper (Working Paper) | ||||
|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HF Commerce | ||||
| Divisions: | Faculty of Social Sciences > Economics | ||||
| Library of Congress Subject Headings (LCSH): | Globalization -- Economic aspects, International trade -- Research, International trade -- Econometric models, International economic relations -- History -- 19th century, International economic relations -- History -- 20th century | ||||
| Series Name: | Working paper series (National Bureau of Economic Research) | ||||
| Publisher: | National Bureau of Economic Research | ||||
| Place of Publication: | Cambridge, Massachusetts | ||||
| Official Date: | 8 August 2007 | ||||
| Dates: |
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| Number: | No.12602 | ||||
| Number of Pages: | 34 | ||||
| Institution: | University of Warwick | ||||
| Status: | Not Peer Reviewed | ||||
| Access rights to Published version: | Open Access (Creative Commons) | ||||
| Description: | Working paper issued October 2006; revised 8 August 2007. |
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| Funder: | Social Sciences and Humanities Research Council of Canada (SSHRC) |
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