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- Title
URUGUAY AND THE FIRST GLOBALIZATION: ON THE ACCURACY OF EXPORT PERFORMANCE, 1870-1913.
- Authors
Bonino-Gayoso, Nicolás; Tena-Junguito, Antonio; Willebald, Henry
- Abstract
In order to understand Uruguay’s long-run economic evolution it becomes crucial to interpret its export performance during the First Globalization. The lack of accuracy of official figures, especially official prices used, calls for an adjustment of Uruguayan export series. We have used empirical evidence to test the accuracy of quantities and values of export records, first, according to import partners’ records and, second, according to international market prices. Results show a general undervaluation of official export values during the period along with severe distortions in the registers caused by transit trade. We reconstructed new Uruguayan export f.o.b values and an export price index which present a more unstable and less dynamic export evolution than that of neighbouring Argentina.
- Subjects
URUGUAY; GLOBALIZATION; INTERNATIONAL trade; EXPORTS; URUGUAYAN economy; MARKET prices; ECONOMIC policy; COMMERCE
- Publication
Revista de Historia Económica / Journal of Iberian & Latin American Economic History, 2015, Vol 33, Issue 2, p287
- ISSN
0212-6109
- Publication type
Article
- DOI
10.1017/S0212610915000130