We found a match
Your institution may have rights to this item. Sign in to continue.
- Title
GLOBAL TRADE AND THE MARITIME TRANSPORT REVOLUTION.
- Authors
Jacks, David S.; Pendakur, Krishna
- Abstract
What is the role of transport improvements in globalization? We argue that the nineteenth century is the ideal testing ground: maritime freight rates fell on average by 50% while global trade increased 400% from 1870 to 1913. We estimate the first indices of bilateral freight rates and directly incorporate these into a standard gravity model. We also take the endogeneity of bilateral trade and freight rates seriously and propose an instrumental variables approach. The results are striking: we find no evidence that the maritime transport revolution was the primary driver of the late-nineteenth-century global trade boom.
- Subjects
SHIPPING rates; GLOBALIZATION; FREIGHT &; freightage; COST; DATA analysis; MATHEMATICAL models; GROSS domestic product; REGRESSION analysis
- Publication
Review of Economics & Statistics, 2010, Vol 92, Issue 4, p745
- ISSN
0034-6535
- Publication type
Article
- DOI
10.1162/REST_a_00026