Home > Publications . Search All . Browse All . Country . Browse PSC Pubs . PSC Report Series

PSC In The News

RSS Feed icon

Thompson casts doubt on the rehabilitative intentions of prison labor

Inglehart says European social democracy is a victim of its own success

Bound, Khanna, and Morales find multiple effects of H1-B visas on US tech industry

More News

Highlights

Heather Ann Thompson wins Bancroft Prize for History for 'Blood in the Water'

Michigan ranks in USN&WR top-10 grad schools for sociology, public health, labor economics, social policy, social psychology

Paula Lantz to speak at Women in Health Leadership Summit, March 24, 2:30-5:30 Michigan League

New site highlights research, data, and publications of Relationship Dynamics and Social Life study

More Highlights

Next Brown Bag

Mon, March 20, 2017, noon:
Dean Yang, Taken by Storm

Market Emergence and Transition: Transaction Costs, Arbitrage and Autarky in China's Grain Market.

Publication Abstract

Park, Albert F., Hehui Jin, Scott Rozelle, and Jikun Huang. 2002. "Market Emergence and Transition: Transaction Costs, Arbitrage and Autarky in China's Grain Market." American Journal of Agricultural Economics, 84(1): 67-82.

Using trimonthly Chinese provincial grain prices from 1988 to 1995, we estimate a parity-bounds model of interregional trade for four subperiods to characterize how multiple aspects of market performance change during the process of economic transition. For each period, we estimate the extent to which arbitrage opportunities are realized by traders, the transaction costs between location pairs, and the likelihood that regions do not trade. Trade restrictions cannot explain the pattern of uneven market development over time. Infrastructure bottlenecks, managerial incentive reforms, and production specialization policies, all were likely important factors affecting market performance.

Browse | Search : All Pubs | Next