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On the Efficiency of Markets for Agricultural Products: Rice Prices and Capital Markets in Java, 1823–1853

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  • VAN ZANDEN, JAN LUITEN

Abstract

I use rice prices in three cities to analyze the efficiency of the marketing system and the institutional framework of Javanese agriculture, 1823–1853. I show that imperfections in rural capital markets caused the extreme fluctuations in rice prices and that the segmentation of the capital market modifies the McCloskey and Nash interpretation of the relationship between seasonal fluctuations of grain (or rice) prices and interest rates. I argue that these fluctuations proxy peasants' stress. Finally, I hypothesize that institutional and market failures explain the “noneconomic” behavior of Javanese peasants in Boeke's theory of dualistic economic development.

Suggested Citation

  • Van Zanden, Jan Luiten, 2004. "On the Efficiency of Markets for Agricultural Products: Rice Prices and Capital Markets in Java, 1823–1853," The Journal of Economic History, Cambridge University Press, vol. 64(4), pages 1028-1055, December.
    • Handle: RePEc:cup:jechis:v:64:y:2004:i:04:p:1028-1055_04
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    Cited by:

    1. Robartus J. van der Spek & Bas van Leeuwen, 2013. "Quantifying the integration of the Babylonian economy in the Mediterranean world using a new corpus of price data, 400-50 BC," Working Papers 0047, Utrecht University, Centre for Global Economic History.
    2. Jan Luiten van Zanden, 2012. "In Good Company: About Agency and Economic Development in Global Perspective," Economic History of Developing Regions, Taylor & Francis Journals, vol. 27(S1), pages 16-27.
    3. Jörg Baten & Mojgan Stegl & Pierre Eng, 2013. "The biological standard of living and body height in colonial and post-colonial Indonesia, 1770–2000," Journal of Bioeconomics, Springer, vol. 15(2), pages 103-122, July.
    4. Pierre Van Der Eng, 2010. "Market Responses To Climate Stress: Rice In Java In The 1930s," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 50(1), pages 62-79, March.
    5. Marks, Daan, 2010. "Unity or diversity? On the integration and efficiency of rice markets in Indonesia, c. 1920-2006," Explorations in Economic History, Elsevier, vol. 47(3), pages 310-324, July.
    6. Pim De Zwart & Jan Luiten Van Zanden, 2015. "Editor's choice Labor, wages, and living standards in Java, 1680–1914," European Review of Economic History, European Historical Economics Society, vol. 19(3), pages 215-234.
    7. Van Zanden, Jan Luiten, 2009. "The skill premium and the ‘Great Divergence’," European Review of Economic History, Cambridge University Press, vol. 13(1), pages 121-153, April.

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