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Terms of trade of agricultural and food products, 1951?2000

Author

Listed:
  • Raúl Serrano

    (Department of Business Administration, Facutad de Ciencias Económicas y Empresariales, Universidad de Zaragoza)

  • Vicente Pinilla

    (Department of Applied Economics, Facutad de Ciencias Económicas y Empresariales, Universidad de Zaragoza)

Abstract

This paper focuses on analysing the evolution of the terms of trade of products in the agricultural and food trade in the second half of 20th century. We have compiled 56 new price indices for internationally?traded agricultural products. Furthermore, in order to obtain real prices, the agricultural price series have been deflated by an international trade price index that includes major changes in the prices of not only manufactured goods, but also other commodities, such as energy products, which have had so much influence on the shocks occurring in the period. Another feature of this work is the use of a new time series method. We shall analyse the presence of two structural breaks in non?stationary series, as well as establishing the years of structural break endogenously. Our aim is to characterise the distinct trends of the groups of products by determining which groups experienced the greatest decline, and the possible causes, both economic and institutional

Suggested Citation

  • Raúl Serrano & Vicente Pinilla, 2010. "Terms of trade of agricultural and food products, 1951?2000," Documentos de Trabajo (DT-AEHE) 1003, Asociación Española de Historia Económica.
    • Handle: RePEc:ahe:dtaehe:1003
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    Citations

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    Cited by:

    1. Manuel Llorca-Jaña, 2014. "The impact of early nineteenth-century globalization on foreign trade in the Southern Cone: A study of British trade statistics," Investigaciones de Historia Económica - Economic History Research (IHE-EHR), Journal of the Spanish Economic History Association, Asociación Española de Historia Económica, vol. 10(01), pages 46-56.
    2. Vicente Pinilla, 2024. "Agricliometrics and Agricultural Change in the Nineteenth and Twentieth Centuries," Springer Books, in: Claude Diebolt & Michael Haupert (ed.), Handbook of Cliometrics, edition 3, pages 1837-1869, Springer.
    3. Trofimov, Ivan D., 2018. "Income terms of trade and economic convergence: Evidence from Latin America," MPRA Paper 87598, University Library of Munich, Germany.
    4. Pinilla, Vicente & Serrano, Raúl, 2008. "The Agricultural and Food Trade in the First Globalization: Spanish Table Wine Exports 1871 to 1935 – A Case Study," Journal of Wine Economics, Cambridge University Press, vol. 3(2), pages 132-148, January.
    5. Vicente Pinilla & Henry Willebald, 2021. "Transition and Change in World Agriculture during the Interwar Years," Documentos de Trabajo (DT-AEHE) 2109, Asociación Española de Historia Económica.
    6. Raú l Serrano & Vicente Pinilla, 2012. "The long-run decline in the share of agricultural and food products in international trade: a gravity equation approach to its causes," Applied Economics, Taylor & Francis Journals, vol. 44(32), pages 4199-4210, November.
    7. Raúl Serrano & Vicente Pinilla, 2014. "New directions of trade for the agri-food industry: a disaggregated approach for different income countries, 1963–2000," Latin American Economic Review, Springer;Centro de Investigaciòn y Docencia Económica (CIDE), vol. 23(1), pages 1-22, December.
    8. Andersson, Martin & Rohne Till, Emelie, 2017. "Between the Engine and the Fifth Wheel: An Analytical Survey of the Shifting Roles of Agriculture in Development Theory," Lund Papers in Economic History 163, Lund University, Department of Economic History.
    9. Raúl Serranoa & Vicente Pinilla, 2010. "The Evolution and Changing Geographical Structure of World Agri-food Trade, 1950-2000," Working Papers 10-06, Association Française de Cliométrie (AFC).
    10. Miguel Martín-Retortillo & Vicente Pinilla & Jackeline Velazco & Henry Willebald, 2016. "The dynamics of latin american agricultural production growth, 1950-2008," Documentos de Trabajo (DT-AEHE) 1610, Asociación Española de Historia Económica.
    11. Miguel Tinoco-Zermeño & Francisco Venegas-Martínez & Víctor Torres-Preciado, 2014. "Growth, bank credit, and inflation in Mexico: evidence from an ARDL-bounds testing approach," Latin American Economic Review, Springer;Centro de Investigaciòn y Docencia Económica (CIDE), vol. 23(1), pages 1-22, December.
    12. Henry Willebald & Marc Badia-Miró & Vicente Pinilla, 2015. "Natural Resources and Economic Development. Some lessons from History," Documentos de Trabajo (DT-AEHE) 1504, Asociación Española de Historia Económica.
    13. Duarte, Rosa & Pinilla, Vicente & Serrano, Ana, 2019. "Long Term Drivers of Global Virtual Water Trade: A Trade Gravity Approach for 1965–2010," Ecological Economics, Elsevier, vol. 156(C), pages 318-326.
    14. Miguel Martín-Retortillo & Vicente Pinilla, 2013. "Patterns and causes of growth of European agricultural production, 1950-2005," Documentos de Trabajo (DT-AEHE) 1302, Asociación Española de Historia Económica.

    More about this item

    Keywords

    Singer?Prebish Hypothesis; terms of trade; agricultural and food trade; agricultural prices;
    All these keywords.

    JEL classification:

    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • N50 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries - - - General, International, or Comparative
    • N70 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - General, International, or Comparative
    • Q17 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agriculture in International Trade

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