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The paper looks into the level of integration of commodity markets in India, across centres and states using consumer price data. It measures the extent to which domestic markets for goods in India are integrated, and recommends policy options to facilitate integration. The paper addresses questions: Are domestic markets for goods integrated across states? Has market integration increased over time? What are the policy options to facilitate integration? The paper tests the methodology proposed by Bradford and Lawrence (2004) on the consumer prices of goods in major states across India. This is then repeated using consumer price data at two points in time (1994 and 2004), allowing an assessment of whether Indian markets have integrated over time. Market integration is also tested for individual commodities across markets. The annual consumer prices for commodities were compiled from the Labour Bureau series of average monthly consumer prices of commodities for Industrial workers across 70 constituent centres in 18 states and monthly data was compiled from the Indian Labour Journal, a monthly publication from Labour Bureau, Ministry of Labour Government of India. Authors are thankful to Labour Bureau, Shimla for providing data on consumer prices at the disaggregated level. This study was commissioned by The World Bank as the background paper on market integration in The World Bank Development Policy Review: Inclusive Growth and Service Delivery: Building on India's Success. July 2006

An often-overlooked aspect of entrepreneurship in American is its role in emerging domestic markets (EDM). These markets – low-to-moderate income communities, ethnic- and women-owned businesses, urban areas – are frequently ignored by mainstream markets. Yet with current demographic trends, they are an increasingly large component of the US population. Entrepreneurship can serve as a means to foster business development in these emerging communities and as a critically important way to improve the standard of living in low- and moderate-income (LMI) sectors. Increasingly, policy makers, advocates and investors understand national economic growth demands business formation among all segments of the market, and that the best attack on poverty is job and wealth creation. A robust entrepreneurial climate helps address the challenges and harness the opportunities. ""Entrepreneurship in Emerging Domestic Markets: Barriers and Innovation"" is a compendium of papers written by the leading researchers and practitioners from the fields of finance, public policy, entrepreneurship, and economics. With this volume, the editors aim to provide scholars, students, investors, policymakers, and the business community a resource that explores the issues surrounding entrepreneurship in EDM communities.

This paper analyses the relationship between domestic market fragmentation and economic performance at the sub-national level within China. Market segmentation means that goods, services and factors of production -capital and labour- are not easily mobile across different regions. China's political and economic structure is described as de facto federalism. It is traditionally based on a decentralized regional planning where provinces can be considered as autonomous economic actors that govern most economic activities and have huge regulatory, economic and financial powers in hands. The paper follows a two-step procedure. First, it estimates a province-level indicator of market fragmentation based on a price-based approach. Specifically we focus on observed deviations from the Law of One Price for a set of homogeneous agricultural products. We argue that inter-regional price volatility in integrated economies should not depend on the relative position of markets. We use a three-dimensional data set of monthly prices on 7 agricultural goods, between 1987 and 1997 across 170 cities of 28 provinces. We deem a province to be poorly integrated when inter-market price dispersion is greater for markets that lie on different side of its border than for markets that locate within the province, after distance is controlled for. Second, it then embeds this measure of market fragmentation into a cross-province growth framework, estimated with the GMM-system method. Results underline the economic importance of the Chinese provincial borders to be substantial as they are significant explanatory variables in accounting for observed deviations of the Law of One Price. Controlling for distance, markets on opposite sides of regional borders feature substantially higher differences in commodity prices than do cities on either side of the border. There is no evidence of declining trend in market segmentation between Chinese provinces. The evolution of the border effect over time is consistent with the changing fortunes of the reforms in China. Market integration does not seem to have much improved over the reform process at least until 1995. Our analysis of provincial growth dynamics underlines the favourable impact of market integration on economic performance and agricultural output. Our indicator of market fragmentation enters negatively in all regressions. Its coefficient is not only significant but also proves very robust to the inclusion of control variables such as inflation, trade openness and the importance of the non-public sector. The larger a province's border effect (thus the lower its economic integration with the rest of the country), the lower its economic growth. These findings prove the detrimental impact of market segmentation on growth in China. By extension, it underlines the counter-productive effect of protectionist policies adopted by provincial authorities along the reform course.

"This paper explores the means by which warfare influences domestic commodity markets. It is argued that England during the French Wars provides an ideal testing ground. Four categories of explanatory variables are taken as likely sources of documented changes in English commodity price dis-integration during this period: weather, trade, policy, and wartime events. Empirically, increases in price dispersion are related to all of the above categories. However, the primary means identified by which warfare influenced domestic commodity market integration was through international trade linkages and the arrival of news regarding wartime events"--National Bureau of Economic Research web site

Public intervention in foodgrain markets is pervasive in most developing countries. Governments procure foodgrains from farmers, import and export, distribute to consumers, set procurement and distribution prices, strive to maintain floor and ceiling prices in markets, and regulate private trade. In doing so they often alter the structure of incentives in the markets. Current debate on market intervention, however, has resulted in a trend towards liberalization of control and regulation in markets of many countries. An important issue is whether or not undesirable changes in incentives can be minimized through improved operation of public and private markets or whether alternative policies for ensuring higher incentives to producers and lower prices to consumers can be devised through, for example, infrastructural development. ; PR ; IFPRI1