Suchergebnisse

We use a statistical model of commodity trade to measure the extent of integration between regional commodity markets within Russia. Monthly time‐series data on regional commodity prices spanning 1994 through 1999 indicate substantial fluctuations in integration over this period: an initial period of widespread integration gradually gave way to a period of disconnectedness in 1995 through 1997, which seems to have subsided by mid‐1998. These fluctuations exhibit strong statistical relationships with a host of aggregate variables; most notably, internal integration exhibits a strong negative relationship with international trade.