Publication: Land markets and agrarian backwardness (Spain, 1900-1936)
Loading...
Identifiers
Publication date
2009-06
Defense date
Authors
Advisors
Tutors
Journal Title
Journal ISSN
Volume Title
Publisher
Impact
Export
Abstract
To what extent were land markets the cause of Spanish agrarian
backwardness? This paper uses new provincial data on average real land prices,
together with provincial level variation in land productivity, to analyse land
markets efficiency. To address this unresolved issue, we test whether land
markets were spatially integrated and whether their prices can be explained
with the present value model. Our results suggest that land prices converged
across provinces and that variations were driven by fundamentals. In
consequence, we conclude that institutional failure in land markets was not the
cause of the relatively poor productivity performance of Spanish agriculture
Description
Keywords
Land prices determinants, Price convergence, Panel unit-roots, Present value model