BOFIT Discussion Papers, Institute for Economies in Transition, Bank of Finland
No 7/2006:
Russia’s common market takes shape: Price convergence and market integration among Russian regions
Konstantin Gluschenko ()
Abstract: This paper analyzes the spatial structure of goods market
integration in Russia, characterizing regions into three states: (a)
integrated, (b) not integrated but trending toward integration, and (c) not
integrated and not trending toward integration. Using time series of the
cost of a staples basket across 75 regions of Russia for 1994-2000, I
exploit a nonlinear cointegration relationship with an asymptotically
subsiding trend to capture movement toward integration. The analysis
suggests that 36% of Russian regions were integrated with the national
market over 1994-2000, 44% were in the process of integrating with the
national market, and 20% of regions were not integrated and not trending
toward integration.
Keywords: market integration; law of one price; price dispersion; convergence; Russian regions; (follow links to similar papers)
JEL-Codes: C32; P22; R10; R15; (follow links to similar papers)
36 pages, June 22, 2006
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- This paper is published as:
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Gluschenko, Konstantin, (2011), 'Price convergence and market integration in Russia', Regional Science and Urban Economics, Vol. 41, 2, pages 160-172
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