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Journal Article

The Rise and Fall of World Trade, 1870-1939

Antoni Estevadeordal, Brian Frantz and Alan M. Taylor
The Quarterly Journal of Economics
Vol. 118, No. 2 (May, 2003), pp. 359-407
Published by: Oxford University Press
Stable URL: http://www.jstor.org/stable/25053910
Page Count: 49
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The Rise and Fall of World Trade, 1870-1939
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Abstract

Measured by the ratio of trade to output, the period 1870-1913 marked the birth of the first era of trade globalization and the period 1914-1939 its death. What caused the boom and bust? We use an augmented gravity model to examine the gold standard, tariffs, and transport costs as determinants of trade. Until 1913 the rise of the gold standard and the fall in transport costs were the main trade-creating forces. As of 1929 the reversal was driven by higher transport costs. In the 1930s the final collapse of the gold standard drove trade volumes even lower.

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