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Copper Prices and Heterogeneity: The Chilean and Norwegian Cases, 1850–1913

Ducoing, Cristian LU ; Badia-Miró, Marc and Anna, Carreras (2021) p.41-66
Abstract
As a first approach to the comparison between the Andean and the Nordic countries, it is their specialisation on natural resource exportation. But even though both regions exported similar commodities at the beginning of the nineteenth century, how similar were they really? In this article, we analyse the
copper exportation of Chile and Norway in order to see small differences that can have made a difference in the long-run evolution of these two countries. We review the international copper price indices available in the literature and we compare them with a new data set, from the Official Foreign Trade statistics of
these two relevant copper producers, Chile and Norway. This data includes information on value-added and... (More)
As a first approach to the comparison between the Andean and the Nordic countries, it is their specialisation on natural resource exportation. But even though both regions exported similar commodities at the beginning of the nineteenth century, how similar were they really? In this article, we analyse the
copper exportation of Chile and Norway in order to see small differences that can have made a difference in the long-run evolution of these two countries. We review the international copper price indices available in the literature and we compare them with a new data set, from the Official Foreign Trade statistics of
these two relevant copper producers, Chile and Norway. This data includes information on value-added and price/volume indicators incorporating differences in varieties, qualities and transport costs. Our main contribution is that if the previous series are based on the assumption that copper is a homogeneous and standard product, and therefore it has one single international price, in the real world many different qualities as well as levels of processing were included into the production of each particular country, changing it also over time. Those varieties of copper would have mattered crucially for its implications on growth. The deepest knowledge on commodity price formation would improve forecasting for development policies on the mining sector. (Less)
Please use this url to cite or link to this publication:
author
; and
organization
publishing date
type
Chapter in Book/Report/Conference proceeding
publication status
published
subject
keywords
Copper, Chile, Norway, commodities
host publication
Natural Resources and Divergence : A Comparison of Andean and Nordic Trajectories - A Comparison of Andean and Nordic Trajectories
editor
Ducoing, Christian and Peres-Cajías, José
pages
41 - 66
publisher
Palgrave Macmillan
ISBN
978-3-030-71043-9
978-3-030-71044-6
project
Sustainable development, Fiscal policy and Natural resources management. Bolivia, Chile and Peru in the Nordic countries’ mirror
language
English
LU publication?
yes
id
993db725-84ce-4ad9-925d-67858c991661
date added to LUP
2021-05-11 22:07:34
date last changed
2021-09-17 15:03:15
@inbook{993db725-84ce-4ad9-925d-67858c991661,
  abstract     = {{As a first approach to the comparison between the Andean and the Nordic countries, it is their specialisation on natural resource exportation. But even though both regions exported similar commodities at the beginning of the nineteenth century, how similar were they really? In this article, we analyse the<br/>copper exportation of Chile and Norway in order to see small differences that can have made a difference in the long-run evolution of these two countries. We review the international copper price indices available in the literature and we compare them with a new data set, from the Official Foreign Trade statistics of<br/>these two relevant copper producers, Chile and Norway. This data includes information on value-added and price/volume indicators incorporating differences in varieties, qualities and transport costs. Our main contribution is that if the previous series are based on the assumption that copper is a homogeneous and standard product, and therefore it has one single international price, in the real world many different qualities as well as levels of processing were included into the production of each particular country, changing it also over time. Those varieties of copper would have mattered crucially for its implications on growth. The deepest knowledge on commodity price formation would improve forecasting for development policies on the mining sector.}},
  author       = {{Ducoing, Cristian and Badia-Miró, Marc and Anna, Carreras}},
  booktitle    = {{Natural Resources and Divergence : A Comparison of Andean and Nordic Trajectories}},
  editor       = {{Ducoing, Christian and Peres-Cajías, José}},
  isbn         = {{978-3-030-71043-9}},
  keywords     = {{Copper; Chile; Norway; commodities}},
  language     = {{eng}},
  pages        = {{41--66}},
  publisher    = {{Palgrave Macmillan}},
  title        = {{Copper Prices and Heterogeneity: The Chilean and Norwegian Cases, 1850–1913}},
  year         = {{2021}},
}