Estevadeordal, Antoni; Frantz, Brian; Taylor, Alan M. - In: The Quarterly Journal of Economics 118 (2003) 2, pp. 359-407
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...