This study examines the effects of the reduced transaction costs on the price behaviours in the second half of the nineteenth century, where declines in transaction costs were mainly caused by railroad development during this period. It employs a panel test introduced by Levin and Lin (1992) on...

This study tests the PPP hypothesis for transition economies by using a panel approach. The results show that PPP holds for transition economies suggesting a half-life convergence of about one year. This study also compares the convergence rates for 'less open' and 'more open' transition...

This study analyses the effect of farmers' price responsiveness and railroad development on acreage decisions in the late 19th century. A potential simultaneity between these determinants was mentioned in some earlier studies, but never examined. This study sheds some light on these...

The paper summarizes demand and supply aspects of Turkish forestry and its link with the other sectors of the national economy. Stressing out the importance of industrial forestry in Turkey, we suggest that the forestry is a sector of not high backward linkages, but the forward linkages of which...

The paper measures changes in environmental quality in transition countries from 1987 to 2000 because of economic growth and environmental reforms. Indication of property rights may accelerate the growth process, as well as the composition effect on the environment. Thus, we compare transition...