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Uruguay and the First Globalization: on the accuracy of export performance, 1870-1913

ISSNISSN/ISBN: 0212-6109
ISSNYear: 2015
AutorAuthor/s: Willebald, Henry , Tena-Junguito, Antonio
EditorialEditorial: Journal of Iberian and Latin American Economic History / Revista de Historia Económica, 33
Nº of PagesNº of Pages: 1-34
In order to understand Uruguay’s long-run economic evolution it becomes crucial to interpret its export performance during the First Globalization. The lack of accuracy of official figures, especially official prices used, calls for anadjustment of Uruguayan export series. We have used empirical evidence to test the accuracy of quantities and values of export records, first, according to import partners’ records and, second, according to international market prices. Results show a general undervaluation of official export values during the period along with severe distortions in the registers caused by transit
trade. We reconstructed new Uruguayan export f.o.b values and an export price index which present a more unstable and less dynamic export evolution than that of neighbouring Argentina.
 
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