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Dry Bulk Shipping and the Evolution of Maritime Transport Costs, 1850-2020 / David S. Jacks, Martin Stuermer.
- Format:
- Book
- Author/Creator:
- Jacks, David S.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w28627.
- NBER working paper series no. w28627
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2021.
- Summary:
- We provide evidence on the dynamic effects of fuel price shocks, shipping demand shocks, and shipping supply shocks on real dry bulk freight rates in the long run. We first analyze a new dataset on dry bulk freight rates for the period from 1850 to 2020, finding that they followed a downward but undulating path with a cumulative decline of 79%. Next, we turn to understanding the drivers of booms and busts in the dry bulk shipping industry, finding that shipping demand shocks strongly dominate all others as drivers of real dry bulk freight rates in the long run. Furthermore, while shipping demand shocks have increased in importance over time, shipping supply shocks in particular have become less relevant.
- Notes:
- Print version record
- March 2021.
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