| Studies on the General Agreement on Tariffs and Trade (GATT) are abundant in the literature. But most researchers have examined GATT's impact on economic activities with scant or no attention given to its impact on institutions such as market integration and efficiency. To the latter issues, this paper is addressed. Even prior to the signing of the final act, questions were raised on possible maneuvers that might frustrate its intent, that of ushering in an era of true liberalization in agricultural trade. This study finds consistent evidence that GATT reforms promoted market integration and improved market efficiency. Decomposition of price variability into its various sources shows that the transmission of shocks becomes more widespread across markets... |
