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Commodity market integration 1850 1913: Evidence from Britain and Germany

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  • KLOVLAND, JAN TORE
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    Abstract

    In a sample that contains annual prices of 39 selected commodities in Britain and Germany in the period 1850 to 1913, substantial evidence of well integrated commodity markets is found. The degree of integration is not universal across markets and varies over time, however. Absolute price variability was in general decreasing over the period, indicating more closely integrated markets. But the reintroduction of tariffs in Germany beginning in 1879 implied that this trend was broken for a number of agricultural commodities. With the exception of animal foodstuffs, which were affected by non-tariff barriers, most price series are cointegrated. The speed of adjustments of prices, measured by estimates of the half-life of Law of One Price (LOP) deviations, is often in the range of 1 to 1.5 years, which is lower than that found in many other studies of market integration.

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    File URL: http://journals.cambridge.org/abstract_S1361491605001449
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    Bibliographic Info

    Article provided by Cambridge University Press in its journal European Review of Economic History.

    Volume (Year): 9 (2005)
    Issue (Month): 02 (August)
    Pages: 163-197

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    Handle: RePEc:cup:ereveh:v:9:y:2005:i:02:p:163-197_00

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    Cited by:
    1. Martin Stürmer, 2013. "150 Years of Boom and Bust: What Drives Mineral Commodity Prices?," 2013 Papers pst529, Job Market Papers.
    2. Aashish Velkar, 2010. "‘Deep’ integration of 19th century grain markets: coordination and standardisation in a global value chain," Economic History Working Papers 28988, London School of Economics and Political Science, Department of Economic History.
    3. David Chilosi & Tommy E. Murphy & Roman Studer, 2011. "Europe’s Many Integrations: Geography and Grain Markets, 1620-1913," Working Papers 412, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    4. David Chilosi & Oliver Volckart, 2009. "Money, states and empire: financial integration cycles and institutional change in Central Europe, 1400-1520," Economic History Working Papers 27884, London School of Economics and Political Science, Department of Economic History.

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