Commodity market integration 1850 1913: Evidence from Britain and Germany
AbstractIn 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Cambridge University Press in its journal European Review of Economic History.
Volume (Year): 9 (2005)
Issue (Month): 02 (August)
Contact details of provider:
Postal: The Edinburgh Building, Shaftesbury Road, Cambridge CB2 2RU UK
Fax: +44 (0)1223 325150
Web page: http://journals.cambridge.org/jid_EREProvider-Email:firstname.lastname@example.org
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Martin Stürmer, 2013.
"150 Years of Boom and Bust: What Drives Mineral Commodity Prices?,"
pst529, Job Market Papers.
- Stuermer, Martin, 2013. "150 Years of Boom and Bust: What Drives Mineral Commodity Prices?," MPRA Paper 51859, University Library of Munich, Germany.
- David Chilosi & Tommy E. Murphy & Roman Studer, 2011.
"Europe’s Many Integrations: Geography and Grain Markets, 1620-1913,"
412, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- Chilosi, David & Murphy, Tommy E. & Studer, Roman & Tunçer, A. Coşkun, 2013. "Europe's many integrations: Geography and grain markets, 1620–1913," Explorations in Economic History, Elsevier, vol. 50(1), pages 46-68.
- 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.
- 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.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Keith Waters).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.