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Economic Integration in Interwar Poland - A Threshold Cointegration Analysis of the Law of One Price for Poland (1924-1937)

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  • Carsten TRENKLER
  • Nikolaus WOLF

Abstract

In this paper we study the issue of economic integration in Poland between 1924 and 1937 by means of a threshold cointegration analysis of the law of one price. We find that the interwar economy can be regarded as integrated but with obvious restrictions which refer to the existence of relevant transaction costs for arbitrage and differences in the level of prices between cities. Moreover, the former partition borders within Poland did not affect economic integration suggesting that the integration policy after the reunification of Poland in 1919 was successful. However, we are not able to assess the impact of the aggregate price level which changed strongly during our sample period.

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Bibliographic Info

Paper provided by European University Institute in its series Economics Working Papers with number ECO2003/05.

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Date of creation: 2003
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Handle: RePEc:eui:euiwps:eco2003/05

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Cited by:
  1. David Chilosi & Oliver Volckart, 2009. "Money, states and empire: financial integration cycles and institutional change in Central Europe, 1400-1520," Economic History Working Papers, London School of Economics and Political Science, Department of Economic History 27884, London School of Economics and Political Science, Department of Economic History.
  2. Ihle, Rico & von Cramon-Taubadel, Stephan, 2008. "A Comparison of Threshold Cointegration and Markov-Switching Vector Error Correction Models in Price Transmission Analysis," 2008 Conference, April 21-22, 2008, St. Louis, Missouri, NCCC-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management 37603, NCCC-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management.

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  1. Historical Economic Geography

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