Economic Integration in Interwar Poland - A Threshold Cointegration Analysis of the Law of One Price for Poland (1924-1937)
AbstractIn 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 InfoPaper provided by European University Institute in its series Economics Working Papers with number ECO2003/05.
Date of creation: 2003
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Find related papers by JEL classification:
- C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models &bull Diffusion Processes
- C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
- F15 - International Economics - - Trade - - - Economic Integration
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- N74 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - Europe: 1913-
- N94 - Economic History - - Regional and Urban History - - - Europe: 1913-
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- 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 37603, NCCC-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management.
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