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Grain Market Integration in the Baltic Sea Region in the 19th Century

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  • Andersson , Fredrik N. G.

    ()
    (Department of Economics, Lund University)

  • Ljungberg, Jonas

    ()
    (Department of Economic History, Lund University)

Abstract

This paper explores the development of market integration within the Baltic Sea region as well as between the region and England, from the early 1840s to around 1890. It exploits two new datasets on grain prices. The paper applies a new method for measuring market integration by combining a dynamic factor model with wavelet analysis. A gradual yardstick is suggested and the role of distance analyzed. Wheat and rye markets became highly integrated whereas the cheaper grains lagged. Integration progressed geographically and conclusions emphasize traded volumes and transport cost.

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File URL: http://project.nek.lu.se/publications/workpap/papers/WP14_3.pdf
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Bibliographic Info

Paper provided by Lund University, Department of Economics in its series Working Papers with number 2014:3.

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Length: 41 pages
Date of creation: 11 Feb 2014
Date of revision:
Handle: RePEc:hhs:lunewp:2014_003

Contact details of provider:
Postal: Department of Economics, School of Economics and Management, Lund University, Box 7082, S-220 07 Lund,Sweden
Phone: +46 +46 222 0000
Fax: +46 +46 2224613
Web page: http://www.nek.lu.se/en
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Keywords: Baltic Sea Region; grain prices; market integration; wavelet analysis; dynamic factor model;

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  1. Persson, Karl Gunnar, 2004. "Mind the gap! Transport costs and price convergence in the nineteenth century Atlantic economy," European Review of Economic History, Cambridge University Press, vol. 8(02), pages 125-147, August.
  2. Andersson, Fredrik N. G. & Edgerton, David & Opper, Sonja, 2011. "A Matter of Time: Revisiting Growth Convergence in China," Working Papers 2011:23, Lund University, Department of Economics, revised 01 Mar 2012.
  3. Patrick M. Crowley, 2007. "A Guide To Wavelets For Economists ," Journal of Economic Surveys, Wiley Blackwell, vol. 21(2), pages 207-267, 04.
  4. Andersson, Fredrik N. G., 2011. "Band Spectrum Regressions using Wavelet Analysis," Working Papers 2011:22, Lund University, Department of Economics.
  5. Dean Corbae & Sam Ouliaris & Peter C. B. Phillips, 2002. "Band Spectral Regression with Trending Data," Econometrica, Econometric Society, vol. 70(3), pages 1067-1109, May.
  6. Susan Fairlie, 1969. "The Corn Laws and British Wheat Production, 1829-76," Economic History Review, Economic History Society, vol. 22(1), pages 88-110, 04.
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