Market Integration and Convergence in the World Wheat Market, 1800-2000
AbstractThis paper argues that the conventional view which sees international transport costs reductions as the major force in price convergence cannot be upheld when the period under scrutiny is extended to the last two centuries. Domestic transport costs fell for land-locked regions while real international transport costs fluctuated strongly without exhibiting a significant trend. Changes in trade policies were the single most important factor explaining convergence and divergence of prices in the long run.
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Bibliographic InfoPaper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number 06-10.
Length: 22 pages
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market integration; price convergence; protectionism;
Find related papers by JEL classification:
- N70 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - General, International, or Comparative
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-05-20 (All new papers)
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- Federico, Giovanni, 2007. "Market integration and market efficiency: The case of 19th century Italy," Explorations in Economic History, Elsevier, vol. 44(2), pages 293-316, April.
- Kevin H. O’Rourke, 2012.
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