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Market Integration and Convergence in the World Wheat Market, 1800-2000

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Author Info

  • Giovanni Federico

    (European University Institute)

  • Karl Gunnar Persson

    (Department of Economics, University of Copenhagen)

Abstract

This 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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File URL: http://www.econ.ku.dk/english/research/publications/wp/2006/0610.pdf/
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Bibliographic Info

Paper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number 06-10.

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Length: 22 pages
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Date of revision:
Handle: RePEc:kud:kuiedp:0610

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Related research

Keywords: market integration; price convergence; protectionism;

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Cited by:
  1. Federico, Giovanni, 2007. "Market integration and market efficiency: The case of 19th century Italy," Explorations in Economic History, Elsevier, Elsevier, vol. 44(2), pages 293-316, April.
  2. Kevin H. O’Rourke, 2012. "From Empire to Europe: Britain in the World Economy," Oxford University Economic and Social History Series, Economics Group, Nuffield College, University of Oxford _106, Economics Group, Nuffield College, University of Oxford.
  3. Manuel Llorca-Jaña, 2012. "The impact of "early" nineteenth-century globalization on foreign trade in the Southern Cone: A study of British trade statistics," Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra 1323, Department of Economics and Business, Universitat Pompeu Fabra, revised Jun 2012.

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