The evolution of markets in early modern Europe, 1350-1800: A study of grain prices
AbstractThis paper attempts to establish the trend of market development in Europe in the centuries before the industrial revolution, by applying three different measures of market integration to a compilation of monthly and annual price data. In contrast to much of the existing work, which suggests that markets generally improved during this time, the findings propose that markets were as well integrated in the fifteenth century as in the late eighteenth century. In between these two times, markets are found to have suffered a severe contraction. These results provide a challenge to our current thoughts on economic growth.
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Bibliographic InfoPaper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 350.
Date of creation: 01 Sep 2007
Date of revision:
Market Integration; Economic Growth; European Economic History; Price Data; Fixed Effects Panel Model;
Find related papers by JEL classification:
- F15 - International Economics - - Trade - - - Economic Integration
- N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
- O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
- O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-09-24 (All new papers)
- NEP-HIS-2007-09-24 (Business, Economic & Financial History)
- NEP-HPE-2007-09-24 (History & Philosophy of Economics)
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- Börner, Lars & Severgnini, Battista, 2011.
2011/12, Free University Berlin, School of Business & Economics.
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