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An Empirical Study of Price Correlations: 1. How Should Spatial Interactions between Interdependent Markets be Measured?

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  • B Roehner

    (Laboratoire de Physique Théorique et Hautes Énergies, Université Paris VII, 75251 Paris Cedex 05, France)

Abstract

Price fluctuations are known to be rather chaotic and unpredictable. However, when these fluctuations are compared at different marketplaces some regular patterns appear. The precise nature of such regularities and what can be learned from them about the internal structure of an economic system are the purpose of this series of two papers. In this first paper the evolution of an economic system is analysed, namely in Germany during the period of its economic integration, that is to say during the 19th century. Different statistical measures are compared: the price ratio, the price correlations, the price dispersion, in order to characterise the increasing interdependence of economic activity centres. It is shown that this interdependence increases for every commodity according to a specific trend. Last, in order to link these results with the economic and political history of Germany some data are presented pertaining to the development of its domestic trade during the 19th century.

Suggested Citation

  • B Roehner, 1989. "An Empirical Study of Price Correlations: 1. How Should Spatial Interactions between Interdependent Markets be Measured?," Environment and Planning A, , vol. 21(2), pages 161-173, February.
    • Handle: RePEc:sae:envira:v:21:y:1989:i:2:p:161-173
    DOI: 10.1068/a210161
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    References listed on IDEAS

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    1. Kelly, William J., 1976. "Railroad Development and Market Integration in Tsarist Russia: Evidence on Oil Products and Grain," The Journal of Economic History, Cambridge University Press, vol. 36(04), pages 908-916, December.
    2. Metzer, Jacob, 1974. "Railroad Development and Market Integration: The Case of Tsarist Russia," The Journal of Economic History, Cambridge University Press, vol. 34(3), pages 529-550, September.
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    Cited by:

    1. Borghers, E., 2006. "French Regional Wheat Prices: 1756-1872, Correlation Length," Research Papers 24174, University of Antwerp, Faculty of Applied Economic Sciences.

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