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Commodity Market Integration 1850-1913: Evidence from Britain and Germany

Author

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  • Klovland, J.T.

Abstract

In a sample that contains annual prices of 39 selected commodities in Britain and Germany in the period 1850 to 1913 substantial evidence of well integrated commodity markets is found. The degree of integration is not universal across markets and varies over time, however. Absolute price variability was in general decresing over the period, indicating more closely integrated markets. But the reintroduction of tariffs in Germany beginning in 1879 implied that this trend was broken for a number of commodities.

Suggested Citation

  • Klovland, J.T., 2001. "Commodity Market Integration 1850-1913: Evidence from Britain and Germany," Papers 18/2001, Norwegian School of Economics and Business Administration-.
  • Handle: RePEc:fth:norgee:18/2001
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    More about this item

    Keywords

    ECONOMIC INTEGRATION ; MARKET ; PRICES;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • F15 - International Economics - - Trade - - - Economic Integration
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913

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