Grain market integration in the Baltic Sea Region in the 19th century
Author
Summary, in English
This paper explores the development of market integration within the Baltic Sea region and with England, from the 1840s to the late 1880s. It exploits two new datasets on grain prices. The degree of market integration is estimated using a wavelet variant of dynamic factor analysis which takes account of both time and distance. Additionally, we use the London corn market as the benchmark for the degree of market integration. Our results show that the role of distance disappeared in the wheat and rye, but not in the oats and barley trade, as the Baltic Sea Region became integrated into the Atlantic economy.
Publishing year
2015-09
Language
English
Pages
749-790
Publication/Series
Journal of Economic History
Volume
75
Issue
3
Document type
Journal article
Publisher
Cambridge University Press
Topic
- Economics
Keywords
- Baltic Sea
- grain prices
- market integration
- wavelet analysis
- dynamic factor model
Status
Published
ISBN/ISSN/Other
- ISSN: 0022-0507