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

Author

Listed:
  • 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.

Suggested Citation

  • Giovanni Federico & Karl Gunnar Persson, "undated". "Market Integration and Convergence in the World Wheat Market, 1800-2000," Discussion Papers 06-10, University of Copenhagen. Department of Economics.
    • Handle: RePEc:kud:kuiedp:0610
    as

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

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    Cited by:

    1. Manuel Llorca-Jaña, 2014. "The impact of early nineteenth-century globalization on foreign trade in the Southern Cone: A study of British trade statistics," Investigaciones de Historia Económica - Economic History Research (IHE-EHR), Journal of the Spanish Economic History Association, Asociación Española de Historia Económica, vol. 10(01), pages 46-56.
    2. Federico, Giovanni, 2007. "Market integration and market efficiency: The case of 19th century Italy," Explorations in Economic History, Elsevier, vol. 44(2), pages 293-316, April.
    3. Keller, Wolfgang & Shiue, Carol, 2013. "The Trade Impact of the Zollverein," CEPR Discussion Papers 9387, C.E.P.R. Discussion Papers.

    More about this item

    Keywords

    market integration; price convergence; protectionism;
    All these keywords.

    JEL classification:

    • N70 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - General, International, or Comparative

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