What Drives Commodity Market Integration? Evidence from the 1800s

Uebele, Martin

doi:10.1093/cesifo/ifs009

Cited by 13 publications

(9 citation statements)

References 13 publications

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“…However, the literature also identifies that there were numerous incidents of greater integration that, due to the lack of significant changes in the modes of land transportation in the early-modern era, cannot be simply explained by technological advancements. This suggests institutions played a crucial role in the process of pre-industrial market integration (Uebele 2013). In this article, I use the Polish case to argue that high legal capacity and regulatory activity of a territorial parliament promoted intra-regional domestic commodity market integration.…”

Section: Theoretical Frameworkmentioning

confidence: 99%

Economic Consequences of State Failure—Legal Capacity, Regulatory Activity, and Market Integration in Poland, 1505–1772

Malinowski¹

2019

J. Econ. Hist.

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With use of innovative proxies and new annual data, I demonstrate that relatively high legal capacity and regulatory activity of the early-modern Polish parliament, the Seym, was positively associated with deeper domestic commodity market integration. Conversely, the lack of effective law-making, caused by the right of a single delegate to discontinue the Seym’s sessions, fostered market fragmentation. This indicates that early parliamentary regimes required legal capacity to harmonize domestic institutions and reduce the transaction costs. The Polish case suggests a hypothesis that the pre-1800 “Little Divergence” between European parliamentary regimes could be explained by differences in their governments’ capacities.

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Section: Theoretical Frameworkmentioning

confidence: 99%

Economic Consequences of State Failure—Legal Capacity, Regulatory Activity, and Market Integration in Poland, 1505–1772

Malinowski¹

2019

J. Econ. Hist.

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“…Several different tests of market integration based on co-movement of prices have been proposed (for a summary see, e.g., Federico 2012). One of the recent contributions is a dynamic factor model (see Uebele 2011, 2013). The dynamic factor model has several advantages compared to other commonly used methods.…”

Section: Estimating the Degree Of Market Integrationmentioning

confidence: 99%

“…Recent research (Persson 2004; Jacks 2004, 2005; Federico and Persson 2007; Uebele 2011, 2013) has emphasized that integration was not merely the result of declining freight costs but that institutional changes were also important, if not more important, during the first one-half of the nineteenth century. While our data cannot speak to early nineteenth century integration in the Baltic Sea region, there was immense growth in the volumes traded in the latter one-half of the century.…”

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confidence: 99%

Grain Market Integration in the Baltic Sea Region in the Nineteenth Century

Andersson

Ljungberg

2015

J. Econ. Hist.

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This article 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 that 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.

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“…For example, Volosovych (2011) looks at patterns of nominal and real long-term bonds; Uebele (2013) analyzes wheat prices in Europe and the USA. 4 Annual estimates of physical capital stocks per states have to be approximated from estimates of the aggregate US physical capital stock in each of nine one-digit industrial sectors that comprise aggregate activity.…”

Section: Introductionmentioning

confidence: 99%

Trade, Factor Mobility and the Extent of Economic Integration: Theory and Evidence

Mikolajun

Viaene

2015

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. The Middle East was once seen as a medieval great globalized force. Nowadays it shows one of the lowest intra-regional trade in the world and therefore it is claimed that the region is poorly integrated. Yet, with the steady .ow of workers across national borders of the Middle East is this conjecture correct? To answer this question the paper develops an integration benchmark which consists of the steady state production equilibrium characterized by free trade and perfect factor mobility. We apply metrics to measure the distance between this benchmark and the data and compare three different regions of the world (EU, Latin America and Middle East). We find that, despite large differences in trade patterns, measures of economic integration in 2009 are remarkably close across regions. For example, we calculate that economic integration in the Middle East is just 2.4% below that of the European Union. Terms of use: Documents inJEL-Code: E130, F150, F210, F400, O110, O530, O540.

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What Drives Commodity Market Integration? Evidence from the 1800s

Cited by 13 publications

References 13 publications

Economic Consequences of State Failure—Legal Capacity, Regulatory Activity, and Market Integration in Poland, 1505–1772

Economic Consequences of State Failure—Legal Capacity, Regulatory Activity, and Market Integration in Poland, 1505–1772

Grain Market Integration in the Baltic Sea Region in the Nineteenth Century

Trade, Factor Mobility and the Extent of Economic Integration: Theory and Evidence

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