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

J.T. Klovland

Working Papers from Norwegian School of Economics and Business Administration-

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.

Keywords: ECONOMIC INTEGRATION; MARKET; PRICES (search for similar items in EconPapers)
JEL-codes: E31 F15 F31 N13 (search for similar items in EconPapers)
Pages: 17 pages
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:fth:norgee:18/2001

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