Price Transmission in the Antebellum Slave Markets: A Time Series Analysis

Bradley Ewing, James Payne, Mark Thornton and Mark A. Yanochik
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Mark A. Yanochik: Georgia Southern University

The Review of Regional Studies, 2002, vol. 32, issue 2, 275-292

Abstract: This paper examines how price shocks in antebellum slave markets were transmitted to surrounding slave markets. A newly developed time series econometric technique is utilized to estimate the transmission of price shocks among slave markets and to investigate the univariate and multivariate time series properties of slave prices in four geographically dispersed markets. The results suggest that these markets were linked and that information flowed from one market to another. The westward, expansionary path of the slave economy is confirmed by a greater magnitude of impact from price shocks in markets to the east of the location in which the shock originated and a greater degree of unidirectional price linkage between slave markets. This new empirical evidence describes the connectedness of regional slave markets in the antebellum South and demonstrates that the overall market was effective. The paper also provides a foundation for addressing additional issues such as slave price convergence.

Date: 2002
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