The Integration of Product and Capital Markets

Lee Craig () and Douglas Fisher
Additional contact information
Douglas Fisher: North Carolina State University

Chapter 8 in The Integration of the European Economy, 1850–1913, 1997, pp 189-221 from Palgrave Macmillan

Abstract: Abstract As we pointed out in Chapter 3, European commodity and capital markets were on their way to an effective integration centuries before 1850, and we believe that we can show that, by the beginning of the twentieth century, Europe was for many purposes a truly integrated economy, possessing the characteristics which a century later are often associated with the word ‘global’. In a way, this theme has marked our study throughout, and this chapter contains some of the most important evidence in support of this view. We have pursued this topic in earlier chapters, having already discussed the real growth of these economies as well as the growing integration of their financial sectors during this period. In this chapter we add an analysis of the integration of exports and imports, investment expenditures and, finally, nominal and real interest rates. Real integration involves more than these topics, to be sure, and so we shall add a discussion of the integrated business cycle in Chapter 9, as well as a general summary, in Chapter 10, to complete the story.

Keywords: Interest Rate; Capital Market; Unit Root; Inflation Rate; Real Interest Rate (search for similar items in EconPapers)
Date: 1997
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-25165-0_8

Ordering information: This item can be ordered from
http://www.palgrave.com/9781349251650

DOI: 10.1007/978-1-349-25165-0_8

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().