The Decline of China’s Intraregional Market Integration in the Qing Dynasty

Chuantao Cui, Xiao Yang and Hui Xiong

Chapter 3 in Institutional Change and China Capitalism:Frontier of Cliometrics and its Application to China, 2022, pp 31-51 from World Scientific Publishing Co. Pte. Ltd.

Abstract: This chapter shows that China’s intraregional market integration was on the decline during the Industrial Revolution era when Western Europe went through an increasing market integration based upon econometric analysis. We present a unified theoretical framework which can help understand the concept of market integration more clearly. Beyond traditional measures, we propose and apply a new method to estimate the market integration intensity: the arbitrage cost between two prefectures and the associated arbitrage probability. All empirical results are consistent with the conclusion of a decreasing intraregional market integration in Qing China.

Keywords: China; Macroeconomics; Cliometrics; Institutional Economics; Complexity; Economics; International Trade; Applied Econometrics; Econometrics; Empirical Finance; Behavioral Finance; Economic History; Sociology; Gender Studies (search for similar items in EconPapers)
JEL-codes: B1 B2 F10 F15 F4 N15 O11 P1 (search for similar items in EconPapers)
Date: 2022
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