Grain Market Integration in the Baltic Sea Region in the 19th Century

Fredrik Andersson and Jonas Ljungberg ()
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Jonas Ljungberg: Department of Economic History, Lund University

No 2014:3, Working Papers from Lund University, Department of Economics

Abstract: This paper explores the development of market integration within the Baltic Sea region as well as between the region and England, from the early 1840s to around 1890. It exploits two new datasets on grain prices. The paper applies a new method for measuring market integration by combining a dynamic factor model with wavelet analysis. A gradual yardstick is suggested and the role of distance analyzed. Wheat and rye markets became highly integrated whereas the cheaper grains lagged. Integration progressed geographically and conclusions emphasize traded volumes and transport cost.

Keywords: Baltic Sea Region; grain prices; market integration; wavelet analysis; dynamic factor model (search for similar items in EconPapers)
JEL-codes: C21 N23 N53 (search for similar items in EconPapers)
Pages: 41 pages
Date: 2014-02-11
New Economics Papers: this item is included in nep-his
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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