Market Integration and Convergence in the World Wheat Market, 1800-2000

Giovanni Federico () and Karl Gunnar Persson
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Karl Gunnar Persson: Department of Economics, University of Copenhagen

No 06-10, Discussion Papers from University of Copenhagen. Department of Economics

Abstract: This paper argues that the conventional view which sees international transport costs reductions as the major force in price convergence cannot be upheld when the period under scrutiny is extended to the last two centuries. Domestic transport costs fell for land-locked regions while real international transport costs fluctuated strongly without exhibiting a significant trend. Changes in trade policies were the single most important factor explaining convergence and divergence of prices in the long run.

Keywords: market integration; price convergence; protectionism (search for similar items in EconPapers)
JEL-codes: N70 (search for similar items in EconPapers)
Pages: 22 pages
References: View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:kud:kuiedp:0610

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