EconPapers    
Economics at your fingertips  
 

Assessing Market (Dis)Integration in Early Modern China and Europe

Daniel Bernhofen (), Markus Eberhardt (), Jianan Li and Stephen Morgan ()

No 2015-12, Discussion Papers from University of Nottingham, GEP

Abstract: This paper challenges established claims of comparable degrees of market integration in Europe and China on the eve of industrialization. Our empirical strategy focuses on the dynamics of price convergence and accounts for general equilibrium effects arising from common shocks and network effects. Using monthly grain prices for 1740-1820 our analysis uncovers a secular process of market disintegration in 221 prefectures of Qing China. Comparing our results with those for grain price panels from Western Europe we conclude that in terms of market integration the Great Divergence was well under way decades before the start of the 19th century.

Keywords: Comparison of Chinese and western European market integration; price convergence; common factor model; cross-section dependence. (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cna and nep-his
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5) Track citations by RSS feed

Downloads: (external link)
http://www.nottingham.ac.uk/gep/documents/papers/2015/2015-12.pdf (application/pdf)

Related works:
Working Paper: Assessing market (dis)integration in early modern China and Europe (2016) Downloads
Working Paper: Assessing Market (Dis)Integration in Early Modern China and Europe (2015) Downloads
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:not:notgep:15/12

Access Statistics for this paper

More papers in Discussion Papers from University of Nottingham, GEP School of Economics University of Nottingham University Park Nottingham NG7 2RD. Contact information at EDIRC.
Bibliographic data for series maintained by Hilary Hughes ().

 
Page updated 2019-04-24
Handle: RePEc:not:notgep:15/12