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Grain market integration in the Baltic Sea Region in the 19th century

Andersson, Fredrik N G LU and Ljungberg, Jonas LU (2015) In Journal of Economic History 75(3). p.749-790
Abstract
This paper explores the development of market integration within the Baltic Sea region and with England, from the 1840s to the late 1880s. It exploits two new datasets on grain prices. The degree of market integration is estimated using a wavelet variant of dynamic factor analysis which takes account of both time and distance. Additionally, we use the London corn market as the benchmark for the degree of market integration. Our results show that the role of distance disappeared in the wheat and rye, but not in the oats and barley trade, as the Baltic Sea Region became integrated into the Atlantic economy.
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author
organization
publishing date
type
Contribution to journal
publication status
published
subject
keywords
Baltic Sea, grain prices, market integration, wavelet analysis, dynamic factor model
in
Journal of Economic History
volume
75
issue
3
pages
749 - 790
publisher
Cambridge University Press
ISSN
0022-0507
language
English
LU publication?
yes
id
29eda040-2e31-498f-9e1f-f400b4b24793 (old id 5152903)
date added to LUP
2015-03-23 10:27:40
date last changed
2016-09-28 10:21:51
@article{29eda040-2e31-498f-9e1f-f400b4b24793,
  abstract     = {This paper explores the development of market integration within the Baltic Sea region and with England, from the 1840s to the late 1880s. It exploits two new datasets on grain prices. The degree of market integration is estimated using a wavelet variant of dynamic factor analysis which takes account of both time and distance. Additionally, we use the London corn market as the benchmark for the degree of market integration. Our results show that the role of distance disappeared in the wheat and rye, but not in the oats and barley trade, as the Baltic Sea Region became integrated into the Atlantic economy.},
  author       = {Andersson, Fredrik N G and Ljungberg, Jonas},
  issn         = {0022-0507},
  keyword      = {Baltic Sea,grain prices,market integration,wavelet analysis,dynamic factor model},
  language     = {eng},
  number       = {3},
  pages        = {749--790},
  publisher    = {Cambridge University Press},
  series       = {Journal of Economic History},
  title        = {Grain market integration in the Baltic Sea Region in the 19th century},
  volume       = {75},
  year         = {2015},
}