Market Integration and Transport Costs in France 1825–1903: A Threshold Error Correction Approach to the Law of One Price
Identifieur interne : 001946 ( Main/Exploration ); précédent : 001945; suivant : 001947Market Integration and Transport Costs in France 1825–1903: A Threshold Error Correction Approach to the Law of One Price
Auteurs : Mette Ejrn S [Danemark] ; Karl Gunnar Persson [Danemark]Source :
- Explorations in Economic History [ 0014-4983 ] ; 2000.
Descripteurs français
- Wicri :
- geographic : France.
English descriptors
- KwdEn :
Abstract
This article argues that the appropriate standard for the analysis of commodity market integration is the transport cost adjusted law of one price. A threshold error correction model that incorporates that property is developed and applied to French wheat prices in the 19th century. This type of modeling acknowledges the fact that error corrections only take place when price differentials between markets exceed transport costs. The method used produces estimates of implied transport costs, which are quite close to observed costs, and generates more accurate estimates of the adjustment speed to equilibrium price differentials between markets. Unlike previous studies this article shows that French wheat markets were well integrated by the middle of the 19th century.
Url:
DOI: 10.1006/exeh.2000.0733
Affiliations:
Links toward previous steps (curation, corpus...)
- to stream Istex, to step Corpus: 001948
- to stream Istex, to step Curation: 001948
- to stream Istex, to step Checkpoint: 000984
- to stream Main, to step Merge: 001993
- to stream Main, to step Curation: 001946
Le document en format XML
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