Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/185983
Authors: 
Kugler, Peter
Year of Publication: 
2011
Citation: 
[Journal:] Swiss Journal of Economics and Statistics [ISSN:] 2235-6282 [Volume:] 147 [Year:] 2011 [Issue:] 3 [Pages:] 337-352
Publisher: 
Springer, Heidelberg
Abstract: 
This paper analyzes the integration of the foreign exchange market for the Basle Pound and the Rhinegulden and the market for gold and silver bullion for the period 1365–1429. The application of a threshold error correction model indicates that transaction costs prevent arbitrage when the difference between the gold-silver ratio and the exchange rate is within a 7.4% band, whereas larger deviation exchange rate movements close this gap within one year.
Subjects: 
Financial market integration
transaction costs
threshold error correction
Basle pound
Rhinegulden
JEL: 
N23
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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