Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/260102
Year of Publication: 
2014
Series/Report no.: 
Working Paper No. 2014:3
Publisher: 
Lund University, School of Economics and Management, Department of Economics, Lund
Abstract: 
This paper explores the development of market integration within the Baltic Sea region as well as between the region and England, from the early 1840s to around 1890. It exploits two new datasets on grain prices. The paper applies a new method for measuring market integration by combining a dynamic factor model with wavelet analysis. A gradual yardstick is suggested and the role of distance analyzed. Wheat and rye markets became highly integrated whereas the cheaper grains lagged. Integration progressed geographically and conclusions emphasize traded volumes and transport cost.
Subjects: 
Baltic Sea Region
grain prices
market integration
wavelet analysis
dynamic factor model
JEL: 
C21
N23
N53
Document Type: 
Working Paper

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