Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/49911
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dc.contributor.authorVolckart, Oliveren_US
dc.contributor.authorWolf, Nikolausen_US
dc.date.accessioned2011-09-26en_US
dc.date.accessioned2011-09-27T16:12:28Z-
dc.date.available2011-09-27T16:12:28Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/49911-
dc.description.abstractIn this paper we present a new method for estimating market integration under a commodity money system such as that which existed in Europe until the demise of the gold standard. The approach is based on the analysis of deviations between exchange rates and parity, which under conditions of a perfectly functioning and fully integrated market should not exceed the bullion points. Consequently the time needed for adjustment, following a violation of the bullion points, can be used as an indicator of market imperfections and as a measure of integration. We apply this approach to trade between late medieval Flanders, Lübeck and Prussia, our results showing that Flanders-Lübeck constituted a much better-integrated market than Flanders-Prussia. Moreover, the results indicate that the degree of market integration increased between the early fourteenth and the middle of the fifteenth century.en_US
dc.language.isoengen_US
dc.publisher|aFreie Univ., Fachbereich Wirtschaftswiss. |cBerlinen_US
dc.relation.ispartofseries|aSchool of Business & Economics Discussion Paper: Economics |x2004/21en_US
dc.subject.jelF15en_US
dc.subject.jelF31en_US
dc.subject.jelN13en_US
dc.subject.jelN23en_US
dc.subject.ddc330en_US
dc.titleEstimating medieval market integration: Evidence from exchange ratesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn668838655en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:fubsbe:200421-

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