Scandinavian Working Papers in Economics
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Department of Economics, Lund University Working Papers, Department of Economics, Lund University

No 2014:3:
Grain Market Integration in the Baltic Sea Region in the 19th Century

Fredrik N. G. Andersson () and Jonas Ljungberg ()

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.

Keywords: Baltic Sea Region; grain prices; market integration; wavelet analysis; dynamic factor model; (follow links to similar papers)

JEL-Codes: C21; N23; N53; (follow links to similar papers)

41 pages, February 11, 2014

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