Scandinavian Working Papers in Economics

Working Papers,
Lund University, Department of Economics

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

Fredrik N. G. Andersson () and Jonas Ljungberg ()
Additional contact information
Fredrik N. G. Andersson: Department of Economics, Lund University, Postal: Department of Economics, School of Economics and Management, Lund University, Box 7082, S-220 07 Lund, Sweden
Jonas Ljungberg: Department of Economic History, Lund University

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

JEL-codes: C21; N23; N53

41 pages, February 11, 2014

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