Feeding the British
Convergence and Market Efficiency in the Nineteenth-Century Grain Trade
Bibliographic Data
| ID | 3552963 |
|---|---|
| Authors | Mette Ejrnæs (0000-0002-9586-8149), Karl Gunnar Persson, Søren Rich |
| Year | 2008 |
| Volume | 61 |
| Issue | s1 |
| Pages | 140-171 |
| Publication date | 2008-08-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic History Review (JOURNAL) |
| Journal identifiers | ISSN: 0013-0117 • E-ISSN: 1468-0289 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/j.1468-0289.2007.00386.x |
| OpenAlex | W1486576599 |
| Language | EN |
| Citations received | 11 |
| References cited | 16 |
This paper traces the evolution of the international market for wheat, from an emerging market structure after the repeal of the corn laws to a mature market characterized by efficient arbitrage after the introduction of the transatlantic telegraph and the growth of trade. Efficiency is documented using traditional price gap accounting as well as error correction modelling. Markets which traded directly with each other as well as markets which did not trade with each other were integrated. The traditional bilateral focus in market integration studies has been extended to a multivariate approach, which generates new insights into the pattern of diffusion of price shocks in the international economy. Shocks in the major importing nation, Britain, dominated in the emerging market phase, while shocks in the major exporting economy, the United States, dominated international price movements at the end of the nineteenth century
Agricultural economics · Arbitrage · Convergence (economics) · Economics · Emerging markets · Financial economics · Grain trade · International economics · International trade · Law of one price · Macroeconomics · Market integration · Mid price · Monetary economics · Price level · Economics of Agriculture and Food Markets · Historical Economic and Social Studies · Monetary Policy and Economic Impact
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| Unique citing works | 11 |
|---|---|
| Citations per year | 0,61 |
| Citation span | 2008 - 2026 (19) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 9 |