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Commodity market integration 1850 - 1913 : evidence from Britain and Germany

Klovland, Jan Tore
Working paper
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URI
http://hdl.handle.net/11250/162828
Date
2001-10
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  • Discussion papers (SAM) [638]
Abstract
In a sample that contains annual prices of 39 selected commodities in Britain

and Germany in the period 1850 to 1913 substantial evidence of well integrated

commodity markets is found. The degree of integration is not universal across

markets and varies over time, however. Absolute price variability was in general

decresing over the period, indicating more closely integrated markets. But the

reintroduction of tariffs in Germany beginning in 1879 implied that this trend was

broken for a number of commodities. Nevertheless, once the impact of tariffs is

accounted for, grain market prices are well synchronized. In contrast, markets for

animal foodstuffs appear not to be integrated, which is to be expected given the

existence of non-tariff barriers affecting meat and livestock markets. The price

movements of non-ferrous metals, many textiles and some other raw materials

are in accordance with the law of one price. The speed of adjustments of prices,

measured by estimates of the half-life of LOP deviations, is a little more than

one year, which is substantially lower than what is found in many other studies of market integration.
Publisher
Norwegian School of Economics and Business Administration. Department of Economics
Series
Discussion paper
2001:18

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