Grain Market Integration in the Baltic Sea Region in the Nineteenth Century
利用1840年代至1880年代的两个新数据集，研究波罗的海地区内部及与英格兰的谷物市场整合程度，发现距离对小麦和黑麦贸易的影响消失，但对燕麦和大麦贸易仍有影响。
This article explores the development of market integration within the Baltic Sea region and with England, from the 1840s to the late 1880s. It exploits two new datasets on grain prices. The degree of market integration is estimated using a wavelet variant of dynamic factor analysis that takes account of both time and distance. Additionally, we use the London corn market as the benchmark for the degree of market integration. Our results show that the role of distance disappeared in the wheat and rye, but not in the oats and barley trade, as the Baltic Sea Region became integrated into the Atlantic economy.