The Integration of Grain Markets in the Eighteenth Century: Early Rise of Globalization in the West
通过分析18至19世纪欧美谷物价格数据，发现国际商品市场整合始于18世纪并逐步推进，而非1820年代后突然出现，对经济史和全球化研究者有参考价值。
Globalization, if defined as the integration of international commodity markets, started in the eighteenth century and progressed gradually and with some setbacks into the nineteenth century, instead of suddenly appearing at some point after the 1820s. We use grain prices in Europe and the Americas to determine the extent and dynamics of market integration throughout the eighteenth and nineteenth centuries. An innovative methodology, with special attention being paid to changes in residual dispersion of the univariate models of relative prices between markets, permits us to obtain a measure of market integration over time.