Arbitrage, communication, and market integration at the time of Datini
基于14世纪末达蒂尼通信中的汇率数据，研究发现金融市场已高度一体化，距离和套利耗时影响汇率调整速度与交易成本，政府干预虽增加成本但通过加速信息传递提高了套利效率。
Based on the exchange rates collected from Datini's correspondence, this article demonstrates that a high degree of financial market integration, in terms of communication, had been achieved by the end of the fourteenth century. The speed of exchange rate adjustment and transaction costs were greatly influenced by the distance between markets and the extra time incurred to complete arbitrage. Though resulting in higher transaction costs, government intervention in exchange dealings led to more effective arbitrage because more information relating to exchange movement was transmitted between merchants more quickly.