Market integration and market efficiency: The case of 19th century Italy

Giovanni Federico

doi:10.1016/j.eeh.2006.02.003

Market integration and market efficiency: The case of 19th century Italy

Giovanni Federico

Economics

Research output: Contribution to journal › Article › peer-review

Abstract

This paper examines market integration in Italy in the 19th century, focusing on wheat. Wheat prices converged well before political Unification (1859-1861) but the process halted during the 1860s only to resume in the 1870s and 1880s. The first wave of integration was caused mainly by improvements in market efficiency while the second wave owed much to a reduction in transport costs.

Original language	English (US)
Pages (from-to)	293-316
Number of pages	24
Journal	Explorations in Economic History
Volume	44
Issue number	2
DOIs	https://doi.org/10.1016/j.eeh.2006.02.003
State	Published - Apr 2007

Keywords

Italy
Market efficiency
Market integration
Trade liberalization
Transportation costs
Wheat prices

ASJC Scopus subject areas

History
Economics and Econometrics

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