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

Giovanni Federico

Research output: Contribution to journalArticlepeer-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 languageEnglish (US)
Pages (from-to)293-316
Number of pages24
JournalExplorations in Economic History
Volume44
Issue number2
DOIs
StatePublished - Apr 2007

Keywords

  • Italy
  • Market efficiency
  • Market integration
  • Trade liberalization
  • Transportation costs
  • Wheat prices

ASJC Scopus subject areas

  • History
  • Economics and Econometrics

Fingerprint Dive into the research topics of 'Market integration and market efficiency: The case of 19th century Italy'. Together they form a unique fingerprint.

Cite this