@article{38e0238549b04cddb9032640ad85f705,
title = "Market integration and market efficiency: The case of 19th century Italy",
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.",
keywords = "Italy, Market efficiency, Market integration, Trade liberalization, Transportation costs, Wheat prices",
author = "Giovanni Federico",
note = "Funding Information: Preliminary versions of this paper have been discussed in seminars in Harvard, Yale, California Institute of Technology and at the ESF conference on {\textquoteleft}Market performance and the welfare gains of market integration in history{\textquoteright} (Fiesole 1–3 July, 2004). The author thanks the participants to all these venues, Alberto Banti, Stefano Fenoaltea, Gunnar Persson, Gianni Toniolo, Giovanni Vecchi, and two referees for their useful comments and information, and C. Asso, C. Badon, L. Castellucci, and K.Kascha for the research assistance. The usual disclaimer applies. The research has been funded by the Italian Ministero dell{\textquoteright}Universit{\`a}, funds 40%. Copyright: Copyright 2007 Elsevier B.V., All rights reserved.",
year = "2007",
month = apr,
doi = "10.1016/j.eeh.2006.02.003",
language = "English (US)",
volume = "44",
pages = "293--316",
journal = "Explorations in Economic History",
issn = "0014-4983",
publisher = "Academic Press Inc.",
number = "2",
}