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Early Globalization and the Law of One Price: Evidence from Sweden, 1732-1914

Mario J. Crucini|Gregor W. Smith
대외경제정책연구원 (Korea Institute for International Economic Policy (KIEP))|2016.12|East Asian Economic Review|제20권 제4호|pp. 427-445|DOI http://dx.doi.org/10.11644/KIEP.EAER.2016.20.4.316

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키워드

GlobalizationLaw of One PriceDistance EffectHistorical Price ConvergenceMarket Integration in Sweden
주제분류경제학

초록

We review research using departures from the law of one price to measure the advent of globalization in Europe and Asia. In an application, we then study the role of distance and time in statistically explaining price dispersion across 32 Swedish towns for 19 commodities from 1732 to 1914. The resulting large number of relative prices (502,689) allows precise estimation of distance and time effects, and their interaction. We find an effect of distance that declines significantly over time, beginning in the 18th century, well before the arrival of canals, the telegraph, or the railway.

Abstract

We review research using departures from the law of one price to measure the advent of globalization in Europe and Asia. In an application, we then study the role of distance and time in statistically explaining price dispersion across 32 Swedish towns for 19 commodities from 1732 to 1914. The resulting large number of relative prices (502,689) allows precise estimation of distance and time effects, and their interaction. We find an effect of distance that declines significantly over time, beginning in the 18th century, well before the arrival of canals, the telegraph, or the railway.

참고문헌 (33)

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