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Seminario de investigación: Unexpected Side Effects of Trade Policy: Integration in the Spanish Wheat Market, 1725-1905
Por Víctor M. Gómez-Blanco. Universidad Carlos III de Madrid
INARBE organiza este seminario que se celebrará el 20 de septiembre a las 12,00 en la sala de conferencias del edificio Jerónimo de Ayanz.
Abstract:
This paper analyses market integration in Spain during the eighteenth and nineteenth
centuries. Using novel econometric techniques and a new hand-collected database of
monthly wheat prices spanning several cities, we find that liberalization policies from 1756
onwards fostered integration between Spanish coastal regions and foreign markets, but
inland (net-producer) cities became more economically isolated during the same period.
However, in the nineteenth century, this trend reversed. Protectionist measures helped
connect inland regions to the periphery, albeit without yielding any discernible efficiency
gains. Finally, the advent of the railway system in the 1860s elevated the integration process
to a higher level by reducing transport costs and increasing market efficiency. Keywords:
market integration, eighteenth- and nineteenth-century Spain, dynamic factor analysis, threshold error
correction model.
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