Global production and trade in the knowledge economy
In: Discussion paper series 7175
In: Development economics, industrial organizatiin and international trade and regional economics
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In: Discussion paper series 7175
In: Development economics, industrial organizatiin and international trade and regional economics
In: NBER working paper series 13913
"We study the relative importance of technology and institutions as factors determining the size of markets. The setting of 19th century Europe presents a unique opportunity to address this issue, since it witnessed fundamental change in both dimensions. First, Germany went from around 1,800 customs borders to none through the Zollverein customs treaties. Second, it moved from a situation of monetary disorder to currency unification. And third, the 19th century saw the introduction of steam trains, the key technology that revolutionized transportation between markets. Changes in market integration are studied in terms of the spatial dispersion of grain prices in 68 markets with more than 10,000 observations, located in five different countries and fifteen different German states. We find that the emergence of integrated commodity markets in 19th century Europe is in major part due to the transportation revolution in form of the railways. There is evidence that also customs liberalizations and, more so, currency agreements improved trade possibilities. However, the impact of trains was larger than the effect of these institutions: about three times larger over the long horizon, and around 50% larger for the relatively short time horizon of twenty-five years. These results suggest that as significant as institutional factors were for the expansion of markets, technology factors may have been even more important"--National Bureau of Economic Research web site
In: Discussion paper
In: Series 1, Studies of the Economic Research Centre 07/2005
In: NBER working paper series 10300
In: Discussion paper series 3133
In: HWWA discussion paper 123
In: NBER working paper series 7509
In: Ploetz-Didaktik
In: Ploetz-Arbeitsmaterialien
In: Die Sozialgerichtsbarkeit: SGb : Zeitschrift für das aktuelle Sozialrecht, Issue 12
ISSN: 1864-8029
SSRN
In: Journal of Monetary Economics, Volume 109, p. 104-106