How much do we know about market integration in Europe?

Giovanni Federico

Research output: Contribution to journalArticle

Abstract

The literature on commodity market integration has boomed in the last 15 years, and a sort of consensus is slowly emerging, at least with regard to trends in the last two centuries. This article argues that this consensus is fragile because the research is haunted by serious methodological shortcomings. The results are not really comparable because authors use a bewildering array of statistical techniques, without bothering too much about their assumptions and, more generally, about the theoretical foundations of their work. Market integration is a multi-faceted process and available techniques can be classified according to the issues they are suitable to tackle. In other words, the methodological choices, together with the available data, have steered the research towards a quite narrow set of issues. Thus we know much less than we suppose. The final section sketches out a research agenda beyond pure measurement.

Original languageEnglish (US)
Pages (from-to)470-497
Number of pages28
JournalEconomic History Review
Volume65
Issue number2
DOIs
StatePublished - May 1 2012

Fingerprint

Market integration
Market Integration
Research agenda
Commodity markets
Research Agenda
Commodities

ASJC Scopus subject areas

  • History
  • Economics and Econometrics

Cite this

How much do we know about market integration in Europe? / Federico, Giovanni.

In: Economic History Review, Vol. 65, No. 2, 01.05.2012, p. 470-497.

Research output: Contribution to journalArticle

Federico, Giovanni. / How much do we know about market integration in Europe?. In: Economic History Review. 2012 ; Vol. 65, No. 2. pp. 470-497.
@article{67d64276b6b4433c8796a6fcf989b7e5,
title = "How much do we know about market integration in Europe?",
abstract = "The literature on commodity market integration has boomed in the last 15 years, and a sort of consensus is slowly emerging, at least with regard to trends in the last two centuries. This article argues that this consensus is fragile because the research is haunted by serious methodological shortcomings. The results are not really comparable because authors use a bewildering array of statistical techniques, without bothering too much about their assumptions and, more generally, about the theoretical foundations of their work. Market integration is a multi-faceted process and available techniques can be classified according to the issues they are suitable to tackle. In other words, the methodological choices, together with the available data, have steered the research towards a quite narrow set of issues. Thus we know much less than we suppose. The final section sketches out a research agenda beyond pure measurement.",
author = "Giovanni Federico",
year = "2012",
month = "5",
day = "1",
doi = "10.1111/j.1468-0289.2011.00608.x",
language = "English (US)",
volume = "65",
pages = "470--497",
journal = "Economic History Review",
issn = "0013-0117",
publisher = "Wiley-Blackwell",
number = "2",

}

TY - JOUR

T1 - How much do we know about market integration in Europe?

AU - Federico, Giovanni

PY - 2012/5/1

Y1 - 2012/5/1

N2 - The literature on commodity market integration has boomed in the last 15 years, and a sort of consensus is slowly emerging, at least with regard to trends in the last two centuries. This article argues that this consensus is fragile because the research is haunted by serious methodological shortcomings. The results are not really comparable because authors use a bewildering array of statistical techniques, without bothering too much about their assumptions and, more generally, about the theoretical foundations of their work. Market integration is a multi-faceted process and available techniques can be classified according to the issues they are suitable to tackle. In other words, the methodological choices, together with the available data, have steered the research towards a quite narrow set of issues. Thus we know much less than we suppose. The final section sketches out a research agenda beyond pure measurement.

AB - The literature on commodity market integration has boomed in the last 15 years, and a sort of consensus is slowly emerging, at least with regard to trends in the last two centuries. This article argues that this consensus is fragile because the research is haunted by serious methodological shortcomings. The results are not really comparable because authors use a bewildering array of statistical techniques, without bothering too much about their assumptions and, more generally, about the theoretical foundations of their work. Market integration is a multi-faceted process and available techniques can be classified according to the issues they are suitable to tackle. In other words, the methodological choices, together with the available data, have steered the research towards a quite narrow set of issues. Thus we know much less than we suppose. The final section sketches out a research agenda beyond pure measurement.

UR - http://www.scopus.com/inward/record.url?scp=84860147817&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=84860147817&partnerID=8YFLogxK

U2 - 10.1111/j.1468-0289.2011.00608.x

DO - 10.1111/j.1468-0289.2011.00608.x

M3 - Article

AN - SCOPUS:84860147817

VL - 65

SP - 470

EP - 497

JO - Economic History Review

JF - Economic History Review

SN - 0013-0117

IS - 2

ER -