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
    Commodity markets
    Research agenda
    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

    VL - 65

    SP - 470

    EP - 497

    JO - Economic History Review

    JF - Economic History Review

    SN - 0013-0117

    IS - 2

    ER -